Credit unions and community banks have gained an advantage when competing for customers with national banks. Nettra Media has pioneered a new data-driven marketing approach that aligns advertising dollars with funded loans and accounts.
While national banks continue to aggressively invest in their marketing outreach, smaller financial institutions have been at a disadvantage by not being able to align their advertising budgets with the number of home loans, vehicle loans, personal loans, and new accounts created.
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Specifically, credit unions and community banks gain new online members by utilizing banking portals to handle credit applications for new loans and account openings. Yet this approval method makes it very difficult to attribute the success of a marketing campaign because the data from Google Analytics and various ad platforms do not align with a financial institution’s banking portal data.
Nettra has solved this issue by partnering with Alpharank, a banking portal data enrichment platform, to combine banking portal data and ad platform data into one interface. The resulting visibility allows credit unions and community banks to assess their funded loans and accounts by traffic source, ad platform, specific budget, and the cost-per-loan.
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This kind of data insight has enabled financial institutions to divert funds from insufficient marketing tactics, saving them tens of thousands of dollars a year.
“National banks have traditionally gained market share by outspending smaller banks and credit unions,” said Nettra’s CEO, Dave Martin. “So this new attribution approach revolutionizes how banks and credit unions compete with national banks, on a local level.”
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