Key Takeaways
- New customers equals growth—banks must develop a strong acquisition strategy to keep moving in a competitive market.
- Differentiate your bank through innovative products and services.
- Focus on multiple channels, a data-led strategy and creating exceptional customer experiences.
Acquiring new customers is the lifeblood of any business, and research shows the demand to switch is alive and well—an Accenture report found that 59% of responders acquired a financial product from a new provider in a 12-month period. In a competitive market, finding new customers means growth in all senses—market share, reputation and, ultimately, revenue.
Traditional lead-generation and conversion strategies shouldn’t be overlooked, but modern banks must adapt to their landscape with a multifaceted approach that leverages digital channels and prioritizes customer experience. This article shares eight strategies proven to be successful in improving customer acquisition.
8 Customer Acquisition Strategies for Banks
1. Digital Marketing
Launch or refine your paid and organic digital marketing strategy. Attract potential customers with a robust SEO strategy—optimize your website, keywords, and backlink profile for higher search engine rankings and, ultimately, more organic traffic. Use social media to share content, engage with customers, and build brand awareness.
Launch a PPC campaign to reach potential leads directly seeking financial services and drive qualified traffic to your website.
2. Referral Programs
Remember, referrals also lead to more referrals—HBR research suggests referred customers make 31%–57% more referrals than non-referred customers.
Turn satisfied customers into brand advocates with a referral program. Focus on becoming a brand worthy of sharing—offer great rates, service and extras. Incentivize referrals with genuinely valuable rewards and benefits to encourage action and make the process simple and achievable online, via email or phone.
3. Promotions and Offers
It’s the oldest trick in the book—attract new customers with promotions and offers. Sweeten the deal with welcome bonuses, such as cash rewards or waived fees. Create a sense of urgency with limited-time promotions and personalize offers using data insights. Consider tiered promotions to cater to different customer segments and preferences. Measure the performance of different promotions and optimize your offer strategy.
4. Community Engagement
Invest in your community to get people familiar and comfortable with your brand. Participate in local events, sponsor community initiatives, and support good causes to genuinely engage with and care for local communities. Collaborate with local businesses to create mutually beneficial relationships.
Also, teach what you know; run financial literacy programs to position your bank as a trusted advisor, e.g., earn-and-learn programs for kids and teens.
5. Partnerships and Alliances
According to Deloitte, strategic partnerships in banking are becoming the norm for customer acquisition and retention. Depending on the terms, these partnerships could allow you to reach new markets, offer new products, create better customer experiences, cross-sell and deepen customer insights.
For instance, partnering with a digital health technology provider like dacadoo can give customers access to innovative health and wellness solutions, enabling banks to offer holistic financial and wellness services.
6. Online and Mobile Banking
Create a user-friendly online and mobile banking platform to attract new customers. Offer digital banking features, like balance checking, deposits, and account transfers, with clear communication over security measures to protect customer data and build trust.
Diversify your app by integrating value-added services like budgeting tools, financial planning, and health and wealth resources. dacadoo’s unique wellness approach through the Digital Health Engagement Platform (DHEP) delivers value and provides insights for your lead conversion strategy.
7. Customer Experience
Create standout customer experiences to drive acquisition. Craft a team ready to deliver personalized, sensitive, and quick service. Beyond service, create strong brand experiences by supporting your customer’s financial (and non-financial) goals. dacadoo’s DHEP shows customers you’re committed to their health and well-being—this is a key differentiator in competitive markets.
8. Competitive Products and Rates
Attract and keep customers with competitive financial products and rates. A Deloitte survey found that the top three reasons customers selected their primary bank were simplicity, cost and variety of products. Offer a diverse range of competitive products and services to meet the needs of different customer segments and monitor market trends to help you stay ahead of the curve.
Examples and Case Studies
HSBC Hong Kong: Digital Transformation to New Customers
With a customer base frustrated by a lengthy, in-person account-opening process, HSBC Hong Kong embarked on a digital transformation journey. By shifting to a mobile-first approach, the bank streamlined the process to a mere five minutes, eliminating the need for branch visits and paperwork. It also implemented a sophisticated data-driven messaging platform, where it analyzed customer behavior and used it to deliver personalized onboarding experiences.
This approach resulted in a 20% increase in new customers choosing HSBC as their primary bank. Moreover, the bank captured a significant portion of the millennial market, with 80% of Hong Kong millennials now banking with HSBC.
Revolut: Using Partnerships to Grow Customer Base
Fintech provider and neobank Revolut recognized the potential of its customer base as a powerful acquisition channel. The company cultivated a robust ambassador program by turning happy customers into brand advocates. This strategic move, coupled with a sophisticated technology platform, enabled Revolut to manage and scale its partner network efficiently.
Through customer advocacy and operational excellence, Revolut achieved a remarkable 700% year-over-year growth in incremental customers acquired through partnerships.
Driving Customer Acquisition Through Digital Health
Digital health solutions could be the banking value-add you need to create a unique proposition that attracts new customers. dacadoo offers a strategic opportunity to deliver personalized health insights and motivational tools, positioning you as a forward-thinking partner in your customers’ well-being. Book a demo today and see how dacadoo can help you improve your customer acquisition strategy.
