Dana Alexander Nolfe was recently hired as vice president of marketing for Centreville Bank. She has more than 30 years of experience in public relations and marketing for health care, government and education, and most recently served as chief marketing officer at Rhode Island Medical Imaging Inc.
Nolfe has a bachelor’s degree in communications and political science from Queens College and a master’s degree in broadcast news journalism from New York University.
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PBN: You have 30 years of experience in marketing, most recently for Rhode Island Medical Imaging. How are marketing strategy and tactics for a bank similar, and different, from other industries?
NOLFE: The foundations of marketing remain constant no matter the industry you serve. Establishing the goals of the organization, having an in-depth understanding of your customer needs and wants, and having your pulse on the customer journey and experience – these are critical elements for any successful marketing or communications effort. From there you can develop a strategy and support it with strong tactics, creative and messaging that will most effectively reach and resonate with your audience.
One difference in banking is that it is a highly competitive market and can be tough to stand out from the crowd. One of the ways that Centreville Bank stands out as a community bank is through our charitable foundation and the bank’s overall commitment to investing in the communities we serve throughout Rhode Island and Connecticut. We do this not only through charitable giving but also through the volunteered time and talent of our dedicated team to area nonprofits. In fact, the bank has pledged more than $1.3 million for 2022 and as of last month, our team has volunteered 1,500 hours – something we are extremely proud of, and that attracted me, personally, to this role.
PBN: What are your top three goals or priorities for your first year on the job?
NOLFE: While I’m still new to this role, my goals primarily center around increasing awareness of Centreville Bank, our breadth of services and our commitment to those we serve. Centreville really is a hidden gem in our state. We’ve been part of this community since 1828 and have grown to have $2 billion in total assets and 18 offices in Rhode Island and Connecticut. And we have more to come.
We also want people to know that we’ve expanded our products and services to meet virtually any personal banking need. For example, we have Federal Housing Administration and low- to moderate-income loans and offer some of the most competitive rates with our certificate of deposits, money markets, individual retirement accounts currently available.
For commercial and small-business lending, we are different than many of our competitors because we offer local decision-making, leading to faster turnaround times. We’ve expanded our commercial team and are able to be responsive to the unique needs of businesses.
Centreville truly understands what it means to be part of a community. Ultimately, we intend to deepen existing relationships and build new ones within our community and with our customers. I am very much looking forward to supporting this mission through some tried-and-true marketing initiatives, as well as a few new and innovative ones we are already beginning to develop.
PBN: How critical or impactful is marketing strategy to a bank’s overall profits, and growth of customers and deposits?
NOLFE: When it comes to overall profits and acquiring new customers, marketing strategy is a vital part of the picture. Raising awareness of the bank, engaging our audiences and investing in the Centreville brand is so important that it is part of our leadership’s three-year strategic business plan.
Especially in this crowded financial space, our current and potential customers need to know what we have to offer and to be informed when new products and services are unveiled. We also want them to know about our community and volunteer efforts, for them to know we are here with them and for them. Ultimately, our audiences need to understand what makes Centreville a great bank for them and help lead them to choose us. Effective marketing supports all of this. One recent product-based example of this is a certificate of deposit promotion we implemented, which attracted new customers and resulted in new deposits in a matter of weeks.
PBN: What channels (social media, TV and print ads, other) do you see as the best way to reach prospective bank customers?
NOLFE: I believe that employing a multichannel strategy using a mix of tactics is best for reaching both existing and new customers. It enables us to reach our audience where they are and connect with them across multiple touchpoints. This has always been and continues to be my approach.
At Centreville, direct marketing, organic social media and paid social media are among the key tactics that we are employing to attract prospective customers due to their inherent capability to target geographic, demographic and psychographic factors. Print and outdoor advertising are complementary tactics that help us keep the Centreville Bank brand top of mind with broader audiences and both can be effective, particularly when we are opening new branches and offices – five of which are on the horizon. We additionally leverage TV, radio, digital marketing, in-branch marketing, events and myriad sponsorships to help maintain a consistent presence for the bank.
PBN: How has COVID permanently changed marketing tactics, generally and for the financial services industry?
NOLFE: The COVID-19 pandemic really has increased the use of digital tactics since people began to spend more time online and increased their consumption of social media. And with so many people that were working from home and many who continue to use hybrid arrangements today, customers expect to communicate this way and are more comfortable with technology.
In terms of financial services, at the outset of the pandemic, banks ramped up their existing technology and we saw an increase in mobile and online banking. This is true for Centreville Bank as well. We also added interactive teller machines and enhanced systems so customers could conveniently open certain accounts or apply for loans online and schedule virtual appointments to speak to a bank representative rather than coming into the branch.
All these things have ultimately improved the banking experience, increasing access and convenience for our customers. I expect the use of digital marketing and online services will only expand in the future.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
