The strategy: In Cornerstone Advisors’ and Fintel Connect’s recent report “The Marketing ROI Gap in Banking,” financial providers noted their underutilization of affiliate marketing—even though it delivers significant value. Though not yet mainstream among financial providers, those that leverage this tactic may beat competitors to target customers.

By the numbers: While affiliate and partner marketing delivers strong ROI and lead quality, most banks still fail to prioritize it. 

• Only 32% of institutions actively invest in it.
• 13% cited it as one of two channels delivering the strongest ROI.
• 21% said it is the most underleveraged channel in their organization—the highest percentage of any tactic.
• On customer/lead quality, it scored 3.34 on a 5-point scale, No. 2 overall, behind branch/in-person at 3.40. (By comparison, paid search scored 2.65 on customer/lead quality, even though it gets much more budget attention.)

And we agree: EMARKETER’s “FAQ on affiliate marketing” suggests it is one of the most cost-accoutable forms of digital marketing, as advertisers generally pay affiliates for measurable outcomes. 

Yet 43.2% of marketers don’t incorporate such marketing into planning until after budgets are set. And many fold it into broader performance buckets/measurement gaps that mirror the attribution and budgeting issues seen in banking.

This suggests affiliate marketing’s biggest challenge is positioning it in the marketing mix. While already a large and growing channel with proven ability to drive transactions, weak measurement frameworks, legacy budgeting practices, and operational complexity continue to limit investment.

Recommendations for banks: Most financial institutions (FIs) should at least consider affiliate marketing. We’ve made this recommendation before, and the data keeps reinforcing it. FIs that haven’t yet invested in this strategy should:

• Prioritize the right partners. Focus on affiliates with credible content and audiences that align with target customers—not just reach, but relevance and trust.
• Enable rather than control. Give partners clear guidelines, tools, and transparency into KPIs, but allow flexibility in how they communicate to maintain authenticity and performance.
• Align incentives to outcomes. Set competitive, performance-based payouts (e.g., Cost Per Action) that motivate partners while ensuring efficient customer acquisition.
• Measure and optimize continuously. Track performance closely, test partner strategies, and refine based on what drives high-quality accounts—not just volume.

For a deeper dive into this strategy, read EMARKETER’s article, “Some financial institutions underutilize affiliate marketing tactics” next.

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