How Financial Institutions Can Unlock Growth With OTT Advertising
In an increasingly digital world, financial institutions need advertising strategies that deliver precise targeting, strong engagement, and measurable results. Traditional media no longer guarantees audience attention, but over-the-top (OTT) advertising provides an effective way to reach consumers where they are: on streaming platforms. With the ability to target high-intent audiences and track real-time performance, OTT advertising is a powerful tool for banks, credit unions, and other financial organizations.
1. OTT ADS PRECISELY TARGET YOUR IDEAL CUSTOMERS
OTT advertising allows financial institutions to reach the right customers at the right time with precision. Unlike traditional TV ads that broadcast to a broad audience, OTT leverages data-driven insights to reach specific consumer groups based on behaviors, demographics, and interests. For example, 46% of customers looking to switch banks and 46% of mortgage shoppers have responded to an OTT ad in the last six months. Similarly, new car and truck buyers, who are potential auto loan customers, had a response rate of 44%. This level of targeting ensures your marketing budget is spent on viewers who are most likely to take action, making OTT an efficient and cost-effective solution.
2. OTT REACHES AFFLUENT MILLENNIAL HOUSEHOLDS
Millennials are a crucial demographic for financial institutions because they are actively seeking banking solutions, home loans, and investment opportunities. Even more compelling, affluent millennials (household incomes of $150,000+) are highly responsive to OTT advertising, with 44% having engaged with an OTT ad in the past six months. This makes OTT an excellent tool for banks and credit unions looking to attract high-value customers who are in the market for premium financial services, wealth management, and investment products.
3. OTT ADVERTISING IS HIGHLY MEASURABLE AND ROI-FOCUSED
One of the biggest advantages of OTT advertising is its measurability. Unlike traditional television ads, which offer limited tracking, OTT campaigns provide detailed performance insights. Financial marketers can analyze key metrics such as ad completion rates, click-through rates, and even conversion tracking that ties views to specific actions. These actions may include opening an account, applying for a loan, or visiting a website. This data-driven approach ensures that financial institutions can track their return on investment (ROI) and continuously optimize their campaigns for better results.
4. OTT BOOSTS CROSS-CHANNEL EFFECTIVENESS
OTT advertising doesn’t work in isolation; it enhances the impact of your broader marketing strategy. Studies show that integrating OTT ads with digital campaigns, email marketing, and direct mail efforts increases engagement and conversions. For example, a financial institution running a home equity loan campaign could use OTT ads to introduce the offer, followed by a personalized email and digital retargeting to reinforce the message. This omnichannel approach ensures prospects receive multiple touchpoints, increasing the likelihood of conversion.
5. OTT PROVIDES FLEXIBILITY AND ADAPTABILITY
Financial markets and customer needs change quickly. Financial institutions should implement advertising strategies that can keep up. OTT advertising allows for real-time adjustments, whether you are updating messaging, refining audience targeting, or testing different creative formats. This flexibility is particularly valuable for time-sensitive promotions such as special mortgage rates, new account incentives, or seasonal banking offers. By leveraging OTT’s adaptability, financial institutions can ensure their messaging remains relevant and effective.
HOW TO GET STARTED WITH OTT ADVERTISING
Lots of companies, from cable providers to media organizations, are selling OTT advertising. But it’s important to find the right partner, one that can guide you through the process to ensure the best placement and help you get maximum results.
Lightstream has partnered with a technology company that built a proprietary SAAS media-buying platform. By working with Lightstream, you have access to:
- 250+ premium OTT publishers
- Media placement and budget transparency
- A real-time reporting dashboard that provides performance data down to the impression level
- Cutting-edge audience targeting and insights
A diverse strategy including OTT advertising is essential to enhancing customer experiences, engaging new audiences, and building your brand’s reputation. Reach out today to learn how LIGHTSTREAM can help make OTT advertising work for you.
