Case Studies:
FirstBank
FirstBank is Colorado's second-largest depository institution and Colorado's largest locally owned bank.
Opportunity:
FirstBank saw an opportunity to reach out to underbanked Denver-area Hispanics in an effort to provide the community with much-needed financial services, while also increasing retail product penetration.
Insights:
- Misconceptions and confusion, driven by word of mouth and past negative bank experiences, lead to strong emotional barriers to acquisition among less-acculturated Hispanics.
- By addressing issues of embarrassment, distrust, procrastination, fear and intimidation, the bank successfully embraced the Hispanic community, and by doing so, demonstrated a 26% increase in Hispanic-surnamed customers over a three-year period.
- Unbanked individuals historically have expressed an interest in receiving more information on the following products:
- Checking and savings accounts
- Savings accounts for their children
- ATM/Debit Cards
- Remittance
Execution:
- Created advertising campaign and media recommendation that delivered an outstanding "per customer" acquisition cost of $26.
- Industry average is $100+
- Developed a variety of retail product brochures encompassing all personal and business products.
- Created Spanish-language website and Internet search campaign.
- Planned, and successfully executed, culturally relevant in-branch events.
