Advertising for banks and credit unions doesn’t have to be complicated. Whether you’re a small community bank or a large financial institution, there are proven strategies to help you stand out, connect with your audience, and increase customer loyalty. The key? Understanding where your audience is and how they interact with digital media.
Key Takeaways from this article:
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Discover the best digital advertising strategies for banks and credit unions
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Learn how different generations respond to financial advertising
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Find out which digital advertising channels provide the highest ROI
Digital Advertising Should Be Segmented To Target Specific Audiences
Think about it this way—just like a financial advisor simplifies investments for clients, advertising strategies can be broken down into easy-to-understand concepts. The goal is to reach the right audience with the right message at the right time.
A recent study found that 63% of Gen Zers and Millennials are eager to become homeowners and will need mortgages (according to SalesFuel, 2024 Gen Z and Millennial Consumers Survey, RE/MAX and Pollfish). That’s a huge opportunity for banks and credit unions that know how to target them effectively.
Let’s dive into the best ways to advertise financial services successfully. You can also check out and reference a previous blog of mine on the same topic.
Best Advertising Channels for Banks & Credit Unions
There are countless advertising options out there, but for financial institutions, certain channels perform better than others. Here are the top digital advertising methods for banks and credit unions:
Social Mirror ads look like your social media display or video posts but appear on other websites and apps and run across all devices using our targeting strategies.
- Using Social Mirror Ads to Reach:
- Homebuyers – Potential Mortgage Shoppers
- 43% said they have responded to a digital display ad in the last 6 months
- Potential Bank Switchers
- 38% said they have responded to a digital display ad in the last 6 months
- New Car/Truck Buyers – Potential Auto Loan Shoppers
- 38% said they have responded to a digital display ad in the last 6 months
- Potential Credit Card Switchers
- 41% said they have responded to a digital display ad in the last 6 months
- Small Business Owners
- 36% said they have responded to a digital display ad in the last 6 months
- Affluent Millennials (HH $150K+)
- 42% said they have responded to a digital display ad in the last 6 months
- Mortgage Refinancing Shoppers
- 42% said they have responded to a digital display ad in the last 6 months
- Homebuyers – Potential Mortgage Shoppers
(Source: 2024 AudienceSCAN® study of US online adults 18+, SalesFuel, Inc.)
- Targeting Social Mirror Ads – there are several ways to target the above audiences, and using behavioral targeting is one of the more specific strategies. Here’s an example of some of the behavioral categories available:
- Ad Example – here’s what a Social Mirror ad could look like
OTT ads are video ads that run 100% on Connected TVs and are embedded into programming content people stream on their internet Connected TVs.
- 44% of potential bank switchers have responded to OTT ads. (Source: 2024 AudienceSCAN® study of US online adults 18+, SalesFuel, Inc.)
- Short, engaging video ads can showcase mortgage options, credit card promotions, and banking services.
- Amazon Prime Video’s ad-supported viewers are typically more affluent and educated, making them a prime audience for banks and credit unions.
- Targeting OTT Ads – there are several ways to target the above audiences, and using behavioral targeting is one of the more specific strategies. You can utilize the same targeting categories listed for Social Mirror, above.
- 46% of potential bank switchers have responded to Social Media ads in the last 6 months. (Source: 2024 AudienceSCAN® study of US online adults 18+, SalesFuel, Inc.)
- Meta ensures banks are visible when consumers are actively looking for suggestions and referrals from friends and family
- Targeting – while Facebook does have some restrictions for financial advertisers, ad creative for financial institutions typically has high engagement.
Mobile Advertising (Mobile Conquesting)
With consumers spending more time on mobile devices, financial institutions need to meet them where they are.
- 47% of potential bank switchers have responded to mobile ads. (Source: 2024 AudienceSCAN® study of US online adults 18+, SalesFuel, Inc.)
- Mobile Apps provide a non-intrusive way to reach engaged audiences on the go.
- 32% of small business owners have responded to a mobile ad in the last 6 months.(Source: same as above)
Creative Strategies to Boost Engagement
Having the right advertising channels is important, but crafting the right message is equally crucial. Here’s how financial institutions can create compelling ads:
- Highlight Community Involvement & Financial Education
Consumers trust banks and credit unions that invest in their communities.
