New Account Growth

The Evolution of Financial Institutions: Is Your Customer Acquisition Keeping Up?

Doug Forinash

3 min read

Over the past two decades, financial institutions have undergone a seismic transformation. From the proliferation of brick-and-mortar branches to the digitization of banking services, the industry has evolved dramatically. However, as financial institutions embrace technological advancements, customer acquisition strategies have lagged behind remaining largely the same as they were 20 years ago. In this article, we explore the evolution of banks and credit unions, scrutinize the stagnation in customer acquisition methods, and present Bundlefi's innovative solutions to propel community banks and credit unions into the digital age.

1. Branch Evolution: From Tellers to Kiosks

The traditional branch model boasted an abundance of branches, each staffed with a seemingly-endless supply of tellers often occupying an entire teller line that stretched the length of the branch. Today, the emphasis has shifted from quantity of tellers to digital solutions. Digital kiosks and ATMs have replaced the need for numerous tellers, enabling financial institutions to focus on maintaining an expected level of service while simultaneously reducing branch headcount and overhead.

2. From Paper to Digital: A Technological Leap

When was the last time you balanced your paper checkbook? Once solely reliant on checkbooks, deposit slips, and withdrawal slips, financial institutions and their customers have gradually transitioned into the digital realm. Add to this online banking which empowers customers to manage their finances from anywhere, and it becomes very clear how financial institutions have migrated from paper to the digital age.

3. Changing Role of Bank Officers: Empowering Consumers

In the past, bank officers held the keys to loan underwriting and approval, often within the branch. Now, centralized underwriting centers have the final word while digital platforms empower consumers to access financial products and initiate loan applications independently, often without the need for in-person visits.

4. Consumer Foot Traffic vs. Online Dominance

The advent of online banking has revolutionized in-branch customer interactions – or the lack thereof. Modern consumers have the convenience to leverage online banking and conduct the vast majority of their banking activities online without ever stepping foot inside of a branch. This shift poses a challenge to traditional customer acquisition and cross-sell methods reliant on walk-in foot traffic.

Why Has Customer Acquisition Lagged?

Despite these transformative changes, customer acquisition strategies for community banks and credit unions have not kept pace with the rapid evolution of financial institutions. Many institutions still rely on traditional methods like outbound sales calls, direct mail, local community involvement, and referral programs, which were all once great tactics, but are these tactics enough in the modern era to attract and retain new consumers when you’re competing against the mega banks?

Bundlefi: Bridging the Gap to Modern Customer Acquisition

In this era of digital dominance, Bundlefi stands as a catalyst for community banks and credit unions seeking to modernize their customer acquisition strategies. Our industry-leading digital consumer platform, combined with full-service marketing agency capabilities, propels financial institutions into the modern era. We bridge the gap between traditional and contemporary customer acquisition, ensuring that community banks and credit unions thrive in the evolving financial landscape.
It's time to evolve your approach to customer acquisition and explore the possibilities with Bundlefi. Schedule your free consultation today to find out how Bundlefi can supercharge your customer acquisition efforts for considerably less investment than you might think.
Finally, stay tuned for the launch of our completely redesigned industry-first digital consumer acquisition platform!

Bundlefi is your trusted partner in revolutionizing the way community financial institutions succeed in the digital age. We understand the unique challenges and opportunities that arise in the financial industry, and we are here to empower your institution with our full-service marketing agency and proprietary lead-gen platform solutions.

Bundlefi acts as an extension of their marketing team, providing a range of services that save time and money, drive new account growth, and highlight their brand. We offer a proprietary consumer platform experience, fully customizable marketing campaigns tailored to your brand, and expertise in targeting the right audience for optimal results.

Bundlefi offers a comprehensive suite of marketing services, including branding, paid search advertising, digital creative services, content marketing, social media advertising, email marketing, and more. We provide a full-service marketing agency experience to help banks and credit unions effectively promote their brand

Bundlefi harnesses the power of Web 3.0 principles to create personalized and immersive experiences for customers. We utilize AI-driven algorithms to analyze data, gain valuable insights, and make data-informed marketing decisions. This enables us to deliver targeted campaigns that drive engagement and conversion rates.

Absolutely! Bundlefi streamlines marketing operations, automates processes, and optimizes workflows to save your institution valuable time and resources. By maximizing efficiency and reducing costs, we help you achieve your marketing objectives while staying within budget.

Yes, Bundlefi is a one-stop shop for all your bank or credit union marketing needs. From strategy development and branding to campaign execution and performance tracking, we provide end-to-end marketing solutions to ensure a cohesive and impactful marketing presence.

The Bundlefi team’s data-driven approach and expertise in the financial industry enable us to craft compelling marketing campaigns that highlight your institution's unique value proposition. We help you differentiate yourself, attract customers, and position your brand as a trusted leader in your market.

Absolutely! The Bundlefi team does not believe in a one size fits all approach and fully understands the importance of customization for effective marketing. We offer fully customizable experiences tailored to your brand, audience, and specific goals. Our platform allows you to personalize campaigns, landing pages, and digital assets to reflect your institution's personality and values, creating a unique and engaging customer experience.

Bundlefi provides comprehensive analytics and conversion tracking capabilities to measure the success of your marketing campaigns. We track key metrics, user behavior, and campaign performance to gain valuable insights. This data allows us to continually optimize your strategies and achieve better results over time.

Getting started with Bundlefi is easy! Book a meeting with a Bundlefi Team Member. We'll guide you through the process, understand your specific needs, and create a tailored marketing solution that aligns with your institution's goals.

Bundlefi recommends Google Ads search campaigns to target users actively searching for financial institutions in your local market. This tactic allows us to advertise to prospects who are most likely to convert and become your next loyal account holder.

Google Retargeting Campaigns are designed to reconnect with users who have previously visited your website. By showing relevant ads across different devices, retargeting helps keep your brand top of mind as prospects explore various institution options before making a decision.

Programmatic Digital Display involves automated bidding on real-time display advertising inventory. Bundlefi targets digital display ads to your prospects' favorite websites, utilizing factors such as household location, search behaviors, visits to competitors, and more to reach the right customer types in the most relevant context.

Advertising through platforms like Facebook and Instagram can generate targeted traffic and warm leads for your website. Bundlefi's strategy is designed to drive more traffic and increase awareness. By targeting users within a specific geographic area and serving ads to users with relevant interests, we help generate brand awareness and increase conversions.

Bundlefi’s team of experts continually optimize campaigns to enhance ad performance. We update ad copy, optimize ad extensions, optimize retargeting campaigns, optimize device bids, expand keywords, evaluate and exclude irrelevant search terms, and optimize keyword bids to improve relevancy and click-through rates.

Bundlefi recommends tracking completed applications, contact form submissions, and phone calls to measure conversions. By implementing a Google Tag Manager code on your site, we can set up tracking for these events and provide insights into your campaign's effectiveness.

Bundlefi understands that markets are crowded and continually changing. We offer various digital marketing solutions that can expand your digital footprint based on your goals and real-time activity. Whether you need top-of-the-funnel leads or want to target specific stages of the sales funnel, we have the expertise to help you achieve your objectives.

Bundlefi understands the importance of being visible in search engine results and has the best team in the industry to do so. We leverage our SEO knowledge to optimize your website for hyper-local keywords and implement other SEO strategies. Our process ensures that when people search for specific terms related to your institution, your website captures organic search traffic, encouraging prospects to take action.