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Consumer Financial Services Webinar Series Webinar #8: Consumer Marketing that Leads to Effective Customer Engagements November 9, 2016 1:00 – 2:00 PM ET
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Consumer Financial Services Webinar Series
Webinar #8:Consumer Marketing that Leads to Effective Customer
Engagements
November 9, 2016 1:00 – 2:00 PM ET
Presenters
• Beth LipsonOpportunity Finance Network
• Pearl Wicks Hope Credit Union
• Shannon Austin, Tanya LadhaCenter for Financial Services Innovation
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Agenda
• Consumer Financial Services Webinar Series
• Marketing Campaigns and Tactics
• Raising the Consumer Voice
• Q&A
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For More Information
• nextawards.org
• Webinar series to support the theme of consumer financial services
• This webinar is being recorded – the recording and powerpoint will be posted at nextawards.org/webinars
• Webinar series sponsored by Prudential
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Opportunity Finance Network Webinar
Consumer Marketing that Leads to Effective Customer Engagement
November 9, 2016
OverviewHope Enterprise Corporation
- Not-for Profit 501(c) 3- Loan Fund- Policy Institute- Community Development
Intermediary- CDFI & CDE
Hope Credit Union- Federally Chartered,
Insured CU- CDFI & CDE- Member-owned
Primary sponsor
Mission: Strengthen communities, build assets and improve lives in economically distressed areas in the Mid South by providing access to affordable, high-quality financial products and related services.
HOPE Member Characteristics
52%
23%
25%
Annual Income
<$35,000
$35,000-$50,000
>$50,000
44%
32%
13%
11%
Marital Status
Married SingleSeparated / Div Widow
Presenter
Presentation Notes
Since our inception, HOPE has deliberately made the decision to serve the people and places overlooked. 3 out of 4 members have incomes below $50,000. About 4 out of 10 are married. 70% of members have children The high percentage of members with children underscore the importance of strategies that build intergenerational opportunities to build wealth, trust in the financial system and good financial practices
HOPE Member Characteristics
African American
73%
White 19%
Asian 2%
Hispanic 1% Other 5%
Race
Unbanked, 37%
Banked, 63%
Banking Status(Upon Joining HOPE)
Presenter
Presentation Notes
Here, you also see that 81% of our members are people of color – with the vast majority being African American. 61% of our members are female. Finally, over 1/3 of our members are unbanked when they join. We are a 30,000 member institution. With nearly 4 out of 10 members joining HOPE from the ranks of the unbanked HOPE’s strategy of establishing a presence in communities of persistent poverty plays a huge role in addressing financial inclusion in our region.
Market Characteristics
¼ of the Nation’s Persistent Poverty Counties and Parishes are in HOPE’s Footprint
Presenter
Presentation Notes
Region is poor – ¼ of the nation’s persistent poverty counties are in HOPE’s Footprint. Persistent Poverty Counties and parishes are places where the poverty rate has exceeded 20% for 3 decades in a row. Our region is also very rural.
Creating opportunity where it is needed most. Arkansas Louisiana Mississippi Tennessee
AR: 45.7%
MS:45.6
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20
30
40
50
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ouse
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State
Source: CDC/NCHS, National Health Interview Survey, 2007-2012; U.S. Census Bureau, American Community Survey, 2006-2011; and infoUSA.com consumer database, 2007-2012.
AR and MS have the 2nd and 3rd highest percentage of persons in wireless only households
Presenter
Presentation Notes
Another important characteristic of our market is that Arkansas and Mississippi have the 2nd and 3rd highest percentage of persons living in wireless only households. The data really underscore the importance of HOPE having a robust online / mobile banking strategy.
Presenter
Presentation Notes
So HOPE has invested heavily in its mobile platform and it has been one of our fastest growing services. One of the big lessons learned from our experience here is that members use their mobile device to manage money more so than any other feature. The frequency with which users login and check their balance or transaction history is nearly four times as large as the next most used features - which are to view and make internal transfers from one account to another. Over the last couple of years, we’ve seen our NSF income drop. One of the major reasons includes the increased use of checking balances before making a transaction that could overdraft an account. This slide is interesting in that it shows two things. First, one can see the growth in the adoption of our online platforms. We continue to experience growth in the number of members enrolling in our online platforms. We have 8,600 active users. We have over 10,000 registered users. Users can be registered on multiple platforms, active users represent one person. Second, most of our members access our online services from a desktop followed by an Android device. Given the difference in cost between Android devices and Apple devices and our membership background, we’re not surprised by these numbers. That said, in our experience, particularly in reference to serving unbanked and underbanked households, our mobile services are an enhancement to, not a replacement for a vibrant, effective and innovative network of financial access points staffed by people who are committed to the community. In the absence of HOPE’s network of branches and its strategic partnerships, the effectiveness of our mobile strategy is limited. People largely enter the credit union through one of our branches or after meeting one of our team members in the community. Then, they learn about or how to use the app. So, we engage in a variety of tactics to reach the underserved.
Better Banking. Better Lives.
