Savings Accounts Customers

Part
01
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Part
01

Target Audience and Creative Examples - Citi

The target customer for Citi's standard savings account is an institution or individual aged above 18 years and with a savings balance of $500 — $10,000. Unfortunately, no creative marketing examples were uncovered, explicitly focusing on Citi's standard savings account — the Access Account package. The only promotional content marketing the Access Account package were website reviews that compared how Citi stacks up against the packages offered by other banks.

CITI STANDARD SAVINGS ACCOUNT TARGET CUSTOMER

Annual Percentage Rate by Savings Amount

  • The minimum balance in a savings account significantly influences the account's APY (annual percentage yield). Higher savings balances attract higher returns compared to low savings balances.
  • As Citi's APY changes with savings balance, accounts with balances above $500,000 get an APY of 0.06% for the basic banking and access account packages, 0.13% for the Citibank Account package, and 0.15% for both the Citi Priority package and Citigold package.
  • Savings account with $100,000 — $499,000 get an APY of 0.06% for the basic banking and access account packages, 0.10% for the Citibank Account package, and 0.12% for both the Citi Priority package and Citigold package.
  • Likewise, savings account with $25,000 — $99,000 get an APY of 0.06% for the basic banking and access account packages, 0.08% for the Citibank Account package, and 0.10% for both the Citi Priority package and Citigold package.
  • Savings account with balances from $10,000 — $24,999 get an APY of 0.04% for the basic banking, access account, and Citibank account packages, while both the Citi Priority package and Citigold package get an APY of 0.06%.
  • For savings less than $10,000, the individual gets an APY of 0.04% across all packages.

CREATIVE EXAMPLES

  • Unfortunately, the research efforts did not uncover any creatives designed to market the account packages. Most creatives by the company focus on general banking products and services, including its global diversity.
  • The creatives explored on YouTube, and iSpot TV lacked specificity towards the types of packages offered. These creatives were either marketing new technology, product, service, or campaigns for causes such as education.
  • The only creative marketing examples uncovered are product-based and not audience focused. These creatives are also in the form of product reviews on websites that compare Citi packages against those of other banks.
  • Further, there were no marketing or promotional material on Citi's savings account page.

RESEARCH STRATEGY

In determining the target audience for Citi's standard savings account and recent examples of creatives used to market and target these consumers, we started by examining Citi's website, in particular, the business products and services section. The site featured rich data on the applicable APY based on savings balance and a few details on eligible individuals. Therefore, the requirements of Citi's standard savings account were examined to establish the ideal target audience for Citi's standard savings account.

Unfortunately, the website and its press releases and blogs did not feature any information regarding the creatives being used for marketing and targeting these consumers. On that note, we opted to explore Citi's social media pages, specifically Facebook, Twitter, and YouTube, where the company has a strong presence. Unluckily, there were no creatives found marketing Citi's standard savings account, following a thorough analysis of the company Twitter, Facebook, and YouTube profiles.

Next, we explored advertising analytics platforms such as iSpot TV, hoping to find recent video posts by Citi on the same, but still, found none. It emerged that most of the commercials on both iSpot TV and YouTube focused on marketing the general products and services of the company. The company's new marketing creatives seem to focus on technologies such as mobile banking applications and products, as opposed to existing products.

Third, we proceeded to search for any marketing campaigns published online that focus on Citi's banking products and services. We searched through reports published by credible digital branding and marketing agencies, along with marketing analytics websites. Still, we found no creatives targeting Citi's standard savings account customers. Only comparative analyses by review websites featured some non-marketing information on Citi's standard savings account. These websites, such as Nerdwallet compared Citi's standard savings account packages against those of other banks based on the APY but lacked information on the target customers.

In closing, recent campaigns by the company indicate that its focus is beyond the existing products and services unless they are new technologies such as mobile banking apps or courses such as education.
Part
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Part
02

Target Audience and Creative Examples - HSBC

The target customer for HSBC's Everyday Savings Account is an individual aged above 18 years and above with an average ledger balance of $500 per month, and prefers to use online and mobile banking. Unluckily, no creatives were found focusing on promoting HSBC's Everyday Savings Account. Only financial institutions review sites such as Mybanktracker and Moneyunder30 featured promotional review content on HSBC Everyday Savings Account.

HSBC EVERYDAY SAVINGS ACCOUNT TARGET CUSTOMER

  • The target customer for HSBC's standard savings account must first meet HSBC's requirements for opening a deposit account online. The individual must be above 18 years, has a social security number, a physical U.S. address, currently resides in the U.S., and has had U.S. residency for the past three years.
  • The HSBC Everyday Savings account is the standard savings account offered by HSBC and is ideal for customers looking for a broad range of products and services that reflect the local requirements.
  • It is accessible to new and existing HSBC customers through mobile and online, an indicator that the Everyday Savings Account is targeting online and mobile banking customers.
  • The savings account requires a minimum average ledger balance of $500 to avoid a monthly charge of $5, makes the saving account ideal for people with low income.
  • MyBankerTracker indicates that HSBC Everyday Savings account is ideal for individuals seeking to make small contributions towards building an emergency fund or saving towards purchasing an item, such as a car.
  • The Everyday Savings account also targets customers who want to automate their savings by setting up automatic transfers for the amount and time preferred, and those wishing to access affordable banking services with avoidable monthly fees.

