On the money: Bank marketing tips and advertising trends

In 1953, the Bank of New York released a wordy, full-page print ad. The tagline read, “Founded by business men, for business men." Seventy years later, that same bank—now rebranded as BNY Mellon—released a 19-second TikTok video of a diverse team singing "Happy Birthday" to a cardboard cutout of Alexander Hamilton, the bank's founder.

You could say bank marketing has gone through a few changes over the years.

But, really, it's not just the gap between centuries and generations that's so striking. Thanks to the rise of mobile banking and fintech, how, where, and why people bank is changing by the day. The industry is constantly being reinvented and revolutionized by technology.

So, how can financial organizations keep up with their marketing strategies? For one, they need fresh advertising formats to reach their customers in the right places with the right message.

What is bank marketing?

Bank marketing involves promoting a financial institution's services in order to engage customers. Banks may choose to market their brand through traditional media like print and out-of-home ads, on digital channels like social media, or via innovative ad formats like digital audio.

Bank marketing usually starts with researching trends, customer pain points, and audience behaviors. Once banks understand who they're trying to reach, they can build personalized marketing campaigns to speak to those cohorts. Long-term ad objectives might include everything from driving brand awareness and website traffic to boosting leads and sales.

Trends in banking, personal finance, and investment marketing

Before we dive into strategy, let's get a read on some of the trends to emerge in finance and investment marketing in recent years.

For one, digital banking and fintech services are on the rise as customers seek more convenient and accessible banking experiences. Today, around 61% of U.S. consumers use digital banking channels at least once a week,¹ and 70% say they primarily access their bank accounts on mobile devices.² Gen Z and millennial customers in particular are veering toward digital banking, with Gen Z spenders saying they trust fintechs more than traditional banks.³

Secondly, inflation is causing customers to switch banks in search of better interest rates and incentives. According to a May 2022 survey from JD Power, 26% of customers had moved their money to a different financial institution over the past 30 days.⁴ It's no surprise that marketing is getting increasingly competitive as banks try to win over—or win back—these rogue customers.

Tips for your bank marketing strategy

Bank marketers have a big opportunity to jump on these trends and win over potential customers; they just need the right strategies to guide them.

To start, here are a couple of digital marketing tips to bank on:

Embrace content marketing. Bank advertising isn't always about making a hard sell. Finance brands can use content marketing tactics to educate customers about financial wellness and help them better manage their money.

For example, you might host a free webinar about how to invest in today's changing market or create sponsored content about finding the best savings account to meet that next big financial goal.⁵ On Spotify, banks and investment companies even launch their own podcasts hosted by finance experts. Others build and curate playlists that fit their customers' interests and lifestyles.⁶

Go omnichannel. Digital banking may be on the rise, but traditional branches aren't out of the game just yet. In fact, 29% of Americans still prefer to bank in person.⁷

That's why it's important to take an omnichannel approach to bank marketing, incorporating both digital and traditional channels into your campaigns. For instance, banks can build interactive self-serve kiosks into their branch locations. Or, legacy credit unions can partner with fintech startups to deliver mobile-friendly customer experiences.

3 components of a compelling bank advertisement

There's no one-size-fits-all blueprint for the ideal bank advertisement. But you can start by incorporating these key components to grab people's attention and potentially boost results:

1. Customized targeting. Reach the right audiences by using demographic, behavioral, and contextual targeting. If a bank launches a new product for first-time credit card users, for example, they might target college students between the ages of 18 and 25 on mobile devices.
   
2. Personalized creative. Tailor your copy and visuals to your audience's interests. If you're reaching travelers, let them know how they can use your bank's app to book trips and manage payments on the go.
   
3. A strong call to action. Help customers take the next step to learning about your brand. End your ad with a clear call to action (CTA) like, "Read more," "Start saving today," or "Sign up."
   

BNP Paribas included all of these elements in their bank advertisements on Spotify. To promote their podcast, We Love Cinema!, the international finance brand targeted listeners interested in comedy, TV, and film. They also built custom creative for each episode and target audience. Their ads included clear CTAs like “Learn More," which drove listeners directly to the podcast episode advertised. The results were impressive, totaling around 1.3 million impressions and 7,500 conversions.

How Spotify can help your bank advertising strategy

Money talks. At Spotify Advertising, we can help you get your customers to listen.

Deliver your message between songs and personalized playlists. Reel customers in while they're enjoying their favorite podcasts. Or, launch personalized ads at just the right moment, when listeners are cooking, studying, or hanging out with friends.

If you're trying to cash in with Gen Z and millennial audiences, digital audio ads are a great option. As the GlobalWebIndex reported, listeners between the ages of 16 and 35 make up nearly two-thirds of the ad-supported Spotify audience⁸, with 91% of millennials and 77% of Gen Zs of that cohort owning a bank account.⁹

While the banking industry is changing rapidly, you can stay ahead of the curve—and on the money—by advertising on Spotify. Learn more about financial services marketing with Spotify.