Many people in lower-income communities think traditional bank accounts are something that’s hard to get; something only wealthy people can have or something they’d only have if they earned money using illegal or shady means. They don’t understand that they are just as entitled to manage their money properly as anyone else. Offering easy and immediate enrollment into one of your banking programs shows the enrollee that you respect him or her. It also best introduces that person to a whole new brand and product line; yours.
Ways to improve outreach amongst your customer communities:
1. Throw an event that people in your area would receive well. Popular choices are:
Sports games between bank staff and members of the public,
Sponsored events for kids like sporting events and fundraisers,
Free movie nights,
Free concerts, and
- Free giveaways, (to everyone that attends), of useful items like high quality backpacks, toys, jewellery, clothing, etc.
2. Close the deal.
Some customers are looking for quick money solutions like a place to cash cheques or simple access to a debit card. Other customers are looking for ways to build a better future for their family. Outreach activities are a good way to reach both types of potential customers.
Enrollment activities offer the best opportunity to connect with a potential banking customer. Therefore, every outreach activity you plan should involve a clear enrollment component.
You can offer a no pressure option, like a no-risk/no fee savings account along with more serious commitment option, so as not to scare newbies away. However, keep in mind that you want to build trust. Therefore, you don’t want to just ask them to join your email or mailing list. You want to start a relationship with a more substantial first step.
Make sure to offer incentives for both quick reward seekers and for more serious, seed planters. After all, you work in the money business and your goal is to improve your customers’ relationships with their money.
For quick reward seekers, offer a bonus for every new customer referral they bring you. For seed planters, offer:
New customer referral bonuses,
Free financial consulting services,
Details about the business building and lending programs you offer and how to take advantage of them, and
- Access to specialized savings accounts that offer more interest than other accounts
Combining dedicated enrollment with incentives can help to quickly gain trust in unbanked populations during your outreach events, and can often gain a registry’s long term business as well.