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BANK WEBINARS PROVE TO BE A MARKETING HIT

By  Bryan Yurcan September 18, 2017, 2:27 p.m. EDT 4 Min Read
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As the world has gone more digital, so have the ways financial services
companies market to existing and potential customers.

While direct mail credit card offers still arrive in mailboxes on a seemingly
daily basis, Wells Fargo, PNC Financial Services Group and other big financial
institutions are using electronic channels more than ever to get their message
out — even the wonky web seminar.

“Webinars offer our customers a real-time opportunity to gain insights and
information,” said Margaret Sheridan, a marketing manager with Wells’ treasury
management group. “Since they are based on digital platforms, webinars enable us
to reach our geographically dispersed customer base in a way that makes it easy
and convenient for them to participate.”




Sheridan said that her team does not use webinars to sell products or services
directly, but rather to address core business issues, opportunities and trends,
and “facilitate a discussion with customers.”



Webinars will not replace other digital marketing channels, but they complement
email, search social media and more “traditional” marketing methods, Sheridan
said.

“We use a balanced mix of channels because we recognize that customers want to
receive and consume information in a variety of ways," she said. Webinars allow
customers "to interact and engage with Wells Fargo subject-matter experts and
customer co-presenters. It’s an opportunity for them to hear a story, get
information and ask questions on a live basis.”

PNC uses webinars to provide education to small-business clients. Byron Wien,
vice chairman of Blackstone Advisory Partners, has used webinars to deliver
market commentary. TD Ameritrade also produces a regular webinar, called Morning
Huddle, to deliver investment insights to clients.

“As an online investing firm, video and webcasts are one of the best ways to
connect with our clients to keep them informed about what’s happening in the
markets,” said LeeMcAdoo, head of investor education with TD Ameritrade. “We
have webcasts roughly 12 hours a day, throughout the day and evening, so that
clients can log in at their convenience, whether that’s to view live sessions or
access archived sessions on demand.”

McAdoo echoed the idea that webinars are part of a larger mix of ways to reach
customers anytime, including Twitter and YouTube.

“We know that people learn in different ways; some like self-paced online
learning, some regularly attend our live events, and some like the convenience
of webcast which allows them to hear straight from experts about what’s
happening in the markets that day and what issues and opportunities they may
have at hand,” he said.

The use of webinars is part of the broader industry move from building
relationships in person to doing so in the digital realm, said Joe Hyland, chief
marketing officer of ON24, a webinar platform with financial institution
clients.

“From wealth management to retail banking, the financial services industry has
traditionally been built on human engagement,” he said. “Digital banking has
completely disrupted the in-person relationship, and now we’re seeing financial
institutions develop new ways to foster the same personal connections online."

The use of webinars are part of a broader trend of banks turning to nonsales
content in general to effectively reach and market to customers, said Sam
Kilmer, senior director at the consulting group Cornerstone Advisors.

This content can include blogs, dedicated websites, foundations and partnering
with “community economic influencers” like financial press, universities and
chambers of commerce, he said.

“The reason this is important isn't just because it helps the lives of people
while indirectly marketing banking services — that [strategy] has been around
for decades,” Kilmer said. “The broader driver of this is that the increasingly
digital culture — and social media in particular — requires providing genuine,
helpful content; because the consumer can smell, and reject, a direct
billboard-type sales pitch almost on instinct. They want something new and
interesting: ‘Tell me something I don't know.’ And they want something that they
can engage with."

Content that educates and helps the customer is generally the most effective,
Sheridan said. Wells' Treasury Insights website focuses on four topics treasury
managers at companies: fraud and security; payments and liquidity; emerging
commerce and regulation and risk.

"We look at what topics are trending with customers and use this information to
develop webinar topics that resonate with a broad range of customers," Sheridan
said. "Additionally, we work with real customers to present with us during our
webinars. Providing this peer-to-peer exchange is viewed as very valuable.”

Kilmer said delivering helpful and educational information is part of the
evolution of “marketing beyond a marketing department.”

“As marketing converges with sales and service processes that banks deliver —
and those three disciplines are increasingly indistinguishable to the buyer in
digital — content like that is effective engagement,” he said.

Bryan Yurcan

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