AT A GLANCE
About Broadway Bank: 37,168 Digital Banking Users, $5.32B+ in Assets
SavvyMoney Partnership: Launched October 2019
Impact: 86% of users saw the advertisements, driving awareness; 20% unique click-through rate, signaling strong interest; 13% conversion rate, resulting in direct actions
RESULTS: $11M in new deposit balances
OPPORTUNITY
In a competitive financial landscape, attracting deposits has become increasingly challenging due to competition from rival banks and alternative investment options. Recognizing an opportunity to leverage SavvyMoney, Broadway Bank has used it to enhance its deposit growth strategy. Together, they have aligned resources with the bank’s evolving needs and strategic goals to strengthen its market position and grow deposits.
SOLUTION
Broadway Bank implemented targeted offers within SavvyMoney to promote its deposit products. The strategy included two specific campaigns:
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- Checking Account Campaign
Highlighted the Broadway Bank’s checking account offerings, featuring a cash incentive for new accounts. - Certificate of Deposit (CD) Campaign
Emphasized the competitive interest rates and benefits of the Broadway Bank’s certificate products.
- Checking Account Campaign
These advertisements were strategically placed to reach users directly within SavvyMoney, ensuring high visibility and engagement. The campaigns were initially launched in June 2023 and, thanks to their strong performance, continue to be a key part of Broadway Bank’s strategy.
IMPACT
The marketing campaigns achieved impressive engagement and measurable results:
- 86% of users saw the advertisements, driving awareness
- 20% unique click-through rate, highlighting strong interest
- 13% conversion rate, resulting in direct actions
- $11M in new deposit balances, demonstrating the effectiveness of the strategy
By utilizing SavvyMoney’s targeted marketing capabilities, Broadway Bank successfully strengthened its deposit growth strategy and reinforced its competitive position in the market.
“SavvyMoney has been instrumental in driving our deposit growth strategy. By placing targeted advertisements within the platform, we opened over 440 new deposit accounts and added $11M in new balances. The seamless integration and actionable insights have made SavvyMoney an invaluable partner in helping us achieve our goals.”
Carlos Zuniga, VP of Consumer Product Management Leader, Broadway Bank
