The banking sector is a business venture in which several individuals have gone into, and because of this competition has become the order of the day. In order to maintain customer level, bank institutes turn to use all new modern channels in contact with the general public to expand their horizons when it comes to communicating to the general public about their existence and the services they offer. By so doing the bank advertises its image and gain more customers and this permits them to stay successful. Though some banks in small towns are tied up to traditional methods like mailing brochures to their customers in order to advertise the way things are evolving in their bank, other banks use the leading sources for their advertisement through television channels and the internet (mostly on social media). The traditional method turns to be less efficient as it is noted that most people simply throw their brochures to the recycle bin.
Technology has increased the spread of information worldwide using computers and telephones. Therefore the bank has made it possible through this lubricant to make the advertisement of the company quick and easy to access. The internet has gained the heart of banks because it is faster and reaches more customers than any other means of advertisement. Besides individuals do search for banks by themselves for example they might want to save money in a foreign country and they will get the information about the bank that meet their standards easily more through the internet.
The different forms of banking
The advertisement done by the bank does not only want to create awareness to the consumer about the existence of the bank, but the advertisement can go in to stimulate bank investment, business reports, the payment on shares and the availability of new shares. The advertisement made to customers is passing a psychological message that will make them chose the particular bank. Doing the bank marketing over other banks for banking services while the kind off advertisement done for share payment and business reports are more factual or logical messages.
Before a bank goes in for bank marketing, the targeted age group is considered and this will help determine which means of advertising will be the most efficient. For small account holders, the bank will preferably use the mass media to make their products and services known to such a group of persons. For large banks with branches around the country or the world the press and television are good ways they use to market their bank. Bank investment programs are made known to the general public through trade press. Another good means of bank marketing used today by banks is by acquiring a space during exhibitions and making information of the services rendered by the bank.
Bank marketing and advertisement
Advertisement has gained a major part in the banking sector as it creates awareness to those who were afraid going to banks thinking they will lose their money. A consumer through a banks advertisement can see a service offered by the bank that will make life easier for him and go for that bank. This will in turn bring in more revenue to the bank as the bank gains more customers.
Bank marketing helps to sale the face of the bank. This is done by the bank to show its customers that dealing with bank related issues is not that boring but it can be fun. Some bank marketing strategies used by banks to keep banking fun to the customers are:
One of the methods the bank marketing can help advertise the image of the bank is simply be modifying the on-hold message which are usually cold and boring to more fun messages which can make the hold on the phone for a longer period. The fun in the on-hold message could be a fun beat, using some style and flair not to make the customer see time pass.
People get interested to things they have never seen before and which actually seem fun doing. Bank marketing involves getting some of these ideas on small bank items for example a bank came up with this simple but captivating idea of printing origami folding instructions at the back of their ATM receipts. Among the shapes we have a car illustrating insurance, a pig for saving and a mouse for internet banking. Consumers are responding positively to this kind of bank marketing and this can push other consumers to purchase the ATM services of this bank in order to join the fun.
This is another lucrative bank marketing strategy which involves creating an online scavenger hunt which can be structured as a trivial game. This game is designed to ask a series of questions which if the customer succeeds to answer all the questions; he will make his way into a balloting for a $250 Visa gift card. The questions asked are normally questions that will reinforce the bank’s key products and services towards the customer. This bank marketing strategy is known to have doubled the web traffic of a credit union all of which helped advertise this bank and ring in more customers.
This kind of bank marketing strategy is more psychological as it seeks to keep the customer in a good mood and to make them feel at home. Employees are those in direct contact with the customer and the way they approach the customers also give an image to the bank thereby advertising the bank to the customer who can later recommend the bank to others for the services rendered.
Bank investment refers to a situation where a bank offers financial related services to individuals, government, and corporations. There are two major lines in bank investment which include the sell side and the buy side. Bank investment usually serves as an advertising opportunity that brings in customers to a bank because in the sell side the bank will trade securities for cash or for another security, an operation with profit. The buy side will be involved with the provision of advice to those companies that seek to buy investment services. The buy side as well attracts customers towards the bank as in this case the bank is used to render services that can bring in profit on the investment of a customer.