Presenter
Presentation Notes
#1 – mass marketing We currently are engaging in a mass marketing campaign called the Better Lives Campaign. The campaign includes: TV (this is a still from one of our commercials) Radio Out door advertising and transit We’ve bought ads on radio and TV stations whose audiences skew towards African American audiences (gospel and R&B radio stations on radio) and time during the NBA playoffs or the Steve Harvey show for example
Radio Remote
Central City, New Orleans
Presenter
Presentation Notes
As part of our radio buy, we also have the opportunity to host radio remotes in our branches. Here you can see how we integrate the radio buy, with a radio remote with social media: 1) We purchased adds on Old School 106.7, an African American radio station in New Orleans 2) As part of our package, we negotiated a radio remote with local legend Papa Smurf – a local celebrity. When he was in front of the branch, people were driving by and waving and he helped drive traffic into the branch 3) Papa Smurf posted the remote on Old School’s Facebook page and we shared it…
Marketing Campaign UpdateTotal New Members by Month
0
100
200
300
400
500
600
700
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Total New Members by Month
July 2015 - September 2016 July 2014 - September 2015
Presenter
Presentation Notes
Currently have buys in Memphis, Jackson, Little Rock, New Orleans, the Delta. Campaign started in August of 2015. Marketing Investment has made a big difference. The light green shows the member acquisition by month prior to the launch of the campaign. The HOPE green illustrates the member acquisition #’s post campaignPrior to the launch of the campaign, our month over year member acquisition was lagging. After the campaign our month over year new member acquisition trend reversed completely and the average new members signed up per month also increased. Note: some is due to new branches opening in the Delta. However, some of biggest spikes are in Memphis – our largest market.
Grass Roots Tactics
• Ongoing outreach and partner development with:– Churches– Nonprofits– Small Businesses– Schools– Municipal Government– Colleges and Universities
Presenter
Presentation Notes
Credit Unions are co-ops and creatures of organizing. HOPE was founded and organized in a church. That spirit of organizing comes today and continues to serve as the foundation for all of our member acquisition strategies. In fact, the marketing campaign works best when we’re out and visible in the community. We have ongoing partner development activities with churches, nonprofits, small businesses, schools and municipalities; colleges and universities. Pearl – here is a good place to provide some examples. Close with one of our best and impressive partnerships and let people know you look forward to their questions.
Contact Information
Pearl [email protected](601) 944-4187
www.hope-ec.orgwww.hopecu.orgwww.hopepolicy.org
MEMBERSHIP | CONSULTING | RESEARCH | INNOVATION
Leading the Nation in Consumer Financial Health
Raising the Consumer Voice: Consumer-Centric Marketing
Shannon Austin, Tanya LadhaNovember 9, 2016
#FinHealthMatters Day
Find the Tribe (the conferences) Speak their language (write to win) Motivate them to engage (extra chances by helping to promote)
Goals:- To get 10-25 bloggers to write about “financial health” and call it that- To get them to amplify their blogs via social media- To get a handful of foundations to support- To gain highly personal financial health stories content for future use
The first #FinHealthMatters Day was June 29, 2016
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#FinHealthMatters Day Success
CFSI gained 222 New Twitter Followers 2,005 twitter posts with #FinHealthMatters 943 individuals and organizations tweeted 26 Network Members posted (2 were both network & funder) 5+ CFSI Funders posted (including Ford, Accion, Village Capital, Omidyar, MetLife Foundation) And….102 blog post contest entries, “What Financial Health Means to Me”- You can find many of them on medium.com/@CFSInnovation
Results? 8,986,959 impressions
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#FinHealthMatters Highlights
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Measure What Matters
Providers as Stewards of Financial Health
Most Americans are struggling financially.
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57%
CFSI research shows that 57% of the country, that’s 138 million people, lack financial health.
More than half of the country
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By measuring financial health.
But how do Americans know if their financial systems arebuilding towards financial resilience and opportunities?
How do providers know if their products are making adifference?
Both providers and consumers benefit from measuring financial
health.
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Providers can identify which products are moving the needle for customers, and which aren’t.
They can identify profitable strategies to build consumer financial health.
Consumers can gain a holistic understanding of their financial health, rather than piecemeal measures like the credit score or account balances.
What’s measured is what matters
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CFSI invites you to join us on this journey. 138 million Americans are waiting.
SPEND
SAVE
BORROW
PLAN
Components of Financial Health
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The 4 components of financial health mirror your daily financial activities.What you do today in terms of spending, saving, borrowing and planning greatly impacts yourresilience and ability to pursue opportunities.
You are financially healthy when you…
Indicators of Good Financial Health
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SPEND1. Spend less than income 2. Pay bills on time and in full
SAVE3. Have sufficient liquid savings4. Have sufficient long-term savings or assets
BORROW5. Have a sustainable debt load6. Have a prime credit score
PLAN7. Have appropriate insurance8. Plan ahead for expenses
How do you measure?
Data used to Measure Consumer Financial
Health
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SPEND1. Difference between income and expenses2. Percent of bills that are paid on time and in full
SAVE3. Number of months of living expenses in liquid account balances4. Amount of one’s long-term savings, assets, and investments
BORROW5. Debt-to-income ratio6. Credit score or credit quality tier
PLAN7. Type and extent of insurance coverage8. Behaviors that demonstrate future financial orientation
How You Can Get Involved
VISIT www.cfsinnovation.com/finhealthmatters for monthly content updates you can use to engage with your audiences on blogs and social
SHARE your stories on social using #FinHealthMattersyear-round (we’re watching and amplifying)
PLAN an event for the next #FinHealthMatters Day to get your teams fired up about Financial Health
ENGAGE with CFSI on how to measure consumer financial health
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Chicago New York San Francisco Washington, D.C.
Connect with us
cfsinnovation.com YouTube@cfsinnovation #finhealth LinkedIn Facebook
Thank You
Q&A
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