How banks promote Zelle is about more than television ad campaigns.
This year Chase and Wells Fargo have launched 15- and 30-second commercials advertising Zelle, the peer-to-peer payments offering built right into banks’ mobile apps. Zelle itself has even launched a couple of spots, one featuring Hamilton star Daveed Diggs.
Smaller banks that can’t afford national commercials, however, will need to promote Zelle in their existing products, their mobile banking apps, and perhaps take a page from fintech startups’ marketing playbook and design their apps in such a way that the product does the selling for them. That’s according to a new report by Javelin Strategy on Zelle’s rollout; that it emphasizes within its own mobile banking experience that a product called Zelle exists and communicates the benefits of using it and the reasons its better than competitors like Venmo or Square Cash.
“Banks are doing a lot of things right but this is not an easy thing to introduce,” said Mark Schwanhausser, director of the digital banking practice at Javelin and the author of the report. “It’s not a simple feature you can roll out and say ‘try it.’ Explaining all these things means you have to prioritize because there just isn’t enough time so you have to be very selective… I don’t envy bank marketers who have to try to figure out how to in 15 seconds give an elevator pitch.”
More in Marketing
Marketers are keeping a close eye on Amazon’s shoppable Prime ads this Thanksgiving
Media buyers will be experimenting with new formats over the long weekend.
‘You don’t want to be discounting so much’: Confessions of a media buyer on the challenges of an extended Black Friday Cyber Monday
In the latest edition of our Digiday Confessions series, in which we exchange anonymity for candor, we hear from a media buyer on how the extended sales window means brands need to get more creative and the challenges of deeper discounting.
Google uses search remedies trial to subpoena OpenAI, Perplexity and Microsoft over their generative AI efforts
In an attempt to show AI has created a more competitive search industry, Google is trying to get OpenAI, Perplexity AI, and Microsoft’s strategies to defend its own.