P2P Banking: Innovative Strategies to Maximize ROI
In today's digital world, banks and credit unions face a big challenge. They need to get new customers to grow. However, traditional marketing strategies such as television commercials can be expensive. It's challenging to determine how effective they are.
The good news is that financial institutions (FI’s) can break free from antiquated acquisition strategies and unlock smarter, more measurable customer growth. By embracing innovative digital tactics tailored to today's consumers, banks and credit unions can achieve highly targeted customer acquisition that
cost-effectively maximizes return on investment (ROI).
The key is leveraging purpose-built tools, integrated capabilities, data-driven campaigns, and referral programs designed for the digital age. Let's explore cutting-edge techniques to help financial institutions expand their customer base and win in the digital era.
Embrace Purpose-Built Digital Banking Tools
Don't settle for standard digital banking tools; find those specifically designed for your consumers’ needs. The right tools for your FI highlight what makes you special. This encourages a greater number of individuals to participate.
As a credit union, choosing a digital banking platform specifically built for credit unions is a great advantage. The ability to prominently showcase your community focus and have member-friendly tools designed for credit unions will likely lead to a 20% or more lift in new account openings.
Customized tools can help you differentiate yourself from others. They can also help you connect with your target audience. Additionally, they can create a user experience that customers prefer over a generic solution.
Enhance Your Financial Institution’s Features
Leading banks have extra features that people love. Peer-to-peer (P2P) payments allow users to send money easily, attracting tech-savvy users.
Allowing users to easily transfer money between accounts, even at different financial institutions, meets the strong consumer demand for smoother payments. More than 8 in 10 consumers have used a P2P payment service, many using one every week, and that trend will continue to grow. Meeting emerging needs with compelling capabilities attracts users and wins new customers.
The latest digital wallet integrations can also help financial institutions meet users' evolving expectations for connected, integrated finance. Capabilities that directly solve pain points in customers' daily lives encourage greater engagement and increase the conversion of prospects into customers.
Launch Targeted Campaigns
Utilize appropriate tools to focus your marketing efforts and attract customers without squandering funds.
Paid social media promotions focus on specific user demographics and interests. This guarantees that your message hits the mark in a pertinent manner without squandering funds on generic, underperforming advertisements. Using custom landing pages with tailored offers also significantly boosts conversions from marketing spend.
Additionally, strategies like retargeting past website visitors and app users re-engage previous leads that showed initial interest. Digital channels enable affordable hyper-targeting to get your message and offerings to exactly the right audience.
Leverage Referral Programs
Turn happy users into partners who refer others. This rating system leads to negligible costs.
A large majority of consumers are likely to recommend a brand after a positive experience. Establishing advocacy is invaluable for improving customer acquisition ROI.
Referrals convert at up to 2.5x the rate of other marketing channels by capitalizing on built-in trust. Implementing a white-labeled solution for P2P payments within your digital banking can serve as a form of referral. When your consumers send money from their account to another person not at your financial institution they are sharing your brand with that person.
Foster Loyalty & Retention
The other side of the coin is retaining the customers you worked hard to acquire. With loyalty, retention will be maintained, and profits will continue.
Financial institutions must focus on providing a better customer experience within their digital banking platforms, offer services consumers are looking for, and gather customer feedback to provide insights on your current offering. 60% of young adults entering the marketplace report that they would switch financial institutions for an improved digital banking experience.
The Take Home: Seamless P2P Payments with Neural
As we saw, banks and credit unions need digital strategies for cost-effective customer acquisition today. Tactics like purpose-built tools, incredible features, targeted marketing, and referrals are key.
But offering seamless P2P payments is still a hurdle for most financial institutions. This is where our solution at Neural Payments comes in. We've developed an innovative new payments engine designed for swiftly moving money across platforms - from traditional rails to modern fintech.
Our core product for financial institutions like yours finally enables the frictionless P2P payments that your customers love.
By partnering with Neural Payments, financial institutions can integrate a white-labeled P2P solution embedded directly into their digital banking systems, offering their customers a convenient and secure way to send and receive money directly from their accounts. This eliminates the need for customers to rely on third-party payment apps or services, streamlining the payment process and providing a seamless user experience. One of the key benefits of Neural Payments is the increased convenience it offers to customers. But financial institutions will benefit as well by recapturing transactional deposits- currently over $3.4B are sitting in third-party digital wallets. And the possibilities extend far beyond P2P. Our technology can power convenient new financial products in the digital age.
By providing a convenient, secure, and personalizd P2P payment solution directly embedded in your digital banking platform, financial institutions can meet customer expectations, build trust and loyalty, and recapture deposits.
Contact us today to explore how our payment technologies can help future-proof your financial institution and unlock the power of seamless P2P.
