With opportunities, come risks. And nowhere is this reality more stark than in the financial sector, where online banking, social media, and artificial intelligence (AI) give fraudsters avenues of exploitation.
In such a scenario, how should we approach financial services marketing? Where is that delicate balance between showcasing our products, and keeping a secure online presence?
Meet Eric Cook: Chief Digital Strategist at Cook Technology Solutions LLC, an independent franchise of WSI Digital. He’s also the Founder of The LinkedBanker, a mastermind community for banking professionals launched in 2020.
He specializes in working with community banks, leveraging over 30 years of experience in the banking industry to help them navigate digital marketing and stay secure in a highly evolving threat landscape.
In our fourth interview of this series, .Bank sat down with Eric to hear his views on how banks can strengthen security and guard themselves against advanced fraud perpetrated with the help of AI.
Background and Professional Experience
Q: How was your transition from banker to digital marketer?
After college, I worked as a management trainee at Marshall Savings Bank (MSB) in the early 1990s.
This was during the early days of the internet, and I got involved in digitizing board reports and loan documents. Around 1995, I convinced the bank to buy a Gateway 2000 computer, which was my first exposure to the World Wide Web.
I taught myself HTML, and helped build one of the first community bank websites for Marshall Savings Bank—a $60 million bank at the time. That sparked my interest in banking websites, and I continued to explore the digital space.
I eventually moved into the technology, operations, and marketing areas of the bank and worked my way up to Regional President at Monarch Community Bank in Coldwater, Michigan, following their acquisition of MSB.
In 2007, I decided to pursue my passion for digital marketing full-time. That’s when I joined the WSI Agency Network, where I specialize in working with community banks on their digital strategies.
I still think of myself as a banker, but with digital, social, and now AI, knowledge layered on top.
Current Position at WSI
Q: What is a specific problem that your team is solving?
We develop websites for community banks. But not just any website: they need to be powerful, easy to use, and boast a customizable content management system.
One of the big challenges we’re trying to address is the disconnect between data access and marketing efforts. Many banks use third-party platforms for processing things like online deposits or loan applications, and these platforms often act as “walled gardens.”
This means marketers can’t access the necessary data to track campaign performance or return on investment (ROI), which can lead to frustration when trying to show results to senior management.
Our goal is to break down those barriers, ensure data is more accessible, and help banks leverage their digital marketing efforts effectively.
Q: What does a typical day at work look like?
My days vary, but are usually a mix of learning, project calls, and working with clients. I also spend a lot of time staying on top of trends—whether it’s through attending conventions, listening to podcasts, or collaborating with colleagues from around the world. On top of that, I travel to conferences and speaking engagements, such as teaching at the GSB Strategic Marketing School in Madison, Wisconsin.
Q: How do you manage the tension between financial institutions and marketing teams regarding data privacy and compliance?
My approach is to focus on education and awareness. When roadblocks arise, we need to understand the concerns and fears driving them.
For example, I once heard of a compliance officer at a bank who mistakenly believed regulations prohibited them having a YouTube channel. By educating them about compliant ways to use YouTube, like sharing educational content and customer testimonials, we can overcome these misunderstandings.
Similarly, with data, we discuss segmentation to ensure we’re providing valuable information to the right audience and in accordance with email best practices.
The key is to understand and address the concerns of each stakeholder—be it compliance officers or senior management—to build trust and cooperation.
Q: What role does AI currently play in marketing, and how can banks leverage it to enhance their strategies?
Banks, particularly community banks, must integrate AI carefully to ensure their brand and personality are maintained. AI helps by automating processes like content creation, reducing tasks from hours to minutes. However, it is essential to always, always have a human in the loop to ensure the output aligns with the bank’s voice and values.
AI’s impact also extends to trends like SEO, where top-of-the-funnel content becomes less relevant as AI-powered platforms provide quick answers.
Banks should focus on mid-funnel content that offers testimonials, comparisons, and personalized experiences to drive conversions.
And don’t forget that content personalization is becoming a significant trend. Banks are doing their best to provide tailored experiences based on user data, although full integration is still developing.
Cybersecurity and Marketing
Q: You’ve been a proponent of .Bank for a long time. How did you first hear about us?
At WSI, we’ve been fans of .Bank since the very beginning—before it even launched in 2015.
I first heard about .Bank through Doug Johnson, who was a senior executive at the American Bankers Association (ABA) and a major advocate for cybersecurity in banking.
Doug, who sadly passed away in 2019, introduced the concept to the industry, and I immediately saw its potential.
.Bank offers enhanced security measures, which is something I’ve always believed in, especially as the banking world continues to embrace digital transformation yet must keep customer data, communications, and transactions secure online.
Q: How can effective marketing improve the security offered by a top-level domain like .Bank?
Sharing the fact that the bank uses a .Bank domain is a powerful marketing message. Banks can explain the marketing material that you see from them— the emails that hit your inbox, their presence on social media, their support—can be validated as real and authentic just by looking for the .Bank.
Every customer can remember and understand that “if it’s not .Bank, it’s not your bank.” This empowers customers to authenticate a bank’s emails and website by simply looking for the .Bank to know it’s your bank, and this reminds the customer how much the bank prioritizes and values their customers’ security.
Q: How important is cybersecurity, especially with the rise of AI?
Cybersecurity remains crucial. Banks are prime targets for fraud, and as we shift more services online, the threat landscape expands.
Beyond the typical risks like distributed denial-of-service (DDoS) attacks, AI has introduced new ways for fraudsters to exploit systems. The rise of AI-generated content, like deepfake voices and images, makes it easier to scam people; especially a vulnerable population like the elderly.
One example I’ve heard of is a fraudster who created a convincing deep fake voice, and this was a believable impersonation that showed how real these threats are, even for experts who are familiar with cyberattacks that leverage AI.
Banks need to take proactive steps, like implementing two-factor authentication and moving away from older forms of identity verification, such as voice recognition, which can now be easily spoofed.
Marketers also play a key role in educating customers about these risks through their communication channels.
Q: How will AI impact banks’ marketing strategies in the near future?
AI is already changing the game in terms of marketing efficiency. It allows us to analyze data faster, generate content more easily, and even personalize customer experiences on a deeper level.
However, the key is to always have a human in the loop. AI can get us 80% of the way there, but it’s the human touch that ensures the message aligns with the bank’s brand and values.
And as I mentioned before, as AI tools become more advanced, I believe we’re going to see a shift from top-of-the-funnel content, like general educational material, to middle-of-the-funnel content.
This will focus more on helping customers make decisions, using things like testimonials, customer stories, and product comparisons. Since basic questions are now often answered through AI search tools, middle-of-the-funnel content will become critical.
Wrapping Up
Q: How will small banks, with a smaller marketing budget, adapt?
I’d advise them to focus on their brand and just really identify who they’re best positioned to serve. Too many banks try to be everything to everyone, but the ones that succeed are those that clearly define their niche market.
Whether it’s small business owners, first-time homebuyers, or another group, you have to double down on your message.
Speak directly to those customers. It’s about quality over quantity, and being authentic in your communications is key.
Q: What are the trends you think will shape the future of bank marketing?
First, more proactive, predictive marketing. With the data we have, marketers can anticipate customer needs and offer solutions in anticipation of the customer needing them.
Second, a return to more human-centered content. That’s something banks have always done well—being present in their communities and building trust through personal relationships, but they can continue this tradition through their digital strategy as well.
To learn more about the many benefits of a .Bank domain, schedule a meeting.
