As trusted community advisors, banks and credit unions are valuable resources for raising awareness and encouraging action through financial literacy programs
Financial literacy programs not only educate accountholders on wise financial decisions, they also make accountholders more profitable. Studies show that financially literate consumers are more likely to be engaged across multiple products, resulting in greater profitability and product utilization for your bank or credit union.
To get you started on your financial literacy program, here are six key strategies to help you incorporate financial literacy topics into your overall marketing plan.
Financial Literacy Outreach Tips & Tricks – An Onovative Guide
Use these top tips and marketing channels to promote financial literacy in your community. If you need help with any of these suggestions, reach out to the Onovative support team today!
1. Send Direct Mail
When you don’t have email addresses or your open rates aren’t up to par, direct mail is a great way to communicate with your accountholders. Going the extra mile to share financial literacy resources through the physical mail shows accountholders you truly care about their financial well-being.
POSTCARDS: When it comes to financial literacy topics, you can incorporate helpful bite-size information for all ages into handy postcards. Here are two examples:
1. Using HELOC postcards as part of an overall campaign strategy is a great way to educate your accountholders about leveraging their home equity as a smart way to borrow cash while also promoting your financial institution’s offer. Learn more about how to develop a successful HELOC promotion.
2. Make financial literacy and saving money feel like an adventure when you incorporate gamification into your postcard communications to Kids Club or Youth Savings Accounts. With these playful postcard designs, you can show kids that saving money can be both responsible and fun. Download the templates here:
LETTERS: A direct mail letter is great when you have more to say to your target audience. You can clearly communicate products that are timely and relevant, explain the benefits of these products, and share the specific details for how your products and services will help your accountholders manage their finances more effectively.
For example, send a letter to all your accountholders who do not currently have a savings account and highlight the benefits of opening one with your financial institution. Share savings tips and give real life success stories of how your accountholders have been able to use their savings accounts. Visit our letter template library to download examples.
2. Leverage Email Communications
Existing accountholders are much more likely to open your emails because of your ongoing relationship with them. Here are a few ways to incorporate financial literacy into your email communications:
NEWSLETTERS: Add a regular financial literacy section to an existing newsletter. In each edition, share advice on a different topic such as budgeting, saving, debt management, home buying, or online/mobile banking updates. Don’t currently send a newsletter? Consider launching at least a quarterly newsletter to maintain contact and increase your brand awareness.
PRODUCT EDUCATION: Incorporate relevant and helpful financial literacy information into your email product offers. Position your product as a resource to help them achieve their financial goals and remind them of the benefits of partnering with your bank or credit union for their financial needs. Link back to your website where your accountholders can access more information about the benefits.
3. Expand Your Social Media Content
Social media is an easy way to stay connected with your audience on a regular basis with platforms they already use daily. Social media is a powerful tool for driving brand awareness, fostering relationships, positioning yourself as a thought leader in your community, and sparking new relationships. Make sure to use relevant hashtags for maximum visibility. Here are a few other tactics for social media success:
IMAGES: Use relevant, eye-catching images to boost your financial literacy posts. Our team has created social designs to support your financial literacy efforts throughout the year. Download and modify them here:
Check out our social media template library for more resources like these.
RESOURCES: Sharing helpful tips and resources from trusted industry peers on social media can enhance your financial literacy efforts. Post resources on a variety of topics and vary your shareable materials to include statistics, reports, worksheets, podcasts, books, games, etc. to appeal to a wider audience. Here are a few good places to start:
- FDIC Money Smart Program
- Consumer Finance Adult Financial Education & Resources
- OCC Financial Literacy Resource Directory
- Jump$tart Financial Literacy Toolkit
VIDEOS: Launch a video series on various financial literacy topics to share tips and tricks that most interest your followers. Add a personal touch to your video strategy by leveraging your internal subject matter experts to share financial literacy advice.
If you don’t have the time or resources to create custom video content, there are numerous videos online for different consumer segments. Check out the Making Cents: Financial Literacy Educational Videos designed for students from PBS.
4. Host Events
Invite people to engage with your financial institution and foster deeper connections by hosting financial literacy events throughout the year. Not only will these events give your community the opportunity to connect with your brand on a personal level, but it will establish your financial institution as a resource and thought leader while also boosting traffic in your branches. Here are a few ideas:
EDUCATIONAL CLASSES: Offer classes focusing on key topics your accountholders have expressed interest in. Consider starting with a budgeting class where you cover steps to create a budget and share the benefits of your savings programs. To keep it flexible, you can also offer a virtual class or short recordings for convenience.
LUNCH & LEARN EVENTS: Invite your accountholders for lunch at your branch or a designated community location while you dive into a specific financial topic. Here are two topics that are popular right now:
- Home Buying: Invite a local realtor to speak alongside your financial institution to discuss your market, promote your mortgage or HELOC offers, and educate attendees on the application process. Be sure to take the opportunity to ask attendees where they are in their home buying journey. Follow up with helpful resources and communications post-event.
- Financial Fraud: Share tips for how to avoid becoming a victim of financial fraud and next steps to take if they become a victim of identity theft. Refer to the ABA Safe Banking for Seniors program for presentation templates, activity sheets and more.
5. Get Involved in Your Community
Look for creative ways to be a financial literacy advocate in your community. Finding these opportunities allows your institution to curate a positive reputation, strengthen existing relationships, and create new ones. Here are two ideas to get you started:
SCHOOLS: Make a connection with your future generation of accountholders by getting involved with your local school systems. Develop relationships with school administrators and seek opportunities to be an educational speaker on financial literacy topics.
Consider hosting savings events or competitions to teach younger students about the benefits of saving money and promote youth savings accounts. Offer classes to high school students on financial planning, budgeting, and loan applications to prepare them for how to responsibly manage their expenses after graduation.
COMMUNITY PARTNERS: Connect with your local Chamber of Commerce to share helpful resources for local business owners. Forge relationships with local real estate offices to share resources for home buyers and establish your financial institution as their preferred mortgage provider.
6. Make It Fun
Regardless of age, it’s always easier to learn and retain information when it is memorable and fun. When you deliver your messages, look for ways to make it exciting and relevant to your audience. Here are a few of our favorite examples:
QUIZ: DoSomething.org, the largest organization for young people and social change, launched a nationwide financial literacy campaign that teaches young people how to make and save money by inviting them to answer five amusing financial questions. Check out their promotional video.
GAMIFICATION: Games are a popular way to teach students useful skills and concepts. For something like financial literacy education, that might be dull if taught in another format, it can really keep your audience engaged and interested. Check out these financial literacy game ideas for all ages.
Improve Outcomes & Increase Prosperity with Financial Literacy
Remember, the more your accountholders understand personal finance, the more engaged they will become with your bank or credit union. To get the word out, consider building unique audiences in Core iQ and automating financial literacy touchpoints throughout the year – especially during graduation, holiday, and travel seasons.
Ready to learn how Core iQ can help you seamlessly execute your financial literacy program strategies and drive results for your financial institution? Book a personalized demo with us today.