Over a decade ago, social media exploded onto the scene and marketing via email and social media channels became a major part of the consumer journey, which led to increasingly customer-centric experiences. However, the strongly-regulated financial industry has not undergone the same transformation.
Customer centricity and technology management will be important focus areas in the coming years to ensure long-term growth in the banking industry, according to the 2018 Banking Industry Outlooks. Smaller financial institutions, such as credit unions and community banks, focus on customer experience as little as 16%, and only 55% of regional and national banks have customer experience programs.
In recent years consumers, especially Millennials, have been focused increasingly on community-based goods and services – from festivals featuring local musicians and artists to farmer’s markets and restaurants serving local specialties. Financial institutions looking to keep their brand relevant and visible can capitalize on the strengthening “going local” trend by sponsoring branded, surcharge-free ATMs at local events.
Cardholders want convenient cash access and prefer surcharge-free transactions via their own institutions whenever possible. By offering ATMs with custom graphics and targeted marketing messages at local events, banks and credit unions are bringing their brand to the consumer where it matters most – close to home. Millennials, in particular, are surprisingly brand faithful once their loyalty has been won, and branded event ATMs offer this demographic the perfect blend of the technology and convenience they desire.
Sponsoring an ATM onsite at a local event is an opportunity for financial institutions looking to strengthen brand awareness, increase customer loyalty and expand their presence in the community – and can be the first step in becoming more customer centric.
For more information on sponsoring a local event ATM, contact Mobile ATM, a Star Financial Company.