State of Email Marketing in Financial Services

February 16, 2012: Brian Bierbaum, Senior Vice President of Client Solutions

In a comprehensive 28-page report titled The State of Online & Mobile Banking, comScore explores challenging topics such as email marketing, social media, online customer engagement and more from a financial marketer's perspective. The report can help answer questions such as: Are consumers interacting with financial institutions via social media? Is email marketing still effective? Are consumers interested in online chat? I'll highlight a few key takeaways for the financial marketer with a vested interest in email marketing.

Email Remains an Effective Communication Channel

"As more customers rely on online banking as their primary channel for managing accounts, e-mail remains a low-cost, effective way to reach customers. Consumer recall is quite strong, with 48 percent of consumers reporting they’ve received some form of e-mail communication from their primary FI in the last six months."

This probably is not a surprise to most of you. What I did find surprising was the low amount of consumers reporting they had received cross-sale product offers. According to the report, "... while the response rate on offers to open a new account is still modest at 6 percent, it represents a doubling of last year’s rate. In fact, these e-mails are highly effective in increasing customer awareness and engagement in other offerings, with 17 percent of recipients visiting the site to get information on other products."

Comscore-2011-Banking-Survey-Email-Preference

Email Driving More Awareness and Engagement

Email marketing certainly appears to remain an effective channel to drive a certain level of awareness and engagement. The below chart looks at year-over-year growth in consumer response.

Comscore-2011-Banking-Survey-Email-Action-Taken

Download the Full Report

The comScore State of Online & Mobile Banking report provides a comprehensive review of digital bank marketing and online banking and includes other emerging channels like mobile. Results are based on a survey of more than 2,000 U.S. Internet users. You can get your free copy after completing a simple contact form on ComScore's website.

This blog post was originally published on the Priority Blog at priorityresults.com/blog. Priority Integrated Marketing is now BlueSpire Strategic Marketing.

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