Connected Television Ads Means Money in the Bank—for Banks

The popularity of connected television (or CTV) continues to rise.  Many industries have seen positive results from marketing via CTV—and this includes finance. Thanks to customized streaming video ads, banks, credit unions, and other types of financial institutions have new and stronger chances to make their names, products, and services noticed in what may be called “CTV land.” Find out how.

Financial institutions are trying to keep up with the times

As with any other industry—from stores and businesses to healthcare centers—a financial institution relies on its customers in order to operate. And banks. credit unions, and other financially-related enterprises continue to step up their games in order to accommodate how some customers might prefer to make their transactions. Consider, for example, how artificial intelligence (AI) was applied in banking. Especially popular during the height of the COVID-19 pandemic, the marriage of banking and AI has remained strong for some customers who like the ease and efficiency of this option. And how can AI banking be promoted? Maybe through CTV.

About CTV, and how it works

A CTV setup can be either a smart TV that is connected to the Internet or by having what is known as an over-the-top (OTT) device that is directly plugged into a television. And over time, marketers have increasingly sat up and noticed the benefits provided by CTV, one of which includes being a venue where first-party data—very relevant in today’s changing ad targeting landscape—is literally on display.

Customization of ad content

Remember, the ads shown on CTV are customized to the varied tastes and preferences of different audiences. This means that particular marketing content may be of interest to a specialized audience. So, it may be said that CTV is an invention that truly connects brands to prospective customers. As evidence of its popularity, Craig Guillot, writing for The Financial Brand, notes that CTV is projected to grow 39 percent by the end of this year. Where brands are concerned, it’s all about the precision in targeting. And among these brands are financial institutions.

Financial institutions are switching over to CTV

The DNA of customized ads that appear on CTV includes location data, hobbies and interests, purchasing behaviors—and age ranges—of different audiences. Ross Benes, who is eMarketer Senior Analyst at Insider Intelligence, illustrated this example in The Financial Brand article:

Suppose a bank has a hot new feature—like mobile investing—that’s appears in a commercial on a traditional television set. A member of the Baby Boomer-aged audience will likely not have the same interest in this feature as someone from Generation Z might.

Through CTV, financial institutions have the power to curate which ads are matched to—and seen and appreciated—by the right audiences. So, the Generation Z viewer sees something he or she likes in what a bank has to offer, while the Baby Boomer views a different product that is more relevant. As proof of their effectiveness, the pre-roll ads that appear on CTV have a completion rate of 70 percent.

If you are a financial professional and are looking for new ways to get your bank or credit union noticed by new audiences, consider transacting with EGC. We have the expertise that will help you earn new customers—and new accounts—to grow your financial institution’s future foundation. And if you are thinking video, read about The EGC Content Studio, where your bank or credit union will receive new and vibrant life.

Need further proof? Please check out the award-winning videos we created for Jovia Credit Union, which are very informative—as well as very entertaining!

Jovia’s Financial Literary Series, Part I

Jo from Jovia.Featured

Jovia’s Financial Literary Series, Part II

Jo and Joseph.Jovia.Featured

Contact us today to learn more about how to get money in the bank for your financial institution.