Despite an ever-increasing shift to digital communications, the financial services industry is one that remains remarkably reliant on printed materials.
The need to send mailings to current and prospective customers is a constant for banks and other financial institutions. From credit card offers and legal disclosures, these types of materials are still sent to consumers via direct mail more than any other method. Even though financial institutions may try to move toward more electronic means, the need for quality printing services remains.
With the marketplace as crowded as ever, how can your financial institution make sure that you’re making the most out of your printed pieces? Here’s a great place to start.
Direct to Consumer Mailings
Banks and other financial institutions spend more money on direct mail than any other industry. From sending prospective customers credit card and loan offers to connecting with existing customers with statements and financial disclosures, mail is still the preferred method of communicating for most financial institutions.
Because digital fatigue is real, direct mail remains a strong way of getting in front of your intended audience. You can use different printing and mailing techniques such as heavier stock, specialty coatings, or intriguing die cut shapes to attract attention.
Keep in mind that different mailings have different purposes, and that has an effect on the look and feel of the piece. Disclosure statements that are required by law can have a much more basic look, while pieces that are designed to entice new customers need to be eye-catching and compelling to convert.
Regulatory Compliance
We touched on it briefly above, but regulatory statements that are required by law are still one of the biggest drivers of printing needs among the financial services industry.
Despite the near-universal adoption of email over the last 25 years, email addresses still aren’t required contact information for most financial institutions. Having a physical mailing address is, however, making that the most reliable form of communication for communicating documents required by law.
Annual privacy statements, changes in policies, notifications of terms—anything that is required by law to be sent to a customer is more likely to be sent through the mail than through electronic means. And mail means printing.
Quarterly and Annual Reports
Financial institutions are also required by federal law to publicize statements both quarterly and annually. While many of these reports can be filed electronically, this also provides financial institutions an opportunity to toot their own horn in the form of professionally produced pieces.
These reports are often glossy documents that showcase the organization’s performance, used for attracting both customers and investors.
Don’t Forget Multichannel
While print and mail are highly effective, they work so well because they can be used in conjunction with other multichannel methods. Promoting your offerings through digital methods such as paid ads, IP targeting, email, and social media can help to reinforce the benefits to the consumer and serve to spotlight the physical pieces you produce.
Elevate Your Financial Services Offerings
With more consumer options than ever before, it’s crucial that financial services institutions find ways to stand out from the crowd. Associates International can help you design and implement mailing and multichannel campaigns that are designed to attract and convert customers. Reach out to us today to discover how we can help.
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