Jennifer Hyde was recently named vice president and director of marketing and communications for BankNewport. She previously served as marketing manager at Citizens Bank and has worked for marketing agencies in Providence and Boston. She has a bachelor’s degree in public relations from the University of Rhode Island and a master’s degree in corporate and organizational communications from Northeastern University.
PBN: How has the marketing strategy around banking changed in the last two-and-a-half years? How much of that is permanent, or simply a temporary pandemic shift?
HYDE: There has been a permanent shift in how customers expect companies, especially those who oversee their finances, to show up for them. We know consumers have an expectation to bank when and how they want, and being available for customers to bank in person, from home, or on the go is not going away.
At BankNewport, we are continuing to enhance our digital platform and customer-facing technology. Money is very personal, so reaching customers in different ways to make them feel more connected to their bank is part of our marketing strategy. Providing a valuable customer experience is imperative, and so we are using myriad avenues to educate current and prospective customers about BankNewport and what sets us apart.
PBN: You have marketing experience both in and out of financial services. In what ways is bank marketing different than, or the same as, other types of jobs you have had?
HYDE: It’s much more than marketing a single retail product that meets a need during a moment in time. In financial services, we’ll see customers through some of their major life milestones – going to college, buying a home, opening a business, retirement, and beyond.
When building campaigns, BankNewport considers the customer’s experience of deciding on and using the product or service, such as the feeling of opening your first checking account, reaching a savings goal to take a long-awaited vacation, or realizing the dream of starting a business.
PBN: How important is marketing and messaging to a bank’s growth in terms of new customers and market share?
HYDE: It is very important, especially as we grow our footprint within Rhode Island. Consumers may hear about BankNewport through a number of channels and the message has to resonate with their financial needs.
Marketing is just one way of earning a prospective customer’s consideration. In staying authentic to our brand, “We’re All In.” We want prospective customers to know that we’re committed to supporting them and the communities they live in.
PBN: What are the most effective ways to engage with current and potential customers (social media, email, print ads, etc.)? Does it change depending on the type of client or service you are advertising?
HYDE: Developing cross-channel, multitouch campaigns remains highly effective. Customers’ behavior differs based on their segmentation, but also on seasonality or economic cycles. We serve many demographics that want to be engaged in different ways. We’re regularly taking a pulse check to ensure we’re meeting potential customers where it’s best for them.
Email remains effective in reaching a broad audience in a cost-effective manner, but email supported by direct, print, social media and digital channels is what drives brand recognition and continued customer engagement.
PBN: How much, if at all, does strict regulation of the banking industry make it more challenging (or simply more complex) to develop a bank marketing strategy?
HYDE: It is more complex. There are a number of regulations that we’re required to meet, and they ensure that customers understand what their financial decisions mean and the impact each of those decisions can have.
Adhering to the regulations challenges our ability to be as agile as we’d hope, but this is felt across the industry. Developing a strategy that meets our regulatory requirements and also delivers timely marketing can be done; it’s about finding new and innovative ways to drive growth and be competitive while satisfying those requirements.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
