How Geofencing Helped a New Bank Earn Community Trust
Building a reputation from the ground up isn’t easy—especially in the banking world, where trust is paramount. Everyone works toward financial security and stability, and choosing where to bank is a deeply personal decision. For a new bank stepping into a crowded community, standing out among long-established competitors posed a challenge. They needed to capture attention and loyalty quickly to make their mark and win over potential customers. That’s where geofencing came into play.
The Challenge: Breaking Into a Market Full of Competitors
The bank was opening its doors in a bustling area already brimming with established financial institutions. Customers in the community were already loyal to their long-time banks, and switching is no small feat, especially when people feel attached to their current accounts. To cut through the noise and earn trust, the bank needed to do something innovative to attract attention while offering compelling reasons for people to consider switching.
The Objectives: Clear and Strategic Goals
Our approach centered on these key objectives:
- Attract Attention with Competitive Rates and Incentives: Inform the community about the bank’s competitive rates and service, along with a limited-time gift card incentive for opening a new account.
- Drive New Accounts through Local Convenience: Emphasize the benefits of banking locally and the ease of access provided by the new, nearby branch.
- Engage Potential Customers in the Area: Target those who may not have committed to a bank yet but live nearby and could find a convenient local branch appealing.
The Strategy: Geofencing, Targeted Outreach, and Retargeting
To meet these goals, we devised a multi-layered geofencing and retargeting plan to reach the bank’s target audience effectively.
- Targeting Community Members
Geofencing was set up around high-end apartment complexes near the bank’s new branch. This strategy aimed to reach local residents who hadn’t yet committed to a specific bank, especially renters who might be more open to switching banks due to the lack of mortgages binding them to their current financial institution.
- Reaching New Movers
Moving to a new area brings a fresh start, and a nearby bank branch can make settling in more convenient. By leveraging first-party data, we targeted individuals who had recently relocated to the area within the last 90 days. These potential customers received promotional ads offering rewards for opening a new account—giving them a little nudge toward the convenience of banking close to home.
- Site Retargeting
Retargeting helped keep the bank’s brand top of mind for visitors who had already shown interest. By serving follow-up ads that highlighted the unique benefits of banking with this local branch, we reinforced brand familiarity and optimized ad spending by focusing on those already aware of the bank’s services.
- Keyword Retargeting
We also generated a list of keywords related to essential banking services, like checking accounts, savings, and financial planning. When individuals searched for or engaged with these terms online, they were shown ads, gently reminding them of the bank’s offerings and inviting them to learn more.
The Results: Building Trust and Drawing In New Customers
In just three months, this geofencing campaign produced impressive results:
- 3,826 Clicks
- 0.12% Click-Through Rate (CTR)
- 270 Branch Visits
Our efforts boosted awareness significantly, with traffic to the bank’s landing page reflecting increased interest even before the branch officially opened. The campaign brought 270 individuals into the new location, eager to learn about the benefits the bank could offer. Using full-funnel tracking, we saw the journey of each user from the initial ad engagement to website revisits and, ultimately, in-branch visits.
Display and video ads complemented this strategy, helping to reach users at every possible point in their decision-making process. Through precise targeting and tailored messaging, the new bank branch didn’t just open its doors—it opened its doors to a community of curious, engaged, and trust-filled clients.
Geofencing isn’t just about marketing; it’s about building relationships with the community and reaching people at the moments that matter. For this bank, geofencing was the bridge to create a trusted name in a new market, one click—and one loyal customer—at a time.