By: Meg Cipperly – VP, Client Services
In the regional banking landscape, how can competitors differentiate themselves in a crowded marketplace? Do the risks of standing out outweigh the potential benefits? In this Commentary, our team analyzes the marketing strategy of the Midwest-based regional bank, Huntington, to profile one bank’s efforts to deepen its portfolio by presenting a cohesive branding strategy.
In the past year, Huntington has enjoyed significant success. According to its 2024 Fourth Quarter Earnings Review, Huntington experienced 10% growth in Total Revenue (FTE), Y/Y – and notably, a 6.5% Y/Y increase in deposit growth. This success was driven by several factors including expansion into new states, expanding fee revenues, all while maintaining above average credit quality.
From a marketing perspective, we’ve also noted a shift in tone that sets Huntington apart from its peers. Messaging often focuses on how Huntington is a trusted financial partner, claiming that it’s “the bank that looks out for people.” In a banking landscape that’s increasingly focused on automated, digital interactions Huntington is focusing on the human touch of customer service, where they emphasize this message from acquisition through customer retention communications.
Acquiring new customers and deepening relationships with consistent messaging
In a direct mail offer for “The Home for Good HELOC” program, targeting historically disadvantaged communities, Huntington claims, “Everyone deserves a fair opportunity to access their home’s equity.” The pre-qualified offer promoted rate discounts and expanded eligibility guidelines. Although there are many banks that promote lending access to Low-Moderate Income (LMI) communities through similar Community Reinvestment Act (CRA) programs, rarely is the messaging this direct. Huntington’s message represents the only direct mail HELOC offer that used the adjective “fair” to describe itself in 2024. At the same time, within deposits marketing, we also see Huntington promoting itself as the “Bank that looks out for people” in offers for its Relationship Savings account, emphasizing access to its hundreds of neighborhood branches with helpful bankers as a primary value proposition. That access to neighborhood branches and exceptional customer experience was also re-emphasized in cross sell marketing, where Huntington discussed the value of pairing banker support with its intuitive mobile banking app.
Re-emphasizing brand philosophy through onboarding and servicing
“Powerful resources, personal touch. We think you deserve both.” During the onboarding process, most banks present new customers with a series of action-oriented emails, a checklist of items to complete including funding, setting up direct deposit, downloading the mobile app, etc. Huntington, on the other hand, begins with a message about the bank’s philosophy, showcasing a customer service interaction and providing a narrative of what new customers can expect from the bank going forward. Yes, the email does include a CTA to set up direct deposit, but more importantly, the touchpoint has created a narrative regarding their future relationship, fostering a deeper sense of loyalty.
Huntington maintains this tone through continued retention marketing. Savings related emails focus on financial wellness, with aspirational messages that ask, what’s on your financial wish list? These tips often touch on simple savings topics like how to save more money at the grocery store. Some include embedded surveys to capture feedback. And many close with a call-to-action to use an online tool like its Spend Setter budgeting resource or Savings Goal Getter progress tracker. Finally, Huntington shared with auto finance customers a “Pass-A-Payment” offer – for an additional fee, addressing that some customers may need to free up a little extra cash for shopping and travel during the holiday season. All of these messages together paint a picture of Huntington as a financial partner that is anticipating the needs of their customers.
Meeting customer’s needs through product innovation
“We designed Caregiver Banking to address the complex needs of anyone who could use an extra hand managing their money.” At the end of 2024, Competiscan began receiving marketing materials for Huntington’s newest innovation, Caregiver Banking. The tool allows customers to enable limited online access to a designated caregiver. Potential use cases included aging adults, loved ones in recovery, and adults with disabilities. According to the FBI, elder fraud losses increased by 419% over a three-year period leading up to 2023. As many banks have shared marketing messaging outlining common scams impacting seniors, Huntington’s tool provides a tangible way to help protect loved ones.
Conclusion: Finding success through differentiation and a nimble marketing approach
The marketing strategy that we have seen employed by Huntington reflects a bank that is willing to adapt to consumer concerns. Through product innovation, like Caregiver Banking, we see Huntington fill a gap for a common need. We also observed messaging that reflects consumer concerns of the moment, like rising grocery costs and cost of living increases, to reiterate that Huntington has the finger on the pulse of its customer base. This branding approach represents best practices for institutions looking to emphasize their purpose and vision while meeting customer needs in a rapidly changing banking landscape. Ultimately, Huntington’s approach bets on the notion that the key to standing out in a crowded marketplace is creating meaningful interactions with customers.