No two mergers are alike.
Whether you’re acquiring a bank for the first time or have acquired many you’ll find that no two mergers are like. Each merger brings its own set of challenges, which are unique from one another. As important as it is to understand this going into a merger, having a partner who understand this is just as valuable.
One Partner. Everything You Need.
From end-to-end merger communications to specific merger components.
Navigating the unknown.
Projects and timelines don’t always go as planned and being able to quickly pivot and identify solutions is critical to successfully communicating a merger to all impacted stakeholders.
Our employees (front line staff) were able to use the communication pieces as a roadmap to help with customer questions. We had our training team use the pieces in the face-to-face training, and all staff had access to pdf’s of each communication piece that was sent out. The employees appreciated not only the information necessary to understand what would be happening during the conversion, but the actual pieces that the customer would be seeing. Very useful tools to communicate all around!
— Joanne Tully, South Shore Bank
People Use Bank Accounts Differently Now: How Marketers Must Adapt
The shift to debit transactions has generated greater amounts of data for banks and credit unions to factor into their marketing strategies. Included in this trend is the growing use of online subscription services like Amazon Prime and Netflix, which can drive new approaches to segmentation and messaging.
There has been a subtle power shift toward control by the consumer and away from the marketer. With plenty of time at home, consumers have started paying closer attention to their finances, and begun to redefine their attitudes and strategies toward money.
Even before the pandemic, consumers were already moving toward telling financial institutions what they wanted instead of waiting for banks to tell them what they needed. While this behavior seemed concentrated with Millennials at first, we now see that it spans generations and groups.
Customers are also using their bank accounts differently. Before, they set up multiple accounts. Now, they feel like they only need one or two because their lives and purchases are dominated by cards — not checking accounts. Since March, checking account sales are down 200% in the U.S., according to Raddon. Credit usage is also down, while debit card usage increased by 8.6%, according to the Federal Reserve. That’s a sea change.