Investment property
This is a type of bank investment that deals in real estate. the real estate is purchased through rental income or when it is sold to another person. A good example of such bank investment is flipping where the real estate is purchased and renovated and then sold at a profitable price. Before this is done, the investor carries out studies to determine the optimum value and use of the building. The process of evaluating a real estate before purchase is termed property’s highest and best use.
A bank carrying out the operation of investment property as a bank investment activity will attract some investors to pull resources and joint the bank to take on this venture. At this level bank investment serves as an advertising medium for little investors who join the bank and the bank as well gain in the course of the business transaction.
Bank estate agent services
This is a bank investment activity which seeks to connect those looking to rent, buy or sell a house to the local experts found in the area. There is need of having a local expert as real estate agent or broker who will serve as a guide in the process of selecting, buying or selling a real estate property. This is a bank investment meant to attract customers because the bank actually invests in developing a website that easily link its customers to these experts. For example a bank uses this service as a medium of advertisement and to gain customers, they have developed the Zillow page (bank investment) that compares the various professionals when it comes to purchasing real estate in terms of their listing and how many sales they have made in the past. This empowers the consumer with enough data with the new environment he is moving to and creates a strong relationship with his bank.
Property development by banks
In every country there is need of the construction of new homes and this always come as an opportunity for bank investment. This provides houses for first time purchasers of houses, the bank can help a customer have a contract to build his home and see the customer through to the point where he accomplishes the project. This kind of projects financed by the bank is redevelopment, major woks and refurbishment.
The bank of America launches advertisement campaign for preferred reward
The bank of America (BofA)it is a financial service institute, the headquarters of this bank is found in Charlotte in North Carolina. According to Forbs list this banking institute falls as the 11th largest company in the world in 2016. In the same year the bank has also gained a position according to revenue in the USA as 26th largest company. And in terms of bank position in the United States, it is ranged as the second largest. The BofA provides services to its clients with its products with the help of its 5,100 centers around the USA. It equally has 16,300 ATMs around the country; additional assistant services like mobile banking platform is available and customers get assistance through a call center.
The Preferred Reward is a new advertisement campaign launched by the BofA which is known to be the first of its kind that is used to attract customers in the banking sector. The Preferred Reward system used by the Bank of America works as follows; it recognizes clients belonging to the Bank of America by offering them reward daily. Thanks to the banking network the company has through many of its products and services. The advertising platform build by the Bank of America called “Get More,” gives a summary of the main ways in which their clients earn more, get more back and save more through the Preferred Rewards operation.
The birth of the preferred reward advertisement program by the Bank of America
In the quest to give more to a client by rewarding them for outstanding relationship with the bank of America all over the nation, the bank at this moment did not only had in mind advertisement but to develop a kind of advertisement out of the mind of clients belonging to the bank. The global wealth and investment management and consumer marketing executive, David Dintenfass of the bank of America said that, he came in contact with some of the clients of the BofA with the aim to find out what they will like most from a reward program and they said they will like rewards everyday as they used the bank services. So was born the Preferred Reward program which later was advertised to the customer and had positive feedbacks.
This program is designed to give clients who will participate in it rewards for making every transactions like banking or even investment transactions like ordering pizza, taking a taxi and even purchasing a good online.
Commercial bank service and hotline and its role in advertisement
The hotline service in commercial banks is a service that seeks to detect the short comings the bank has in regards to its clients. When a client has a worry about his account or accessing a service or even an idea which he things the bank can implement in order to make its services better, the client can contact the commercial bank hotline service either through mail or through phone using the commercial bank hotline number which is usually made available to each customer. These feedbacks are important to the commercial bank and help the commercial improve their services. Any amelioration made by the bank will then be advertised knowing that it has met up with one of its short comings. The amount of time the commercial bank hotline service uses to respond to a matter being addressed to them depends on the degree of the problem. Other could be solved in days while matters involving investigation can take up to two weeks. The commercial bank hotline service by attaining to customers rapidly and to their satisfaction help advertise the image of the bank to its customers who can recommend such a bank to his friends and thus, more customers are brought to the bank thanks to this.