When First Savings Bank wanted to go beyond “good enough” with their marketing efforts, they turned to us. Known for offering stellar personal and business accounts, they needed a boost to differentiate themselves in a crowded market.
Our goal? To help them open 463 new accounts and achieve a 20% lift in customer acquisition. Spoiler alert: we did that – and so much more.
the challenge: standing out in a saturated market.
First Savings Bank had been doing well, but that wasn’t enough for their standards. In a financial world where competition is fierce, they struggled to make their brand stand out. Their existing marketing was solid but lacked the punch needed to reach the next level of growth.
That’s where we stepped in.
We saw an opportunity to elevate their strategy with bold, high-performance ads that would resonate with their target audience. We carefully considered their customers’ geographic locations, buying patterns, and lifecycle stage to craft a strategy that would grab attention and convert leads into customers.
the big dream: building a marketing funnel that crushes it.
First Savings Bank had clear goals: open 463 new accounts and achieve a 20% increase in customer acquisition. But we didn’t just want to meet those goals; we aimed to exceed them.
the strategy: focusing on what makes first savings bank special.
To kick things off, we honed in on First Savings Bank’s unique products, including Kasasa Cash Back, Kasasa Cash, and Kasasa Eats. Keep in mind, these weren’t your run-of-the-mill banking products – they were different, and we knew that was our ticket to success.
We opted for an omni-channel marketing strategy, casting a wide net to capture more leads across multiple platforms, from Google Search to Facebook, Instagram, and programmatic digital display platforms. Our ads were tailored to speak the language of First Savings Bank’s ideal customers and highlight what set the bank apart.
phase one: research, research, research.
Before launching, we dove deep into research. We explored the target audience, analyzed the competition, and fine-tuned the messaging to ensure it hit home. The goal was simple: make sure every word and image spoke directly to the people who’d care the most about First Savings Bank’s offerings.
phase two: launching across multiple channels.
With our research in hand, we rolled out campaigns across Google Search, Instagram, Facebook, and programmatic display ads. The results? They far surpassed the goals.
And those account numbers? We exceeded the original goal of 463 new accounts, closing with 638 new accounts by April 1st, 2024. That’s a 27.5% lift in customer acquisition, well above the projected 20%.
The high click-through rates (CTR) on paid search campaigns showed us that our ads were not only seen but genuinely resonated with the audience. And when you combine that with strong engagement across social platforms like Facebook and Instagram, it’s clear the strategy worked.
why it worked.
By zeroing in on First Savings Bank’s strengths, we were able to create ads that didn’t just attract attention but actually convinced people to open accounts. Kasasa Cash Back, Kasasa Cash, and Kasasa Eats are unique products, and by showcasing them in a way that felt personal and relatable, we helped drive real results.
to wrap things up.
At the end of the day, our partnership with First Savings Bank was a major success. Not only did we help them hit their goals, but we also positioned them for continued growth in a tough market. By leveraging their unique product offerings and engaging the right audience at the right time, we helped them exceed expectations and stand out from the competition.
First Savings Bank is a leading financial institution offering personal accounts, business accounts, and top-notch solutions for people who care about their money. While their marketing machine was getting the job done, they wanted to do more than just “okay.” That’s where we came in.
They hired Threshold with the goal of opening 463 new accounts and achieving a 20% lift in customer acquisition. Starting in May 2023, we launched targeted campaigns across Google Search, Facebook, Instagram, and programmatic digital display platforms for First Savings Bank. The campaigns leveraged the unique selling points of First Savings Bank’s products, including Kasasa Cash Back, Kasasa Cash, and Kasasa Eats accounts.
The campaign yielded impressive digital marketing and account growth results that transcended expectations.
the problem to solve.
Their previous marketing campaign was good but not good enough. First Savings Bank struggled to differentiate itself in a market saturated with competition. Our goal was to use punchy, high-performance ads that spoke directly to their target audience. We took geographic location, buying patterns, and the customer lifecycle into account when engineering their ad strategy.
the dream.
To build an unstoppable marketing funnel that would accelerate growth well ahead of schedule. We aimed to hit their goal of 463 accounts and a 20% increase in customer acquisition, then go a little further.
the strategy.
