Chase to reach business owners through ‘business advice center on wheels’
JPMorgan Chase is taking a new twist on meeting customers “where they are:” A 27-foot trailer at business events across the U.S., offering free one-on-one advice sessions on marketing, business insights and small-business financing.
The trailer, which is called Chase BizMobile, is the latest iteration of the bank’s plans to grow face-to-face connections with business owners, alongside conferences and seminars it’s organized for the last two years. The objective is to connect with clients and prospects who may consider taking taking up service offerings from the bank in the future.
“Our strategy is to have a human presence everywhere we do business,” said Brent Reinhard, chief marketing officer for Chase Business Banking.
After the recession, large U.S. banks pulled back on most of their small-business lending activities, creating fertile ground for startups like OnDeck and Bond Street to grow market share. But now, banks, including Chase, Wells Fargo, and Bank of America are looking to the small-business market as a growth area, adding pressure on institutions to find new ways to reach customers. Chase has modernized its small-business product tech stack and is using OnDeck’s technology to make the approval process simpler and faster. But in a competitive field of banks offering small-business products and services, face-to-face relationships are big differentiators. Chase is the fourth-largest lender of Small Business Administration loans; as of March 31, 2018, the bank approved 1,307 loans valued at $323 million.
The emphasis on face-to-face connections with business owners is a way to build trust among clients who know they’re entering a long-term relationship with a financial institution. Aite senior analyst David O’Connell said surveys he conducted of small-business owners seeking credit showed that while interest rates and repayment terms were important, relationships also figured prominently among their considerations, including the ability to turn to someone when problems arise.
“Chase is smartly setting itself up as a trusted adviser among its small-business borrowers,” he said. “They want to take advantage of their ability to deliver on that relationship as a way to acquire more customers.”
Member Exclusive‘Truly integrated’: As an unusual school year commences, agencies are aiming to help working parents more than ever before
Agencies, which have long had reputations as difficult work environments for working parents, are adapting to be more flexible for parents this year.
‘How much do we want to get screwed?’: Confessions of an agency exec on lack of payment due to coronavirus
In the latest edition of our Confessions series, we hear from one agency exec who says that the “times are tough” excuse for late client payments isn’t cutting it anymore.
‘Doubling down’: Inside the 49ers social and digital rush to replace lost in-stadium marketing dollars
Without the ability to deliver ads to the 70,000 fans who attend games in-person, the 49ers have had to pivot to focus on digital and social channels.
SponsoredIn the race to shore up revenue, publishers are overlooking deal terms
Many publishers are struggling to keep their business models afloat with cookies dying and brands tightening their ad spend in an age of pandemic and recession. To contend with unprecedented challenges, publishers have taken to implementing a wide variety of new tactics. Some are turning to alternate revenue streams, such as subscriptions and affiliate marketing. […]
Member Exclusive‘Can’t really be ignored’: Marketers and media buyers are finally taking the on-going TikTok saga seriously
Marketers and media buyers have said that as long as people are still on TikTok they’ll want to be there, especially as they try to diversify from Facebook and Google.
‘Clever about how we rest’: As uncertainties drag into fall, agencies are facing a burnt out and fearful workforce
Agency employees and executives say that a feeling of fatigue due to the on-going uncertainty and the need to be always on has set in.