SEM | DATA ANALYTICS
Transforming Digital Strategy for a Leading US Financial Institution
A prominent US-based full-service banking provider, operating across eleven states and boasting a network of 1,000 branches and client group offices, partnered with Acronym to enhance its consumer and business customer base. In the face of evolving industry dynamics, including competition from online Fin-tech providers, strategic media investments were made to elevate the brand's share of voice and drive new account openings.
Established in the 1800s, this US-based national bank and its affiliates have been steadfastly providing consumers, businesses, corporations, and organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. The bank has embraced diversification, expanding into new lines of business such as brokerage services, retail and automotive financial services, as well as mortgage and personal lending.
The financial institution faced the challenge of adapting to a changing landscape, with emerging Fin-tech players disrupting traditional banking norms.
Competitors were actively spending more in search, and Neobanks, in particular, were outspending traditional banks.
They knew they needed to reach new market segments and effectively promote their newer, diversified product offerings, and sought specialized expertise in digital marketing.
The client chose Acronym to partner with them in addressing the competitive pressures in their search marketing efforts. Acronym proposed a deeply segmented approach to strategy and creative testing across paid media tactics. The detailed strategy aimed to address the evolving market dynamics and stay ahead of online Fin-tech competition.
As we embarked on the partnership, the client was also in the midst of a merger and acquisition of a new bank. Acronym rapidly integrated this new line of business need into the strategy, and fulfilled additional campaigns related to the merger and the site migration of the acquired bank into the main corporate brand’s paid search media.
The results were impressive, with account openings surpassing initial investment.
A 50% YOY increase in media investment translated into an astounding 80% growth in new accounts for the bank. Notably, the cost per acquisition saw a 20% reduction compared to the prior year.
The most significant growth was observed in thin markets where Acronym implemented robust radius-level targeting.
Innovative approaches, including testing new audiences and new ad formatting, led to a remarkable 238% account growth for Discovery SEM tactics.