HSBC Everyday Savings Account Annual Percentage Yield (APY)

  • As of 7/25/2019, the APY and balance for an HSBC Everyday Savings account is 0.01% APY on balances of $1.00 or more.
  • HSBC Everyday Savings account charges can potentially reduce earnings.
  • Unlike other banks where the APY varies with changes to the savings account balance, HSBC seems to offer a single APY that does not vary with an increase or decrease of the savings account balance.

CREATIVE EXAMPLES

  • Research findings did not retrieve any new creatives that market the HSBC Everyday Savings Account to the target customers. The recent campaign posted on the company's YouTube channel was about real estate and home ownership.
  • A thorough search through the company's website press releases and blogs and commercials posted on HSBC YouTube Channel and iSpot TV also did not find any creatives promoting the HSBC Everyday Savings Account.
  • The findings were consistent across HSBC social media platforms, i.e., Facebook, Twitter, and YouTube, which also lacked any creatives dedicated to promoting the HSBC's Everyday Savings Account.
  • Most commercials created by HSBC tended to focus more on the main business segments, such as loans and mortgages, as opposed to the subcategories of the main business segments.
  • Reviews of HSBC banking products did not feature promotional content other than in-depth comparisons of the different banking products it offers.

RESEARCH STRATEGY

Extensive searches through HSBC website, blog, and the press releases section uncovered details regarding HSBC Everyday Savings Account, which is the standard savings account for a customer. The requirements of this savings account, such as a minimum of $500 ledger balance indicated that this account targets low-income individuals as opposed to the affluent. Everyday Savings Account features, such as online and mobile accessibility suggest that the target customer uses HSBC's online and mobile banking services. HSBC website, along with review websites for banks and financial institutions, provided substantial data to help determine the target customer for HSBC's standard savings account.

Attempts to find information regarding creatives HSBC uses to market and target these consumers proved futile as HSBC has not published such info on its website. Moreover, continued searches through external sources with more focus on the company's commercials posted on iSpot TV and its YouTube Channel also returned no meaningful results. Similarly, searches across branding and marketing websites also did not retrieve any information on HSBC's new creatives marketing its standard savings account. The lack of data on HSBC's creatives instigated a search across the company's social media platforms.

Searches on YouTube revealed that most of the commercials published either focus on the company's global business news or campaigns about new products, services, and innovations. Unfortunately, no video ad seemed to focus entirely on a specific product by HSBC, such as the Everyday Savings Account. The marketing content on HSBC Twitter and Facebook platforms was general and not specific to a particular company service or product. For instance, on Facebook, HSBC featured several posts regarding their global efforts and expansion news, which is ideal for its global audience with diverse backgrounds. Final attempts to search through HSBC's social media platforms using the hashtag #EverydaySavingsAccount did not return any marketing or advertising information on the product.

Final search efforts directed towards general advertisements by HSBC published online on leading business publications such as Forbes, Pr Newswire, Market Watch, Business Insights, etc., also returned zero results. Only promotional reviews on sites such as Mybanktracker and Moneyunder30 featured reviews of HSBC savings and other banking products. Overall, it appears that HSBC does not publish creatives for all its products, especially those that fall under a major category, which explains the lack of ads focused on HSBC Everyday Savings Account.
Part
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Part
03

Target Audience and Creative Examples - CIT

CIT targets digitally savvy, middle-income Generation's X, Y, and Z, essentially individuals under the age of 55, who are conscious of banking service fees and can maintain their savings bank accounts. CIT recently launched the "Bank Like You" marketing campaign and a new website.

CIT’s TARGET AUDIENCE

  • CIT savings account customers are not charged a monthly maintenance fee, incoming wire transfer fees, outgoing wire transfer fees in case the daily balance is $25,000 or more, and online transfer fees. The CIT saving bank customer is banking service fee-conscious customer.
  • During CIT's First Quarter 2019 Earnings Conference Call, the company’s Executive Vice President and Chief Financial Officer John Fawcett said that CIT targets Generation X, Y, and Z for its Savings Builder program. In other words, CIT targets individuals who are 55 years or younger and who have the ability to make savings.
  • The company’s website and annual reports do not provide the demographics of CIT‘s target audience in detail. However, some aspects can be deduced from the key offerings, reporting, messaging, and brand identity of the company.
  • On its web page, CIT has illustrative pictorials (of key offerings) of individuals who, judging by the appearance are in their mid-20s and late-30s. This makes Millennials the target customers of CIT.
  • The picture on the homepage is that of a millennial man holding an infant, indicating that CIT targets young US families and young adults who are just getting started with their family lives and settling in their careers.
  • According to CIT's annual report, its major focus is on middle-market consumers.
  • Deloitte describes middle-market consumers as those that are interested in products and services that are neither very cheap nor expensive. Therefore, it can be said that CIT targets middle-income earners who can part with a portion of their income for their savings account.
  • Behaviorally, CIT targets those individuals who are tech-savvy and prefer the convenience of online banking services. Using the CIT mobile app individuals can make transfers and deposits conveniently from wherever they are.