- Host financial literacy workshops to educate potential customers.
- Celebrate Financial Literacy Month (April) and America Saves Week (April 7) with special promotions.
- Feature customer success stories in ads to build credibility and trust.
- Leverage Behavioral & Demographic Targeting
Reaching the right audience is easier than ever with behavioral targeting.
- Behavioral targeting allows banks to reach users who have searched for home loans, auto financing, or credit cards.
- Geofencing targets users near competitor branches to encourage them to switch banks.
- AI-powered audience segmentation helps refine messaging for different demographics.
- Use Retargeting to Convert Leads
Many potential customers research banking options but don’t convert immediately. Retargeting helps keep them engaged.
- 41% of users visit a bank’s website after seeing an ad but may not apply right away. (Source: 2024 AudienceSCAN® study of US online adults 18+, SalesFuel, Inc.)
- Retargeting campaigns ensure banks stay top-of-mind by serving ads to users who have shown interest.
- Email follow-ups can provide incentives for users to open new accounts.
- Focus on What Makes Your Institution Stand Out
Customers often switch banks for better online experiences, lower fees, and personalized service. Financial institutions should emphasize these benefits in their advertising.
- Showcase superior mobile banking features for tech-savvy customers.
- Emphasize lower fees and better interest rates compared to larger banks.
- Use testimonials and online reviews to build trust with potential customers.
Overcoming Advertising Challenges in the Banking Industry
- Digital Transformation
Many financial institutions struggle with adapting to digital advertising. Partnering with experts and investing in AI-driven marketing can help streamline ad targeting.
- Compliance & Regulations
Platforms like Google and Facebook have strict guidelines for financial advertising. Banks should work with professionals to ensure their campaigns meet compliance standards.
- Attracting Younger Generations
Since Gen Z and Millennials are less likely to use credit unions, these institutions should focus on mobile-first advertising, influencer partnerships, and TikTok campaigns to engage younger audiences.
What’s Next for Bank & Credit Union Advertising?
The future of financial advertising is evolving. Here’s what’s on the horizon:
- AI and Machine Learning: Predictive analytics will help financial institutions create hyper-personalized ads.
- Voice Search Optimization: More consumers use Alexa and Siri for banking queries.
- Augmented Reality (AR) Ads: Virtual branch experiences and interactive financial education tools will become more common.
- Sustainability & Ethical Banking: Younger generations prefer brands that align with their values, making it essential for banks to highlight eco-friendly initiatives and ethical banking practices.
Final Thoughts
Advertising for banks and credit unions is changing, but with the right strategies, financial institutions can attract and retain loyal customers.
By leveraging Social Mirror, OTT, Meta, and Mobile Advertising, banks and credit unions can effectively connect with their target audiences. Add in strong messaging, personalized content, and community engagement, and you have a recipe for success.
GLOSSARY OF KEY TERMS:
Asset
An asset in banking refers to any resource owned by the bank that can be converted into cash. This includes loans, securities, and physical properties.
Core Deposits
The portion of a bank’s total deposits that are expected to be stable and remain with the bank over long periods of time.
Non-Interest Income
Income generated by a bank through fees, commissions, and other services not tied directly to interest-bearing products.
Relationship Lending
Making loan decisions based on the strength of the bank’s relationship with the borrower.
Deposit Growth Rate
Measures the percentage change in a bank’s total deposits over a period. Deposit growth reflects a bank’s ability to attract stable, low-cost funding.
Loan To Deposit Ratio
Measures total loans as a percentage of total deposits. This ratio helps banks ensure they have enough deposits to fund loans.
Field of Membership
This is the common bond of the members of a credit union. It could be based on employer, geographic area, school, or church, among others.
Fixed-Rate Loan
A loan where the interest rate doesn’t fluctuate during the fixed rate period of the loan, allowing the borrower to accurately predict their future payments.
Secured Loan
A loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Unsecured Loan
A loan that is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral.
Variable-Rate Loan
A loan where the interest rate can change, based on a benchmark or index rate, like the U.S. prime rate.
Member Penetration Rate
The percentage of potential members in the credit union’s field of membership that have joined. Shows success in attracting members from the eligible community.
