With a growing loan-to-deposit ratio from 3 years of low interest rates, coupled with skyrocketing federal fund rates, La Capitol FCU needed to increase deposits. Their specific goal was to increase Bump Rate Share Certificate accounts opened.
Over 50% of account opens were from non members, who will now be exposed to all La Cap’s other products for cross selling potential. As anticipated, the majority of accounts were opened by older consumers aged 51-88.
Bump Rate Share Certificate was the right product to advertise in August and September due to rising interest rates and the uncertainty of the stock market and economy. During uncertainty, consumers crave stable and predictable financial products.
Bump Rate Share Certificates tend to be more popular among older and more financially conservative consumers.
Not all digital advertising was equal and heavy emphasis was placed on in-app mobile advertising, targeting specific demographics to reach the highest potential consumers. Retargeting was performed on both mobile and website visitors. In addition, certain LA Capitol FCU landing pages were retargeted to cross-sell to existing members.We initially targeted geographical areas near branches in it’s designated footprint. 15 Days in, targeting was expanded to include all of Louisiana and selected cities in Texas, Mississippi, and Florida. These locations were specifically chosen due to their proximity to La Capitol FCU’s main service areas, coupled with its desired demographics.
The budget allocation was not evenly distributed during the 45 day campaign. We anticipated rate increases and allocated more budget during the week after the Federal announcement.
Many financial institutions were starting to promote share certificates in 2022 so LA Capitol FCU relied on RAIN to create an ad concept that differentiated them from their competitors.
We developed a strong tagline to empower consumers and encourage them to take immediate action with something bold and relevant:
”Time to Grow Your Savings.”
We paired this line with imagery of being on a mountain top with open arms. This reinforced the accomplishment of opening an account. Interest rates and Call-to-Action buttons were prominently displayed without detracting from the overall message. The traditional brand color palette was slightly modified to stronger shades.
“We couldn’t ask for a better partnership to digitally promote our products and services!"
- Lynn Giroux, COO & EVP @ Essex Bank