Our goal was to hone in on First Saving Bank’s unique selling propositions, like Kasasa Cash, and effectively communicate them to the target audience. We opted for an omni-channel marketing strategy to cast a wider net and bring home more leads.
phase one.
We focused on emphasizing the brand’s innovative products like Kasasa Cash Back, Kasasa Cash, and Kasasa Eats to differentiate them in the market. We tailored the messaging to align with the target customer and “speak their language.” Phase one was consumed with research, research, and more research before launching the campaign.
phase two.
Next, we implemented our research across multiple channels, including paid search, Instagram, and Facebook. We used our signature ad strategy to produce results that exceeded the campaign’s goals.
the results.
For First Savings Bank, we did what we do best — create results that go above and against the grain. Here’s how it went down…
The campaign generated significant digital engagement, with high click-through rates, particularly on paid search. This indicates effective targeting and compelling ad content that resonated with the target audience.
First Savings Bank surpassed its account growth goals well ahead of schedule, achieving 638 new accounts by April 1st. The overall lift in performance exceeded projections, demonstrating the effectiveness of the marketing efforts in driving customer interest and conversion.
to wrap things up.
Threshold’s strategic digital marketing campaign effectively drove new account growth and exceeded performance goals, showcasing the bank’s appeal and attracting customers seeking modern banking solutions. By leveraging unique product features and maintaining a focus on customer satisfaction, Threshold helped First Savings Bank be positioned for continued success in the competitive financial market.
Today, we delve into the dynamic world of marketing for financial institutions. With a sharp eye on the trends shaping the industry, we explore how credit unions and banks are navigating the challenges posed by interest rate volatility, regulatory changes, technological innovation, macroeconomic shifts, and cybersecurity risks.
From proactive strategies to maintain competitiveness amidst changing consumer behaviors to practical solutions for optimizing online presence and customer experience, discover how Threshold can help financial institutions thrive in the ever-evolving landscape of 2024.
navigating interest rates
Interest rate volatility continues to be a pressing concern for credit unions and banks alike. With portfolios sensitive to rate fluctuations, retaining deposits amidst inflation worries is a challenge. In 2024, consumers are reallocating assets, emphasizing the need for proactive strategies to maintain competitiveness.
Have we piqued your interest yet?
staying ahead of the competition
Changing interest rate environments drive banks to offer more competitive products and services. This shift may draw customers away from credit unions, highlighting the importance of innovation and differentiation in attracting and retaining clientele. By keeping an ear to the street and maintaining a keen awareness of the needs of the customer, Threshold can help institutions stand out and be the change consumers want to see in the world of banking.
adapting to regulatory changes
The financial landscape evolves alongside regulatory frameworks. Remaining current and adaptable is crucial for credit unions to operate profitably amidst changing regulations, ensuring compliance while driving growth. Regulation maintains the nation.
embracing technological innovation
The financial industry is witnessing a surge in disruptive technologies. From AI asset allocation to FedNow payment rails, embracing innovation is essential for credit unions to stay competitive and meet evolving consumer expectations. Let Threshold help metamorphosize your marketing programs to meet the needs of tomorrow along with today.
navigating macroeconomic challenges
Economic downturns amplify risk for credit unions, necessitating proactive risk management strategies. Adapting to reduced loan demand and increased defaults is crucial for maintaining financial stability in turbulent economic climates. Flexibility is key!
prioritizing cybersecurity
Major data breaches have eroded consumer trust in the finance sector. Credit unions, with typically lower IT budgets, face heightened cybersecurity risks. Investing in robust cybersecurity measures is paramount to safeguarding sensitive data and maintaining consumer confidence. (Financial) health is wealth.
strategies to win
online account opening.
Simplify the account opening process with digital options, catering to the convenience-oriented preferences of modern consumers.
A recent Threshold case study found that the presence of an online account opening option resulted in a 34% greater conversion rate and a $500 savings in cost per acquisition relative to banks and credit unions who do not have this functionality.
conversion optimized website.
Enhance website functionality with intuitive contact forms and clickable phone numbers, facilitating seamless communication with prospective clients. Keep it easy.
one-click phone dialing.