CIT CREATIVES

New Marketing Campaign: “Bank Like You”

  • CIT recognized how its customers and target audience are and designed a marketing campaign to reposition itself in the market, spur confidence among customers and refresh its brand identity in a way that its target audience could identify with.
  • The “Bank Like You” campaign seeks to demonstrate and reinforce CIT’s focus on empowering customers and putting them and their financial goals at the center of the company’s strategic operations and decisions.
  • Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer said that the new positioning focuses on the personal savers who are seeking to expand their banking strategy.
  • "As we embarked on our journey to evolve the CIT brand, we set out to establish a simple and cohesive position that reflected a newly-transformed company and a diverse customer base. Whether a customer comes to us for business financing, commercial lending or personal savings, we want them to know that their goals are our goals. The brand work brings this mission to the forefront" said CIT Chief Marketing and Communications Officer Gina Proia during the launch of the new campaign.
  • Link to the “Bank Like You” campaign can be found here.

New Website

  • Recognizing the need to effectively address personal savers’ and other client’s needs, CIT launched a new website that has integrated a view of its products and solutions for personal savers and other clients seeking CIT as their partner in financial strategy.
  • The messaging on the website is clear and homepage introduces visitors to the benefits attached to the company’s savings account, such as high-interest rates on savings.
  • Link to the new website can be found here.

RESEARCH STRATEGY

We browsed through CIT's website, press releases, annual reports, executives briefings, and third party information to determine the target audience of CIT's standard savings account and recent examples of creatives used to market and target these consumers. We also made use of third-party media outlets like PRNewswire and reports from professional services network companies like Deloitte. Though we found little information documented on the demographics of CIT's target audience, we were able to deduce the same based on information in its website design, pictorials, brand identity messaging and comments of its executives. Our findings are as presented herein.
Part
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Part
04

Target Audience and Creative Examples - Synchrony

The demographics of Synchrony Bank customers were triangulated as the information was not found precompiled. The typical Synchrony savings bank account customer is an unmarried, middle-income Millennial with a bachelor's degree or higher.

DEMOGRAPHICS

  • Synchrony's saving bank account target audience is the middle-income millennial.
  • While there is nothing that definitively indicates the marital status, the latest advertisement and models used In the company website give an impression that the target audience is single.
  • The target customer has a college degree or higher.
  • There is nothing to suggest that the bank is targeting a particular gender.

CREATIVES

  • A 2019 TV commercial: "Captain Marvel: Taking Flight". The commercial shows a female US fighter pilot training hard and saving money in her Synchrony Savings Bank account to realize her dream of buying a house.
  • Banner ads by Synchrony Bank. The banner ads communicate to the target audience that Synchrony saving bank account offers high yields or that it offers yields that other banks cannot match.

RESEARCH STRATEGY

In order to fulfill this request, we looked through Synchrony's website and annual report; banking industry portals such as Banking.com, American Banker, ABA Banking Journal, Go Banking Rates, and Digital Center; and media sources such as Forbes, CNBC, and PRNewsWire; however, none of these sources provided any information specific to Synchrony Bank saving account customer demographics. The absence of information may be attributed to the fact that the saving bank account is one of many products offered by Synchrony and it does not feature among the top online-only banks in the US. Given this limitation, we triangulated the demographics using insights we gathered across sources.

Synchrony is an online-only bank that offers high yield savings account with no minimum balance requirement. A study by Digital Center found that 63% of those aged 25-34, 52% of 35 to 44-year olds and 18-24-year olds, and 18% of 65+ individuals are likely to use an online-only bank. The study found that the likelihood of using an online-only bank decreases with age. Ally Bank, which is the number one online-only bank in America is considered as the "Best Bank for Millennials"; similar to Synchrony, it offers high interest rates on deposits and does not require a minimum balance.

