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Information for Financial Institutions

Target Small Business Owners with Strategic Marketing

Integrated offerings can help financial institutions increase revenue.

Deborah Sweeney, CEO of MyCorporation


Integrated offerings can help financial institutions increase revenue capture by helping small business owners do more from a central depot but developing bundled product suites is only part of the equation. FIs need to think and behave like fintechs to compete for small business awareness. That task is easier when financial institutions use the right tools to target SBOs based on demographics and timing.

AI captures account holders at the right time

Artificial intelligence represents an exciting new frontier in FI marketing; with AI technology, financial institutions can monitor and quickly identify when business account holders are seeking financial institutions services and deliver highly relevant marketing messages that motivate response. Some examples of how financial institutions can leverage the power of AI to boost small business sales include:

  • Credit-based trigger programs: FIs can monitor financial institution account holder credit files to identify when they are actively in the market for commercial loans, then reach out with current rates and appointment setting calls to action for integrated offerings
  • Chatbots and virtual assistants: Financial institution platforms can monitor small business activity and help SBOs get more out of their financial institution relationships. For example, when a small business owner orders checks, a chatbot might greet them with a list of integrated services the financial institution offers (such as remote deposit capture or print collateral). The chatbot can even help the SBO set up an appointment with financial institution staff to learn more about how the financial institution can help them achieve their goals
  • Automatic upsells and cross-sells: When SBO account holders order products and services through an online platform, AI can deliver targeted upsells and cross-sells to boost financial institution revenues. For example, if a small business owner orders checks, the system might present them with an offer to purchase matching letterhead and business cards to bolster their branding.

AI isn’t just a matter of convenience; it’s a strategic initiative that results in greater account holder satisfaction, increases operational efficiency and boosts financial institution revenues. In fact, organizations that implement AI for account holder service or sales report up to 70% fewer calls or email inquiries, a 33% savings compared to calls with live agents and 30% higher sales conversion rates with prospects.

Data-driven marketing powers highly effective, targeted campaigns

Financial institutions can leverage data insights to develop highly effective, targeted campaigns that influence SBO engagement. Data- driven marketing fuses data, analytics and technology to identify opportunities for financial institutions to reach out to businesses with integrated offerings, and the benefits are numerous:

  • Enhanced account holder acquisition: Using data from both first- and third-party sources, financial institutions can locate and target highly qualified leads
  • Time and cost savings: Cloud-based platforms eliminate hours of research and integrate with leading CRM and marketing automation systems to save financial institutions time and money
  • Analytic insights: Financial institutions can accelerate performance with analytical algorithms that lend the insight they need to develop and execute efficient, successful marketing campaigns that drive new business

With data-driven marketing, FIs can refine prospects by key demographics and behaviors so they only target the most qualified leads. Then, they can deploy targeted digital and direct-mail campaigns that resonate with fine-tuned SBO audiences precisely when they need financial institution services.

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