WASHINGTON– With the failure of a number of high-profile banks and the resulting scrutiny remaining in the headlines, the Independent Community Bankers of America (ICBA) has introduced a new campaign at BankLocally.org, that also stresses why community banks are preferable to credit unions.
According to the ICBA, the new messaging is that “where you choose to bank matters, and community banks are best positioned to serve your financial needs.”
The campaign urges consumers to visit BankLocally.org to find a community bank, while boldly and effectively differentiating community banks from large banks, credit unions and other financial institutions.
“ICBA is investing big in the future of community banking with the launch of this consumer-driven public awareness campaign,” ICBA President and CEO Rebeca Romero Rainey said in a statement. “Now more than ever, we must shine a light on the unmistakably different business model that is community banking and introduce it as a clear choice to America’s consumers.”
Time for Reinforcement
According to the ICBA, now is the time to reinforce the importance of community banking and to give community banks resources to spread the message in their local markets. A turnkey member toolkit can be accessed at icba.org/campaign.
In 2022, the ICBA noted it created a pilot campaign to determine the viability and need of a national campaign by testing messaging and creative assets to prove opportunities exist to increase consumer awareness and positive perceptions of community banking.
“Pre- and post-pilot campaign research revealed a clear response and opportunity for consumer education and messaging,” the ICBA said.
The Findings
Among the findings in that research, according to ICBA:
- The percentage of consumers who know what a community bank is increased 22%
- Consumers with positive opinions of community banks grew by 15%
- After seeing the campaign elements, 75% of non-customers were interested in learning about locally owned community banks in their area.
“With recent headlines sparking questions and interest in various banking options, this is as important as ever,” Romero Rainey said. “In stark contrast to those large, risky banks in the news, community banks keep money local and exist to serve the needs of their local customers and communities for the long haul.”
Banks & Millennials
In addition, the ICBA said the research also found a critical link between the millennial generation and community banks.
“This link comes at a time when many millennials are feeling uncertain about the banking industry due to recent events,” the group said. “According to ICBA’s research, 46% of millennials said supporting local communities is one of the most important characteristics of a ‘perfect’ bank. Further, millennials showed more interest in community banks than previous generations (61% among ages 25-39 vs. 50% for age 40 and up).”
Additional Resources
In addition to market research, the ICBA said its national campaign includes creative advertising, public relations and media strategy to reach consumers where they are to further educate them on what community banks are and why consumers should choose to bank with a local community bank.
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