The Provident Bank in Amesbury, Mass., rebranded itself last summer with a pithier name, a sleek logo and a budding focus on cryptocurrency.
Now, the community institution known as BankProv is getting ready to spread the word about new products, namely its business-checking accounts that are available nationwide and its full-service banking capabilities for crypto firms, via affiliate marketing.
Affiliate marketing involves one company paying a third-party a commission for a certain activity, such as generating leads or acquiring customers online. It’s a form of influencing where the audience trusts the content publisher — anything from a large site like NerdWallet to a niche personal finance blog with a passionate following — and believes in the products it’s promoting. Companies that broker these agreements use technology like artificial intelligence to monitor for brand mentions and ensure content is up-to-date and compliant.
For community banks, it’s a cost-effective and tech-friendly approach to marketing. It also comes with challenges, such as choosing the right influencers, review sites and bloggers.
In BankProv’s case, the $1.5 billion-asset company is working with Fintel Connect, a marketing firm based in Vancouver that helps financial services companies manage their relationships with online publishers and track their campaigns.
Fintel doesn’t exclusively work with small institutions. But when the company entered the U.S. market from…