It has been six months since Citibank released their upgraded mobile app. During that time, their app has garnered a following and we have been able to collect data on the user experience. We now rank Citi as the third best banking app behind Wells Fargo and USAA and it is moving up. Citi has closed the gap not only with all banks but with most fintech firms as well. This new app is the foundation of their yet to be released digital bank which is why everyone is paying such close attention.
Tag: Customer Acquisition
Many industry analysts are perplexed by the friction prevalent in commercial banking. This friction results in higher customer acquisition costs and lower customer satisfaction. We believe that this friction is caused by poorly designed marketing and client acquisition strategies – in fact, many banks are purposefully increasing friction costs as an attempt to retain pricing power.
Many banks, including us, make the mistake of talking about being a relationship bank, but market on transactions. We tout checking products, loans and business banking solutions and then wonder why our product per customer count is not higher or our lifetime value is not larger. We struggled with solutions until our friends over at Infusion Marketing Group taught us a new trick about the “convenience universe.”
Listen, some bankers fear making loans below a 4% margin like I fear Florida sinkholes. To put that in context, I wear an avalanche transceiver whenever I am in the State. This makes bank meetings a little awkward, but gives me a fighting chance to be found when I get swallowed up. By the State’s own website, they refer to sinkholes as a “fact of life” which is why Florida is the only state where banks have to consult the “Sinkhole Clearinghouse” database before making a loan.
A couple weeks ago we discussed Part I of the best tactics we learned for building a bank customer base over the holiday season. Traditionally, while the holiday season is one of the worst times to market, this campaign is designed to take advantage of bank customer behavior and put the odds back in your favor. Since growth is so difficult to come by these days, we are looking for every advantage we can get and this campaign starts the year off with forward momentum.