The findings: Rivel Banking Research recently found that smaller banks and credit unions are attracting new customers at a higher rate than large banks despite more limited budgets, per The Financial Brand.
The strategy: The research firm studied financial institutions (FIs) in Massachusetts and found that “local branding and targeted messaging overcomes limited budgets,” per The Financial Brand. The study revealed that three smaller FIs—kept anonymous in the research—stood out for their strong brand awareness.
- These FIs deeply embedded themselves in their communities through sponsorships, events, and partnerships, becoming synonymous with trust and local engagement. This level of strategic partnership is reminiscent of the tactics used by Community Federal Credit Union.
- They also focused on personalized service, which their customers valued more than the scale and convenience of national banks. This trust and relationship-building boosted consideration rates.
- And they leveraged strong local branding and highly targeted messaging to maximize impact.
Our take: These findings highlight the key differentiators that make smaller FIs attractive to potential customers. This helps these FIs know where to focus when developing marketing campaigns—and also helps bigger banks better understand their competitors’ advantages.
Next steps: To explore budget-friendly marketing strategies, read “How to make finfluencer partnerships work with a smaller marketing budget” next.