Bank Customer Experience (BCX) Summit

How to use financial education as a marketing tool

A panel entitled "Using Financial Education as a Marketing, Engagement Tool" at the Bank Customer Experience Summit held in Charlotte from Sept. 9 to 11 will address this topic in detail.

Photo: Networld Media Group

August 2, 2024 by Bradley Cooper — Editor, ATM Marketplace & Food Truck Operator

Financial education is top of mind for banks due to several factors. One is the push for better financial inclusivity to meet the needs of underserved markets. Another is an effort to improve the customer experience in light of changing consumer demands. Third, banks are rethinking their branch strategies to transform them into centers of financial guidance rather than simply transactional spaces.

However, there's a fourth reason banks are embracing financial education. They can use it as both a marketing and engagement tool to increase customer loyalty. A panel entitled "Using Financial Education as a Marketing, Engagement Tool" at the Bank Customer Experience Summit, held in Charlotte from Sept. 9 to 11, will address this topic in detail.

Bradley Cooper, editor of ATM Marketplace and content director for the Bank Customer Experience Summit, will moderate the panel with panelists Alicia Moore, head of US ATM product at Visa Global ATM, and Namrata Yadav, academy executive for community advancement at Bank of America.

Financial health is a key component of modern banking strategy, and many banks have made big strides in investing in initiatives that help customers and built their brand identity as an expert in financial education.

Bank of America positioned itself well in this area, particularly during the time it developed its Financial Health Framework in 2022 and 2023. This framework aimed to simplify finances, offer financial tracking tools, deliver expert advice and help clients through significant events.

At 2023's Bank Customer Experience Summit Awards, Bank of America took home the Innovator of the Year award for its framework, which delivered on each level with a variety of tools and initiatives including:

• Balance Assist short term loan.
• Keep the Change savings automation.
• Virtual AI assistant Erica.
• Better Money Habits for homeownership, investing and financial security tips.
• Partnering with charity groups like Red Cross for major disaster event relief.

This was a multifaceted approach that aimed to deliver intuitive education for customers. Alicia Moore, head of US ATM product at Visa Global ATM, said that customers value this education, especially when it is transparent and easy to understand.

"Based on experience and studies, consumers like the process/transaction to be intuitive and at the same time educate them," Moore said in an email interview. "So, if a consumer is depositing cash in an ATM, provide information that is relevant about deposits, cash, or savings. It's the transparency idea, where education is happening while the consumer is transacting and engaging with the bank seamlessly."

However, when learning about finances, consumers may become overwhelmed by the sheer number and complexity of tools offered. As a result, it may be better for banks to centralize tools in one place that customers can easily access and use.

"I don't think consumers like separate tools, maybe when they are specifically in a 'learning mode.' I believe consumers like financial education in bite size pieces that they can digest and easily action then see the results through continued interaction with the bank," Moore said.

You can learn more about this topic by attending the panel at the Bank Customer Experience Summit. Click the link below to register. This year, the event will be co-held with the Interactive Customer Experience Summit, which will gather together retailers, restaurants and the hospitality industry to learn from each other. One badge gains you entry to both events. Early bird pricing ends Aug. 9.

About Bradley Cooper

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Bradley Cooper is the editor of ATM Marketplace and Food Truck Operator. He was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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