A Kasasa survey found that 8 out of 10 millennials would be willing to switch banks for a higher interest rate and low transaction fees. The Synchrony Bank website draws comparison between the savings from Synchrony bank and other banks: $5,000 with Synchrony banks returns $5,108 after a year, while the average for banks in the US is $5,014, with top banks like US Bank, Chase, and Bank of America returning even lesser than the national average. The latest Synchrony savings bank account advertisement shows a female US air force independently fighting to save and buy a house. As is apparent, the advertisement is conceptualized on the insights that Millennials are burdened with huge student loan debts (although not explicitly suggested) and fighting to save every last penny. Based on the advertisement and other supporting findings, the target audience can be described as the unmarried millennial. The picture used on Synchrony's website also indicates that the target audience is the young Millennial. Also, there is no Synchrony savings bank account-advertisement we found that showed a couple or a child.

The median income of a millennial woman working full-time was $39,000 in 2017. A fighter pilot in the US starts as 2nd Lieutenant ($37,292-$46,922 pay) and typically becomes a Major by the age of 33 ($65,466-$94,432 pay). A salary of $26,000 to $78,000 is defined as middle income for a single individual. Broadly, we can say that Synchrony targets middle-income individuals. A bachelor's degree is required to become a fighter pilot. Also, the website shows a picture of a young adult on a laptop. Both suggest that the target audience probably holds a bachelor's degree or higher than most white-collar jobs require a bachelor's degree.
The primary message in the banner ads used by Synchrony for its savings bank account is that they offer higher yield savings and other banks do not have comparable rates. We infer that the messaging targets millennials as they differ in their banking preferences and want "a little extra bang for the buck". Therefore, the banner ads indirectly suggest that they are targeting millennials.
Part
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Part
05

Target Audience and Creative Examples - Citizen's Access

The target audience for Citizens Access for standard savings account customers are people between 35 and 64 years old and have a household income of over $250,000. In addition, the bank targets digitally-savvy savers through the use of big data. An exhaustive look at the research findings follows below.

TARGET AUDIENCE DEMOGRAPHICS

CREATIVE MARKETING

  • Citizens Access primarily focuses on creative online marketing strategies to reach its web savvy target audience. Below are examples of the bank’s creative marketing strategies, which suggest that it mainly targets optimizers since they are tech savvy and have disposable income.

1. SEARCH ENGINES AND REVIEW SITES

  • Citizens Access utilizes scalable online marketing as opposed to traditional marketing methods by using search engines and review sites. It strives to position itself in review sites where optimizers are looking for banking options.
  • Examples of review sites that Citizens Access can be found include MagnifyMoney, Bankrate, and SmartAsset.

2. CONTENT MARKETING PLATFORMS

  • Citizen Access and Forbes BrandVoice created a content-driven program, which offered useful insights to its audience.
  • The five-part series called “Money Myths: Debunked” was published on Forbes BrandVoice, a paid content marketing program.
  • The first installment of the series proved to be effective and gained more than 128,000 page views in 90 days.
  • To create the campaign, 1,087 banking customers in the US were surveyed by Forbes Insight to explore the behavior and preferences of consumer.s
  • The campaign was named the 2019 Internet Advertising Competition Award winner by the Web Marketing Association.

3. SOCIAL MEDIA

  • Citizens Access has a small presence on Facebook, YouTube and Twitter. It has 52 followers on Facebook and 56 on Twitter. The bank does not have an Instagram page.
  • The company published a graphic video on its YouTube page on 9 July 2018, which gained 1,500 views.
  • FIS Global, a financial services technology provider, published sponsored content on Citizens Access on its YouTube page on 13 May 2019. The video has only gained 75 views.

RESEARCH STRATEGY

To find the requested information, we looked through media platforms, company resources, and industry sites, such as Forbes, Citizens Bank, and International Banker. Using these sources, we gained insights about the creative marketing strategies and target audience of Citizens Access.
Part
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Part
06

Target Audience and Creative Examples - Marcus Goldman Sachs

Marcus Goldman Sachs has as their target audience adults who are low income earners. Recently they have sing along in their advertisements. One such example can be watched here. Another creative way that the company advertised their product was using street interview. This can be viewed here.

TARGET AUDIENCE

ADS WITH STREET INTERVIEWS

PARODY ADS WITH SING-ALONGS

RESEARCH STRATEGY

To conduct our research to find the target audience of Marcus Goldman Sachs for a standard savings account, we visited business websites, expert blog sites, and media websites. We used these same strategies to find the creative practices employed by Marcus to appeal to their target market. We further visited the social media pages of Marcus Goldman Sachs in an attempt to verify some of these creative tactics. We visited business websites such as Business Insider, CNN Business, and The Balance, gaining an idea of who the Marcus Goldman savings accounts were geared towards.
Expert blog and media websites such as NerdWallet, and Tearsheet gave reviews of the company as well as an idea of the type of audience Marcus caters to. The final blog, Deal Breaker, gave an analysis of some recent ad campaigns of Marcus Goldman Sachs.
Social media web pages such as YouTube, and Facebook gave us physical examples of some ad campaigns going around for the brand. When going through these it was noticed that they catered to the idea of “normal” adults. A theory that we came across when researching Marcus Goldman Sachs’ target market. We also noticed that this banking group was highly interested in persons uneducated in banking processes, seeking to educate them as well. As such the bank marketed itself towards persons who find banking difficult and tedious. These ads were chosen because they had a unique element to that. This means that they included in the ad something that has never been used or is rare in advertisements or marketing.

