Affiliate Marketing

How Banks can use Affiliate Marketing to Acquire New Customers

Danielle Lauzon

Client Services Director

March 26, 2021

Have you considered affiliate marketing for your finance offers? Affiliate marketing has proven to be one of the most valuable and cost-effective channels for banks and financial institutes attempting to target and convert customers online. By leveraging affiliate partnerships and paying only for approved transactions or conversions, financial brands have more control over their online marketing spending.

If you’re considering testing the affiliate marketing channel for your financial services products, here are some affiliate sites you should consider recruiting into your affiliate program.

Rate Comparison Sites

Finance comparison sites like RateSupermarket and Ratehub attract like-minded, targeted shoppers who search for the best rates for a range of finance products, including mortgage rates, insurance, credit cards and personal banking. The combination of high traffic and a loyal following is a recipe for high performance.

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Coupon & Deal Affiliates

Coupon sites get an estimated 48 million monthly users. Adored by price-savvy consumers looking for a deal, many coupon sites, like RedFlagDeals, promote retail discounts, personal finance, and credit card offers.

Affiliate marketing for bottom-funnel lead gen

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Loyalty Affiliates

Affiliates offering cashback, points, or other types of rewards have a loyal member base and offer exposure to a large audience of consumers. Sites like Frugal Flyer and Great Canadian Rebates use campaign commissions to pay their devoted customer base for using their recommended products. Loyalty sites are a great addition to your affiliate mix, characterized by a strong community and a healthy, active email database.

Content Affiliates

Consumers are becoming more and more “ad-blind”, especially to traditional PPC advertising images. About 200 million internet users have installed ad blockers. As a result, content marketing has grown in popularity because it’s less intrusive. Personal finance blogs like moneyGenius and other niche sites offer articles and ideas that appeal to their audience while including some information about your financial product. Social media and newsletters are also avenues widely used by personal finance bloggers.

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At Fintel Connect, we have also seen vast success when finance brands offer customer rewards tied with a financial service offer. Based on previous campaigns, we know that customer rewards, in the form of a physical or digital reward, significantly increases the overall exposure and number of conversions for the respective provider by over +400%. This strategy works best when introduced during certain times of the year and helps boost brand presence and increase activity.

Fintel Connect offers turn-key marketing solutions for your financial institution with a knowledgeable Affiliate Manager who will partner with you with the right affiliates to suit your suite of finance offers. Reach out for a demo and to learn more.

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