Marketing Budgets at banks Jump as Competition Heats Up

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.