Part
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Part
07

Target Audience and Creative Examples - American Express

The target audience for American Express for a standard savings account are the affluent members of the millennial and GenX community. Two recent creative marketing strategies to target these consumers are AmEx's “Powerful Backing: Don’t Do Business / Don’t Live Life Without It” and "Pay It Plan It" program.

AmEx Savings Account Demographics

Creative Marketing Examples

  • AmEx's most prominent marketing campaign, called “Powerful Backing: Don’t Do Business / Don’t Live Life Without It”, targets consumers that seek for a work-life balance with a primary focus of creating a positive impact on a consumers' life through ideal spending.
  • AmEx's advertisements tend to focus on family living, business travelers, and developing businesses.
  • The second AmEx marketing campaign is focused on targeting millennials, called "Pay It Plan It", a purchasing/payment program aimed at simplicity.
  • The goal of this marketing campaign is to further reach their millennial demographic, through millennial-oriented news corporations like Buzzfeed and Vox.
  • These companies are highlighted since they have the ability to convey multiple facets of media advertising, appealing to millennials.


Research Strategy:

After exhaustive research through industry reports, company marketing releases, and news reports, the specific demographics and creative marketing strategies for savings account customers of American Express is unavailable. It is highly likely that AmEx is refraining to publish their demographic data of savings account customers due to competitive advantages, or simply because it is not a major segment of their business. Moreover, it is also likely that most AmEx savings account customers will be in the same demographic as their credit card users since AmEx relies highly on brand loyalty and customer satisfaction/retention.

Based on the demographics of the general AmEx customer; we discovered that AmEx has primarily focused on affluent millennials and Generation X. Since no reports published direct demographic information for AmEx's customers, we decided to triangulate this result by searching for the demographics of the affluent consumer in the United States.

AmEx's creative marketing campaigns/strategies were relatively easy to find. We found that AmEx has incorporated two main schemes/programs that appeal to their targeted demographic.
Part
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Part
08

Target Audience and Creative Examples - Sallie Mae

Sallie Mae Bank primarily caters to low-income earners, college students and young parents who wish to save for their children’s future education. The "Unstoppable" ad and the "Real Students" ad are two recent examples of creatives being used by Sallie Mae to market and target these consumers.

TARGET AUDIENCE

  • Sallie Mae Bank's target audience comprise primarily of college students and young parents who are looking to save up for their children's future. The bank’s main mission is to “help families save, plan, and pay for college” thereby encouraging private students and families to borrow responsibly towards a college education.
  • The target audience for Sallie Mae Bank is low-income earners. This is evident from the fact that the total daily deposit of the savings account is limited to $5,000, and on a monthly basis, the bank limits its customers to make e-deposits up to $20,000.
  • The bank’s saving plans, particularly SmartyPig Account, serves individuals who do not have enough savings to qualify for education.
  • Sallie Mae Bank has four types of savings accounts including Money Market Account, SmartPig account, Certificates of Deposit, and High-Yield Savings Account. These plans were developed to help individuals save for both, short-term and long-term goals, with better returns.
  • The key features of the bank's online savings account are no minimum fee balance, remote check deposit, possible access through a mobile banking app, and a competitive APY on savings. The bank's reasonable fees, as well as the 'low insufficient funds' fee of $19, are meant to be affordable to students (low-income) and middle-income earners.
  • Sallie Mae online bank deposit accounts do not have monthly service fees. One can order up to 25 checks for the Money Market Account at a cost of only $5, which is low compared to other banks in order to meet the needs of the low-income earners.
  • On the company’s Twitter page, Sallie Mae focuses most of its videos and adverts on the benefits of accessing loans. College students are encouraged to take loans from the bank while young families are encouraged to start early savings.


EXAMPLES OF CREATIVES

#1: THE SALLIE MAE ‘UNSTOPPABLE’ AD

  • Sallie Mae has been utilizing its ‘unstoppable’ advertisement to encourage college students to take loans for their education. In the advertisement, the bank ‘sympathizes’ with learners, allowing them to learn without any hassles.
  • Further, the bank advocates for the benefits of its loans including competitive interest rates, no origination fees, and multiple repayment options.

#2: THE SALLIE MAE ‘REAL STUDENTS’ AD

  • In the ‘Real Students’ advertisement, Sallie Mae Bank features students who are eligible loan applicants. Damian L. and Kylie are among the students who have been featured in the ad, stating their future dreams of becoming a lawyer and an elementary teacher, respectively.
  • The ad focuses on the struggles of 'normal' students who are dealing with a lack of financial capability amidst the fact that they wish to achieve their dreams.