Prioritize human connection with one-click phone dialing options, offering real-time support to customers seeking assistance. We’re all in this together.
streamlined application process.
Minimize friction in the application process, optimizing conversion rates by prioritizing intuitiveness and convenience. The more convenient the application process, the more likely customers are to cross the finish line. Simple.
before you go.
For more tips and information about marketing your everything, take a look at the rest of our blogs, right here on our website!
You can also subscribe to our email newsletter (it’s got some great stuff), and follow us on Instagram, Facebook, or LinkedIn!
about the author.
Rob is a Digital Client Success Manager at Threshold, helping financial institutions achieve their marketing vision through strategic partnership and creative inputs from inception to the finish line.
When not at work, you can find him enjoying the outdoors, exploring new cities, checking out the latest in Austin’s burgeoning food scene, or soaking in some local music or stand up.
The landscape of the banking industry is in a constant state of evolution, especially in the digital sphere. As we delve into 2024, the key to staying ahead lies in understanding
emerging trends and harnessing the expertise of advertisers to effectively market banking products.
Let’s explore some pivotal trends shaping the banking sector and how advertisers can play a key role in communicating these financial offerings.
2024 banking trends: a snapshot.
data-centric strategies.
The effective utilization of data remains paramount for banks and credit unions. Targeted marketing based on customer insights and behaviors is key to driving
engagement and conversions. Advertisers equipped with analytical tools can assist in crafting data-driven campaigns that resonate with specific customer segments.
personalized customer experiences.
Customers expect tailored experiences. Banks are increasingly focusing on personalization to deliver relevant services and offerings. Advertisers can aid in creating
personalized content across various channels, optimizing customer journeys, and enhancing user experiences on digital platforms.
emphasis on digital channels.
The digital shift in banking continues to accelerate. Online banking, mobile apps, and digital payment solutions are becoming the norm. Advertisers well-versed
in digital marketing strategies can help banks capitalize on these platforms, ensuring visibility and engagement through targeted digital campaigns.
rise of fintech collaboration.
Collaboration between traditional financial institutions and FinTech firms is on the rise. Advertisers can assist in showcasing these partnerships, highlighting
innovative solutions and services that emerge from such collaborations, fostering trust and credibility among customers.
the role of advertisers in banking product
promotion.
strategic campaign development.
Advertisers bring expertise in developing strategic marketing campaigns tailored to the banking sector. They can identify the unique selling propositions of
financial products and craft compelling narratives that resonate with the target audience.
utilizing multi-channel marketing.
Effective advertisers understand the importance of a multi-channel approach. They can leverage various platforms – social media, email marketing, search engine
advertising, etc. – to ensure comprehensive coverage and engagement across diverse customer segments.
optimizing user experience.
Advertisers play a crucial role in optimizing the user experience. They can collaborate with banks to design intuitive interfaces, mobile apps, and websites that simplify
banking processes, creating seamless and user-friendly experiences.
adapting to changing trends.
Advertisers constantly monitor industry trends and consumer behavior shifts. Their agility in adapting campaigns to align with evolving trends ensures that banking
products stay relevant and competitive in the market.
looking forward: the collaborative future.
The banking landscape in 2024 presents immense opportunities for growth and innovation. However, to navigate this complex terrain successfully, collaboration
between financial institutions and advertisers is indispensable. By leveraging the expertise of advertisers, banks can effectively communicate the value of their
products and services, driving customer engagement and loyalty.
to sum things up.
As we embrace the dynamic trends in banking, the role of advertisers becomes pivotal in shaping the success of banking product promotion. Their ability to strategize,
innovate, and adapt will be instrumental in propelling the banking industry forward in 2024 and beyond.
about the author.
Jenny is a senior CSM who handles all things financial marketing – literally. When it comes to financial institutions and their marketing campaigns, there isn’t a question she
can’t answer, or a problem she can’t fix. She keeps the ship floating, and makes it look effortless.
When she’s not acting as a guru for our CSM team, you can find her spending time with her kiddos, probably doing something adventurous and amazing.
Rob Sutherland
Ava Page
Jenny Paul