Why Playing It Safe in Financial Services Marketing Is Riskier Than You Think
Smaller banking institutions are finding it harder and harder to differentiate themselves in a crowded and noisy financial marketplace. Here's how one marketing leader helps his credit union win customers by focusing on three C's: Community, connection and creativity.
By Kevin Farley, Vice President of Experience and Engagement United Heritage Credit Union
In financial services, it’s easy to fall into the pattern of relying on the same old marketing methods. But in a highly commoditized industry, simply putting out a competitive rate and hoping for a response isn’t enough.
If you want to stand out and attract new contacts, you need to break out of the mold, push boundaries, and think outside the box. Traditional strategies can grow stale, and today’s consumers demand more… something unique, something that resonates with them personally.
Here are three key takeaways on how to break free from traditional thinking and inject innovation into your financial services marketing strategy:
1. Don’t Just Sell Rates, Sell Experiences
Relying solely on promoting low loan or high savings rates is no longer as effective due to market conditions. Rates change constantly and when competitors offer similar deals, how do you stand out? The key is to go beyond rates and focus on the experience and value your brand offers.
As Harvard Business School marketing professor Theodore Levitt famously said, "People don’t want to buy a quarter-inch drill. They want a quarter-inch hole." In financial services, people aren’t just looking for a good rate. They’re looking for security, convenience and personalized solutions that make their financial lives easier.
Don’t just advertise a mortgage rate. Show how you help someone achieve the feeling of not only acquiring their dream home but what it means to your target market. Why is it their dream home and how do you convey that truly emotional connection? Or, highlight how your mobile app frees up time for more meaningful experiences, such as having time to make it to your child’s soccer game, a visit to grandma’s house or so many more things that we all tend to push out in our ever increasingly busy lives.
2. Stand Out Through Community Connection
Having more products or launching new offerings to cater to everyone doesn’t necessarily mean success. In fact, trying to appeal to everyone often dilutes your message and makes you invisible to your target audience.
Seth Godin said it best: "Don’t try to make a product for everybody, because that is a product for nobody." This also applies to your product offerings. Having a scattered mix of products that don’t align with your target audience or your organization’s strategic goals dilutes your focus and wastes valuable resources.
Offering products that don’t drive significant results not only burdens your marketing team but also diverts energy away from initiatives that could generate greater impact. Focusing on the right products allows your organization to better serve contacts and achieve meaningful growth.
At United Heritage, our "Buy a House, Get a Puppy!" campaign not only provided a unique angle on mortgage loans, but we also upped the game by giving each campaign a boost midway through the marketing campaign run. Initially, we donated $300 to Austin Pets Alive! for every funded home, and now we’re adding a $300 gift to the homebuyer as well. But we aren’t stopping there.
We’re continuously expanding our community involvement, working closely with the charities we support, and telling the story of the good we do. These donations focus on charities hyper-focused on our communities, and we’re also sharing the positive impact our employees make through their own activities. By building deeper community ties and creating experiences that resonate with specific segments of our audience, we not only stand out but create lasting connections.
Learn more:
- Why Old Marketing Models Will Fail in 2025 — And What to Do Instead
- The 8 Biggest Emerging Trends According to Women CMOs in Fintech
- Every Brand a Bank: Why Starbucks and Walmart are Your Real Competition
3. Capture Attention with Creativity and Engagement
In today’s crowded financial services market, creativity is your differentiator. If your marketing looks and sounds like everyone else’s, you’ll blend in. Creative campaigns that surprise and engage the public can set you apart from the competition.
We’re always looking to innovate our approach which is done not just through advertising, but through the experiences we offer at events and sponsorships. At United Heritage, we’re not just present at community events; we’re providing a holistic experience across multiple touchpoints. This includes social media-driven scavenger hunts tied to an event, in-person engagement by our guerilla marketing teams, interactive in-event activities and even post-event geo-farming to continue the conversation. This approach captures attention in the moment and creates lasting engagement beyond the event itself.
4. Leverage Analytics for Smarter Marketing Investments
In today’s data-driven world, relying on gut instinct alone isn’t enough. To truly optimize your marketing efforts, you must be able to measure, attribute, and model your media spend.
With improved, shared, and socialized analytics across your organization, you can ensure your investments are driving results in the right areas. This allows you to make informed decisions, redirect resources to high-performing initiatives, and focus on products that align with your organizational goals.
Think Small to Win Big
In a financial world that’s crowded and competitive, offering more products or relying on your rates alone won’t get you far. The key to success lies in providing real value, building strong community connections, and pushing creative boundaries. When you try to be everything to everyone, you risk being nothing to anyone. Instead, stand for something specific, focus on delivering unique experiences, and watch your audience respond.
Marketing is about breaking free from the herd and standing out in ways that matter. Breaking out of the mold and thinking outside the box is what will drive your institution’s success in a constantly evolving financial landscape.