RESEARCH STRATEGY

To conduct our research to find the target audience of Sallie Mae for a standard savings account, we began our search by looking into the bank’s official website, expert blog sites, and media websites such as Forbes. From the company's 'About Us' page, Salli Mae outlines its main mission as a banking service, which is primarily to promote college education by enabling students to get loans and parents to save for their children's future education. From this page, we were able to determine the target audience of the bank. We also reviewed the four saving accounts and found that several features support students and low-income parents.

We then identified the creative practices employed by Sallie Mae to appeal to their target market by looking into industry-specific websites such as iSpot.TV. We further visited the social media pages of Sallie Mae in an attempt to verify some of these creative tactics. Expert blog and media websites such as NerdWallet, and Tearsheet gave reviews of the bank as well as an idea of the type of audience Sallie Mae targets. The bank’s social media web pages such as YouTube and Twitter gave us physical examples of some ad campaigns for the brand. It was noticed that they catered to students majorly as well as young families who dream of educating their children in the future. From iSpot TV, we were able to identify two ads of the bank that had unique elements towards addressing the target market.

Part
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Part
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Target Audience and Creative Examples - Discover

Discover caters to low income US citizens mainly of the millennial and Gen Z generations. Unfortunately, no creative marketing examples were uncovered, directly focusing on Discover's standard savings account. The only promotional content marketing their website were reviews that compared how Discover stacks up against the packages offered by other banks.

TARGET MARKET

  • Discover caters to low income earners which is evident as it has no minimum opening balance or monthly charges.
  • When addressing the reason they scrapped off monthly fees, an executive at Discover reveals that, “Fees erode trust and create a very negative emotion, and millennials and Gen Z customers in particular don’t like ‘gotchas’ or fees buried in the fine print.”
  • This statement reveals that they are targeting the younger generation who are probably in campus or just joining the workforce. Therefore, they do not have access to much money thus the reason they are encouraging them to save by offering high interest rates, scrapping off minimum opening balances and monthly charges.
  • Discover's target market values convenience and is tech-savvy as it is an online bank. All its procedures from account opening, to withdrawal and transfer of funds happens online on its website or app.

CREATIVE EXAMPLES

  • Research findings did not retrieve any new creatives that market the Discover standard savings account to the target customers. The recent campaign posted on the company's YouTube channel was about their miles product and their 'no fee' structure.
  • A thorough search through the company's website press releases and blogs and commercials posted on Discover's YouTube Channel and iSpot TV also did not find any creatives promoting the Discover savings account.
  • The findings were consistent across Discover's social media platforms, i.e., Facebook, Twitter, and YouTube, which also lacked any creatives dedicated to promoting Discover's savings account.
  • Most commercials created by Discover tended to focus more on the main business segments, such as loans as opposed to the subcategories of the main business segments.
  •  Reviews of Discover's banking products did not feature promotional content other than in-depth comparisons of the different banking products it offers.

RESEARCH STRATEGY

Extensive searches through the Discover website, blog, and the press releases section uncovered details regarding their Savings Account, which is the standard savings account. The requirements of this savings account, such as no minimum ledger balance indicated that this account targets low-income individuals as opposed to the affluent. Account features, such as online and mobile accessibility suggest that the target customer uses Discover's online and mobile banking services. The Discover website, along with review websites for banks and financial institutions, provided substantial data to help determine the target customer for Discover's standard savings account.
Attempts to find information regarding creatives Discover uses to market and target these consumers proved futile as Discover has not published such information on its website. A more in depth search through external sources with more focus on the company's commercials posted on iSpot TV and its YouTube Channel also returned no meaningful results. Similarly, searches across branding and marketing websites also did not retrieve any information on Discover marketing its standard savings account. The lack of data on Discover's creatives instigated a search across the company's social media platforms.
Searches on YouTube revealed that most of the commercials published either focus on the company's unique features or campaigns about new products. Unfortunately, no video ad seemed to focus entirely on Discover's Savings Account. The marketing content on Discover's Twitter and Facebook platforms was general and not specific to a particular company service or product.
Final search efforts directed towards general advertisements by Discover published online on leading business publications such as Forbes, Pr Newswire, Market Watch, and Business Insights, also proved futile. We only found an interview with a Discover executive on CNBC expounding on why they scrapped fees. Overall, it appears that Discover does not publish creatives for its savings products, which explains the lack of ads focused on its savings account.
Part
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Part
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Target Audience and Creative Examples - Barclays

Barclays target audience for Barclays for a standard savings account are customers belonging to the Gen Z generation as well as other young millenials by understanding their particular behaviors, priorities and values. The financial corporation mainly targets its young audience either on its comprehensive online portal, Barclays Live or and through the Barclays Live App. Barclays focuses on collective success that will help future generations.

