Customers expect the same convenience, attention, and choice from their bank as they get from their baristas.
Slogans like JPMorgan’s “The right relationship is everything” and Halifax’s “It’s a people thing” encapsulate the financial sector’s new customer-centric ethos. Of course, it takes more than a catchy tagline to increase engagement and forge lasting customer relationships. In today's market, financial services marketers are realizing the value of contests and promotions to meet changing customer demands.
In this article, we take a closer look at what customers expect from financial services companies. We then dive into four types of financial services marketing promotions, with real-world examples, to inspire your next campaign.
What Do Customers Expect from Financial Services Providers?
Consistent Omnichannel Experiences
Technology has made it easier for customers to engage with their financial services providers. Most banks and insurers use a multi-channel approach that lets customers access vital services in-branch, online, or over the phone. However, today’s customers demand consistency when moving between channels.
As much as 78% of customers expect seamless, personalized experiences across all touchpoints, according to one Salesforce survey. This expectation extends to everything, including sweepstakes and rewards experiences.
Like many industries, personalization is a top priority for customers in the financial services sector. 72% of customers say it’s highly important, according to a recent Capco survey. Millennials and Gen Z customers have the biggest appetite for personalized services. However, they’re less willing to share their information with brands than older generations and higher-income customers.
Promotions can help you gather the valuable, zero-party data you need to offer more personalized services and build trust with customers by demonstrating that you understand their needs. But to do that, the reward must be enticing and relevant enough to encourage them to participate. Equally important, you must communicate how you use and protect their personal data.
Perks and Rewards
Rewards programs are the lynchpin of brand engagement in the retail sector. And now financial services customers expect the same opportunities to earn prizes from banks and insurers.
Cashback is the most popular reward option in the financial space. According to a recent survey, 86% of customers look for offers on preferred credit cards, while 82% favor loyalty-based offers. 26% of customers are willing to pay for additional rewards features, with Gen Z and millennials the most receptive to premium offers. Financial institutions that offer tiered programs with multiple reward options stand to see the most engagement from today’s more discerning customers.
Learn more about the rise of Payments Media Networks and SKU-level offers for banking customers.
Financial Services Marketing Promotion Ideas to Try Today
Sweepstakes give participants the chance to win exciting prizes by completing simple actions, like completing a form or downloading an app. Unlike contests which are typically based on skill, sweepstakes winners are selected at random. This makes them the perfect promotion to drive engagement and reward loyal customers.
Sweepstakes for FSI Example
Connecticut Community Bank
Connecticut Community Bank encouraged its customers to organize their banking routine and improve their financial health with its spring sweepstakes. Customers who made qualifying transactions during the promotion were automatically entered into one of ten $1,000 prize draws. The promotion was available online and via the bank’s mobile app to maximize participation and engagement.
Social Media Giveaways
These are a great way to learn about your customers and provide authentic and personal experiences. Social media giveaways let customers earn relevant, valuable rewards by interacting with your brand on popular social channels, like Facebook, Twitter, and Instagram.
Social Media Giveaway for Financial Services Example
Allianz Northern Ireland runs regular giveaways for its social media followers. Entrants simply like and comment on the competition post for the chance to win a wide range of prizes, including vouchers, goodie bags, and subscriptions.
Contests build excitement and encourage customers to interact with your brand. Rather than passively consuming content on your blog and social feeds, contests allow customers to earn prizes by performing simple tasks. For example, writing captions on your Instagram posts or recording themselves completing a physical challenge. By harnessing user-generated content (UGC), contests give customers a platform to express themselves which, in turn, helps you reach a wider audience.
Contests for Financial Services Example
To help promote the 2020 Open championship and demonstrate its partnership with the Golf Foundation, HSBC ran the #OneHandedChip challenge. The challenge tasked participants with chipping a ball into an object, like an umbrella, from 10 paces using only one hand. To enter, participants had to upload their attempts on the bank’s Facebook page, tag HSBC Sport, and nominate a friend. Winners received tickets to the event.
Gamification has unlocked new opportunities for marketers across industries, including finance. Quizzes, puzzles, and games of chance tap into the customer’s competitive instincts and provide a sense of accomplishment that inspires them to act. This makes them the perfect vehicle for educating customers, changing attitudes, and encouraging new behaviors.
Gamification in FSI Example
Revolut teamed up with crypto firm Polkadot for its Learn & Earn program, which teaches customers about the cryptocurrency marketplace through a series of interactive lessons. Customers who complete the free course can earn $15 of Polkadot’s DOT token.
Get Maximum Bang for Your FSI Marketing Buck
Contests and promotions support a wide range of marketing goals for financial services providers, whether you want to raise brand awareness or tap into new markets.
Running a successful contest or promotion requires coordination, dedication, and in-depth knowledge of the legal requirements involved. At Snipp, we provide end-to-end support to take the burden off your team – from activation and fulfillment to legal and compliance. And with our extensive rewards catalog, you have everything you need to create compelling contests your customers will love.
Get in touch to discover how you can create the perfect promotion with our customer acquisition, retention, and engagement platform.