Capital One spent 81 percent more on marketing in Q4 2018 than it did in Q4 2017 and Discover’s marketing budget grew by 8 percent in the last year; with competition increasing, banks of all sizes have stepped up their game to position their banks as more innovative; some smaller banks realize they cannot keep pace if the big banks spend hundreds of millions or even billions of dollars on marketing; new online only banks with top of market rates have also helped to ratchet up the pressure to gain deposits; branches have become less important and banks have realized they need to change how they reach customers, especially younger and more digital savvy individuals. Source.