TARGET AUDIENCE AND CREATIVE EXAMPLES OF BARCLAYS

DEMOGRAPHICS:

AGE

INCOME

  • Barclays Bank's online savings account is equally designed for all pay scales with their no monthly maintenance fees, no minimum balance to open, and online tools to help account holder save money.
  • The online savings account is an internet-only bank solution and provides 2.20% APY for all balances.

GOAL

  • The bank targets anyone with the savings goal to save some money for college, car, house, vacation, children, retirement, boat, hobbies, wedding, and home improvement among other needs.

EXAMPLES OF CREATIVES BEING USED BY BARCLAYS TO TARGET YOUNG CLIENTS

EXAMPLE #1: Introducing Gen Z: An influential Demographic

EXAMPLE #2:Barclays TV Commercial, 'Tax Refund'

  • Barclays TV Commercial, 'Tax Refund' is a TV commercial featuring financial expert Jean Chatzky who advises the audience to save part on their income received from tax refunds on high interest savings account like the one Barclays offers at 2.2%.

EXAMPLE #3:Barclays TV Commercial, 'Success'

  • Barclays TV Commercial, 'Success' is also a TV commercial that details how Barclays focuses on collective success that will help future generations of youths.
  • The commercial was released in 2014 and is captioned with a tagline “5 Million Young Futures”.

EXAMPLE #4: Barclays TV Commercial, 'Goal'

  • Barclays TV Commercial, 'Goal' is a TV commercial whereby Barclays promotes themselves as a bank that helps customers realize their goals.
  • The commercial was released in 2013 and features a sound track, Realizations, by Christos Andreou and was first aired in 2013.

ADDITIONAL INSIGHTS:

  • Barclays online savings account is an internet-only bank solution that is not available across physical locations.
  • Barclays has not posted any marketing creative regarding its online savings account on the official Facebook page that is dedicated to the service offering.
  • Barclays promotes themselves through their Twitter account and are very active on the platform, but the majority of the marketing creatives and posts promote their credit cards and not the saving accounts with trending hashtags including #TravelSkills and #BarclaysTravel. [10]

Research Strategy:


In order to identify the target audience for Barclays for a standard savings account customer, and 2-3 recent examples of creatives being used to market and target these consumers, we scanned through the official websites of the banking institution as well as through media outlets. Unfortunately, we realized that most of the news updates and reports by the bank are focused on their credit card offerings and not on the online savings account. However, from the published reports, we were able to identify the target audience of the service offering. In order to identify the creatives that the banks uses for the online savings account, we scanned through social networks such as Facebook and Twitter. Unfortunately, we were not able to identify any recent creatives that the banks has used to target audiences of online savings account. We extended our search through databases that published creatives used by companies such as ispotTV. This strategy helped us to identify some examples of TV commercials that have been released by the banking corporation. However, none of them were recent and therefore we had to provide them even though they were published more than the two-year time frame that our research analysts consider in order to provide up-to-date data.

Part
11
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Part
11

Target Audience and Creative Examples - Ally

The target audience for Ally for a standard savings account customer is “the money mindful,” digitally-minded and savings-focused individuals. Particularly, Ally Bank targets Millennials. Three recent examples of creatives being used to market and target these consumers are "Better Is Out There," "Save Your Savings," and "Happy Banksgiving."

ALLY BANK IS TARGETING CONSUMERS BY ATTITUDE, NOT AGE

  • Andrea Brimmer, Chief Marketing Officer and Chief Public Relations Officer at Ally says that they strive not to reach specific demographics, but instead target consumers using psychographics—how people think.
  • According to the Financial Brand, "Ally uses two primary criteria when targeting its marketing messages. The bank is after people they describe as 'the money mindful' — people specifically focused on savings — who are also digital banking users."
  • Demographics are not completely irrelevant to Ally’s marketing strategy. According to Andrea Brimmer, Ally has "a story of relevance to Millennials." She goes on to say that Ally is "considered cool among the Millennial set."
  • Focus on audience behaviors and psychographics also helps Ally economize on advertising costs. Instead of a demographics-driven “spots-and-dots” approach — which often involves purchasing swaths of audiences including many who aren’t a good fit — psychographics can help narrow the target.

CREATIVE MARKETING EXAMPLE 1: "BETTER IS OUT THERE"

  • Link
  • According to PRNewswire, this campaign "underscores the fact that few Americans love their bank, and most don't bother to look elsewhere for a better option. The campaign includes full page 'Letter to America' print ad in national media outlets as well as a myriad of billboards, broadcast hits and social posts to let consumers know that 'better is out there.'"


CREATIVE MARKETING EXAMPLE 2: "SAVE YOUR SAVINGS"

  • Link
  • In this campaign, "online hidden-camera videos illustrate just how strange it seems to throw away money in real-world situations, comparing that action with keeping savings in a lower-yield account. The videos use Ally's trademark humor to show how real people react when a barista throws away her tips and the shock pedestrians convey when a bag of money is put out with the trash."

