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The Most Promising Digital Marketing Channel for Generating Deposits

Shagun Mehta

Shagun Mehta

PR and Content Specialist
  • Last Updated: January 30, 2024

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When it comes to acquiring and retaining customers, one of the key metrics for success in the financial sector is deposit generation.

In other words, financial brands are keen to see how much customers deposit into their accounts, as that impacts the overall financial well-being of the institution. If your brand is one of them, our team can help you get started. 

The current economic climate is impacting these efforts. However, Inflation and rising interest rates mean that consumers are spending more and depositing less.

In fact, according to the Bureau of Economic Analysis, at the end of 2022, Americans had a personal savings rate of just 2.3%, a near record low.

This is down from the 7.3% of their income people were saving just a year earlier. So, as consumers figure out what they can do to save more, what can financial brands do to increase deposits in their institution? 

One approach for generating deposits that is proving particularly effective is affiliate marketing.

In what follows, we’ll review how affiliate marketing plays an important role in deposit generation and the strategies your financial institution can implement to make the most of your affiliate marketing efforts. 

Benefits of Affiliate Marketing for Deposit Generation

benefits of affiliate marketing

When it comes to increasing your financial brand’s deposit generation, affiliate marketing can provide a number of benefits.

For starters, affiliate marketing is more cost-effective than traditional marketing channels.

Affiliates get direct access to a pre-set audience of potential customers, giving you a direct avenue to interested individuals when you want to share a new promotion or campaign.

Plus, since affiliate marketing is a performance based model, you can keep costs down as you only have to pay for approved transactions or conversions, which lowers the overall cost per acquisition.

Financial brands can also establish a diverse and expansive affiliate network, creating access to a variety of niche audiences.

For example,
they could partner with a finance-related blog that caters to small- and medium-sized businesses, while also partnering with financial influencers that speak directly to Gen Zs.

This approach not only increases trust in your brand, it also opens the door to deposit generation in a variety of customer audiences.

Identifying the Right Affiliate Partners

The first step in ensuring that you can make the most of your affiliate marketing efforts is to find the right partners.

This can be done by adopting the following tactics:

– Defining the target audience for deposit generation

Create a profile that describes the customers that make the most deposits at your institution.

How often are they making deposits? What other financial products are they signed up for? How do they access their accounts? What are their demographic markers?

These are all data points that can help inform which audiences you want to reach, and the affiliates that serve them.

– Establishing a set of criteria for selecting affiliates

Beyond the target audiences you may want to engage, you should also have an additional list of criteria that define the ideal partners for your financial institution.

For instance, this could include the topic areas the affiliate specializes in, their reputation, and their success metrics.

Fintel Connect makes this easier through its Fintel Performance solution, an exclusive network of affiliates and influencers tailored specifically for the financial industry, with access to partners like NerdWallet, Bankrate, and GoBankingRates.

Reviewing your potential affiliate marketing partners in this way can help ensure that you connect your efforts to your deposit generation goals.

Setting Up a Successful Affiliate Program

Affiliate marketing has an important role to play when it comes to deposit generation.

To make it as effective as possible, it’s worth investing in an affiliate marketing platform that does a lot of the work for you.

With Fintel Performance, for example, financial brands get access to over 5000 financial publishers and affiliates.

Users can easily choose potential partnerships, set the contract terms, share and review materials, and track the progress of any campaigns. 

Our reporting dashboard also makes it easy to evaluate the performance of any affiliate marketing efforts across multiple financial products, and optimize your efforts accordingly when it comes to deposit generation.

This further makes affiliate marketing a cost-effective methodology for increasing deposits across the board.

 

At Fintel Connect, we’ve built affiliate partnerships with over 5000 financial publishers, including GoBankingRates, Bankrate, Nerdwallet, and PYMNTS. Speak to one of our specialists and learn more about how Fintel Connect can help you build relationships with these brands.

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