Small banks have plenty of room to grow, especially when it comes to digital growth through mobile banking. Our animated infographic, “Small Banks: Bigger Than They Think,” shows you that though the top 100 banks hold 75% of deposit assets, 99% of all banks are small, according to Slate.com’s “America’s Microbank Problem.”
A challenge for small banks remains: Consumers want all the power of a bank in the palm of their hand. The Federal Reserve reports that 48% of banking customers used their smartphones in the past 12 months. And with 32% of customers mobile banking once a month (a 50% increase vs. last year), we know that digital is becoming a preferred banking channel.
Here at The Halo Group, our financial services marketing experts (see some of our work here and here) suggest that small banks take a two step approach: First, eliminate the barriers to these challenges, and second, seize the opportunities to close the deal (read: activate bank applications).
ELIMINATE THE BARRIERS
Discover how to close the tech perception gap and what is holding customers back from switching to a smaller bank.
CLOSE THE DEAL
Use technology to bolster your brand’s value, and be where your customers are. Our experts recommend that you shift your strategy from “how do I find new customers?” to “how do new customers find me.”
For more information and to learn how small banks can bet on getting better instead of bigger, view our animated infographic, “Small Banks: Bigger Than They Think.”