3 Takeaways from the ABA Bank Marketing Conference

3 Takeaways from the ABA Bank Marketing Conference

Christopher Monaco

Content Marketing Manager, Financial Services at Seismic

Views 329

3 Takeaways from the ABA Bank Marketing Conference

07.10.2016 11:30 am

Last week over 750 banking executives descended upon Nashville, Tennessee, for the 2016 American Bankers Association Bank Marketing Conference. Each day spent networking with and learning from industry experts at the downtown Omni Hotel brought a new set of engaging conversations, significant insights, intriguing strategies and impressive results. Starting with the ABA President and CEO Rob Nichols’ opening keynote on everything from marketing to Millennials to strengthening community banks’ political voice and recruiting the best talent to carry banking into the 21st century, the conference was dynamic in its agenda, substantive in its content, and vibrant in its atmosphere. Three takeaways from the week’s sessions are as follows:

  • Small to mid-sized banks are tired of a blanketed approach to regulation

Whether the dialogue involved Wells Fargo’s fraudulent cross-selling practices, Dodd-Frank, or which presidential candidate would be better for banking, a vocally clear consensus among attendees was that industry regulations are generally misguided in their purpose and scope, and in order to actively steer the political conversation at the federal level moving forward, regardless of who is elected president, the ABA participation rate among rank-and-file bank employees must increase. While attendees overwhelmingly denounced the tactics of Wells Fargo, their immediate concern was whether Congress’ reaction would be sweepingly regulatory in nature, and ultimately far more detrimental to small to mid-sized banks than large ones. Attendees expressed that regulations like Dodd-Frank needed to take into account the various risk structures among banks, understanding that community banks in no way function, out of operational and reputational necessity for that matter, in the same manner as large financial institutions. Opposing such federal mandates and pushing for regulatory balance within the industry will only be successful if community banks, leveraging the national profile of the ABA, gain strength in numbers.

  • Commercial banking is becoming noticeably focused on the customer experience

In a session on building a multi-faceted customer experience, Origin Bank was cited as an institution that redesigned its approach to commercial lending by opening a branch entirely dedicated to business banking. While the notion of a physical space committed to commercial customers isn’t exactly groundbreaking, the experience and service received at Origin pretty much is. Instead of walking into a disconnected labyrinth of offices, Origin executed an open floor plan comprised of furnishings more often found in a living room than a commercial banking branch. The concept is decidedly more retail than not, and progressively retail at that. Origin’s motivation behind the initiative was to humanize, personalize, and incentivize the commercial banking experience, believing that building a deeply tailored relationship with business owners is the most important characteristic a bank should exhibit in an age and industry where trust and advocacy are highly valued and intensely evaluated. Validating Origin’s endeavor, Kimberly Capps, COO of Southern Bank, is seeing a broader shift towards a less formal, retail-like commercial banking experience among community and regional banks because of the positive results seen thus far by those that have dared to innovate.

  • Aligning Marketing with the C-suite is all about utilizing the right language

The functional differences between a bank’s marketing team and its executives does not have to lead to a strategic disconnect, provided Marketing speaks the language of the C-suite in order to convey its value and positive impact on the institution’s financial health. Understanding and tracking how Marketing’s efforts improve a bank’s EPS or liquidity ratio, for example, will show executives the benefit of marketing initiatives like highlighting bank successes to investors and tailoring messaging to certain customers with the intention of increasing the stickiness of CD and Money Market deposits. Additionally, speaking to the cost concerns of the C-suite doesn’t have to unduly subject Marketing to possible budget cuts, even at a commercial bank. Identifying product lines or services that are major cost drivers, disproportionately affecting the bank’s expense ratio, allows for Marketing to take a proactive position. Incentivizing customers to take advantage of complementary products and complimentary services via digital or direct mail channels, among others, not only validates Marketing’s resource allotment, but also bolsters its stature within the organization by spearheading a move to scale overall offerings, streamline acquisition processes and reduce account costs.

Next year’s conference will be held in New Orleans, and Seismic looks forward to seeing you down on the bayou.

Latest blogs

TYRON JONES n/a

How Technology Has Disrupted the Used Car Buying Experience

We’ve seen many fields change rapidly as a result of the integration of modern technological advancements over the last couple of decades. And it looks like more is coming on the horizon as well, judging by current trends. One of the markets that Read more »

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Thomas Pintelon Capilever

Credit origination - A lot of innovation on the horizon

While consumer credits are becoming more automated and user-friendly to request, all other credits are often still very manual and labor intensive to originate. In this (relatively long) blog I will try to give a description of the (potentially Read more »

Kelly Kearsley Hourly.io

Time Card Theft is a Big Problem. Here's How to Stop It.

Trust is at the core of every employer-employee relationship. You trust your people to do their jobs, and they trust you to compensate them for their work. Most of the time, it works. However, there's always the person looking to bend the rules or Read more »

Related Blogs

Alex Malyshev SDK.finance

The Biggest Danger to Branchless Banking

With a third of the global population on lockdown and scores of bank branches closed, many are convinced that branch banking is dead, and the future is branchless. Is this really true? Read more »

Simon Wilson Icon Solutions

The end of the world as we know it: Banking’s new reality

There are decades where it feels like nothing happens, and there are weeks where decades seem to happen. In just over 100 days, COVID-19 has swept around the planet, more than half the world’s population has been forced into lockdown, far too many Read more »

Sudip Lahiri HCL Technologies

Why it’s time for the financial services industry to start banking on 5G

The demand for high-speed, reliable internet connectivity has skyrocketed in recent years. Whether it’s the rise in remote working due to the COVID-19 pandemic, or an increased number of businesses now storing and backing up their data in the cloud Read more »

Hirander Misra GMEX Group

Are UK Banks profiting from the current coronavirus crisis and failing SMEs?

A UK business could be eligible for a Coronavirus Business Interruption Loan Scheme (CBILS), as set out by the UK Government. However, it appears that despite the Government’s best intentions, this scheme is not working in practice and some urgent Read more »

Marcus Vinicius Martinez CGI

Hyper-Casual Banking

If you own a smartphone, the chances are you have at least one gaming app installed. You know, for those rare moments when you have a few minutes to spare and just need to switch your mental focus. However, with the ever-increasing power of Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel