Marketing for Financial Institutions: Navigating the Subscription Economy for Enhanced Growth and Engagement

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Hall, J. (2024, March 20). Marketing for Financial Institutions: Navigating the Subscription Economy for Enhanced Growth and Engagement. Alkami. https://www.alkami.com/blog/strategies/marketing-for-financial-institutions-navigating-the-subscription-economy-for-enhanced-growth-and-engagement/

Banks can enhance customer loyalty and promote financial wellness by capitalizing on subscriptions:


Pondering the question of how banks can incentivize customers to improve their personal finance and wellbeing, I found this article to be very relevant as it applies subscription service strategies to enhance customer engagement.

Instead of straying away from subscriptions, offering rewards for using specific payment methods would allow banks to capitalize on top of them. It would give customers a reason to look over their subscriptions and manage their finances more.

If banks were to compile and put a value on customer subscriptions, it would help people become more aware of their recurring expenses, possibly leading them to cut out redundant costs. This would contribute to an overall better understanding of their personal finance, as well as free up some income for savings or more meaningful experiences.

If a bank did create a system to monitor subscriptions, how much data could they gather and incorporate into the interface? Is it as simple as here’s the subscription name and price, or could it break down specific usage and categorize their impact on the consumer?


References

Hall, J. (2024, March 20). Marketing for Financial Institutions: Navigating the Subscription Economy for Enhanced Growth and Engagement. Alkami. https://www.alkami.com/blog/strategies/marketing-for-financial-institutions-navigating-the-subscription-economy-for-enhanced-growth-and-engagement/