How to supercharge your ITMs into interactive marketing machines
In 2024's fiercely competitive digital ad landscape, banking marketers are seeking innovative ways to optimize budget spend. Royal Banks of Missouri pioneered a unique tactic and transformed interactive teller machines (ITMs) into dynamic, conversion-oriented marketing tools.
With so many banks, fintechs, and credit unions vying to win consumers’ attention, 2024 will be a heavy year for digital ad competition. How can banking marketers alleviate that budget pressure? Many are turning to channels the organization controls to convert more prospects into customers.
For banking marketers, owned channels normally include the website, signage, social media, and distribution through mail and email. ATMs and ITMs are traditionally included in the ‘signage’ category because institutions can display ads on screens and their exteriors. As display space, ITMs have been like billboards; they’re valuable for awareness but haven’t been usable for segmented, performance-tracking, or conversion-orientated marketing.
Now, the $1 billion Royal Banks of Missouri is changing all that. With 50% or more of its transactions serviced by its 21 interactive teller machines, ITMs are an owned channel with relatively large volumes of customer and prospect transactions. Using technology, the St. Louis-based bank is building an engaged audience to grow relationships across its two-state market encompassing rural and metropolitan communities.
continue reading »