CREATIVE MARKETING EXAMPLE 3: "HAPPY BANKSGIVING"

  • Link
  • According to American Banker, the "Banksgiving" campaign included Ally giving "prizes out to customers in the days leading up to Thanksgiving, ranging from $25 gift cards to $55,000 for a woman running a charity. The campaign, which is primarily driven by social media, came from one of three new ad agencies the bank is using, Anomaly in New York."
  • The article goes on to say that "the bank's marketing team listened to calls for a week, hearing customers’ stories about what they were going through and trying to do. Marketing selected some of the larger prizes, such as a woman who received $55,000 to continue her charitable work, and another who was given airplane tickets to visit her partner in the Netherlands."


RESEARCH STRATEGY:

We could not find the exact breakdown of the demographics targeted by Ally Bank in its advertising campaigns. However, Andrea Brimmer, Chief Marketing Officer and Chief Public Relations Officer at Ally, says that the bank does have a story of relevance to Millennials.

DEFINITION AND DEMOGRAPHICS OF MILLENNIALS
According to Pew Social Trends, "Millennials — those ages 22 to 37 in 2018 — are delaying or foregoing marriage and have been somewhat slower in forming their own households. They are also more likely to be living at home with their parents, and for longer stretches." In 2019, Millennials are 23-38 years old.
Sources
Sources

From Part 01
Quotes
  • "Customers of Citibank are the Individual and corporate customers who are looking for varied financial services offered by Citibank like those of Credit cards, Banking, investment services, wealth management services, wholesale banking and international cards, etc."
Quotes
  • "Citibank has a lot of customers, both domestic and international; Citibank's customers contain both business and individuals who uses its products and services Citibank's Global Consumer Bank serves more than 100 million customers and in the fastest-growing cities in 24 countries worldwide. Citibank's target customers are institutions and wealth customers, it also serves the rest."
From Part 04
Quotes
  • "Count on Synchrony online banking to help you achieve your goals through consistently great rates on our award-winning, FDIC-insured savings products. Explore our selection of CDs, High Yield Savings Accounts, Money Market Accounts and IRAs. "
Quotes
  • "In fact online-only banks were the only category of banks to gain share in the past decade among retail customers establishing or moving their primary banking relationships, according to TNS research. Online-only banks now attract approximately 12 percent of all new primary banking relationships in the U.S., compared with only 4 percent a decade ago, according to TNS."
Quotes
  • "Ally Bank's combination of no monthly maintenance fees and no minimum balance requirement placed it at the top of Kiplinger's list of Best Internet Banks, 2017. The publication noted Ally's efforts in attracting customers with lower fees, higher interest rates and friendlier overdraft policies."
Quotes
  • "Even though more than 90 percent of Americans in most age ranges use online banking (see question 21) and consider it easy to navigate (see questions 26 and 27), age has a direct relationship to willingness to use banking as an exclusively online service. The likelihood of using online-only banking decreases with age, beginning with age 25-34 (63 percent), and steadily declining to 18 percent of respondents age 65 or older."
  • "Fees are the primary consideration for those who might consider switching banks (see questions 11 and 12), so particularly notable are respondents’ views about fees for online banking. A large percentage of respondents – 73 percent – said that online-only banking should incur fewer fees than traditional brick-and-mortar financial institutions."
  • "When we dig into the demographic differences, the numbers become startling. The 65 and older group are the least interested in this idea with 58 percent choosing "None," which is a 26 percentage point difference from the total population. So, the senior citizens drag down the averages across the population for this question."
  • "Moreover, this age group (25-34) is more open (63 percent are somewhat or very likely) to using online-only banks that have no physical branches at all: 11 percentage points higher than the next highest age groups (18 to 24 and 35 to 44, both at 52 percent) and 45 percentage points higher than senior citizens (see questions 30-32)."
  • " This suggests that for 25 to 34 year olds trust means something different than it does for other age groups: it's less personal, less about the bank as a place, and more akin to reliability (the way you trust that your car will start in the morning)"
Quotes
  • " In a Kasasa survey, 8 out of 10 millennials said they'd be willing to switch banks for better rewards, such as a higher interest rate on deposit accounts, cash back on purchases and foreign ATM fee refunds."
From Part 10
Quotes
  • "A new consumer audience is taking centre stage as Generation Z begin to come of age."
Quotes
  • "Financial Expert Jean Chatzky says that if you got a smaller than average tax refund, it's because you received more money in every paycheck earned this year. She advises people to save their money in a high interest savings account like the one Barclays offers at 2.2 percent."
Quotes
  • "Success is not meant to be contained -- It needs to be spread. At Barclays, they believe in collective success that will help future generations."