Correction: This story has been updated to reflect revised business results from Prosper and Thrive.
In 2016, Santander Bank was having a customer acquisition problem. In a move to reach new audiences, especially the ever-so-coveted millennials, the bank decided to change its game and launch the Prosper and Thrive Content hub, a website with information dedicated to all the things that might be worrying or confusing people about money.
After focusing heavily on product promotions for years, Santander realized many potential customers were ignoring the bank's messaging. Since most people aren't in the market to change banks, the financial institution and agency Arnold Worldwide determined that the best way to connect with consumers would be through building and nurturing relationships with prospective customers. Good content has been central to the strategy, helping the bank drive site visits, social engagements and email sign-ups.
The goal of Prosper and Thrive is to "re-introduce millennials to an industry they have shied away from by delivering financial content that improves their financial well-being but doesn't feel like it's coming from a bank," Jessica Newton, VP and director of engagement planning at Arnold Worldwide, told Marketing Dive.
The new financial services customer
Brands are exploring a number of strategies to engage with younger consumers who avoid traditional ads, including using influencer marketing and native or sponsored content. A common goal of these efforts is to create original content that provides value through entertainment or practical knowledge.
For Santander, it was clear that millennials represent a significant opportunity since this demographic actively seeks financial advice, according to Newton. Santander wanted to be there to offer financial expertise to this audience in an organic way — but the challenge was how to do it in a relatable fashion.
"Millennial expectations have dramatically shifted," Newton said. "They want and expect more from their everyday experiences, which includes how they bank, who they trust and how they consume information."
The Prosper and Thrive site has a colorful editorial look and presents the kind of straightforward information that people searching for tips on home-buying and getting out of debt will likely appreciate. The idea was to look more like a media outlet that provides guidance on how to save, how to overcome debt and how to live and spend responsibly.
"Millennial expectations have dramatically shifted. They want and expect more from their everyday experiences, which includes how they bank, who they trust and how they consume information."
Jessica Newton
VP and director of engagement planning, Arnold Worldwide
The site's content is organized into three categories of articles on how to accomplish each goal: Save Up, Master Debt and Live Life. Instead of pitching a credit card or a mortgage loan, the editorial content is practical and relates to real-life consumer experiences. For instance, one article explores everything first-time home buyers should consider. Another offers tips on how to afford a baby. And another shares advice about how to use credit cards responsibly.
Content partners SapientRazorfish, Contently and Newscred develop and license the content, and SapientRazorfish handles distribution.
Nurturing relationships
The program launched in November 2016 and is an ongoing effort. Since it kicked off, Prosper and Thrive has published 125 articles, along with driving 1 million site visits and 200,000 social engagements. In addition, more than 1,000 people have opted into the bank's email program.
"Content allows us to build and nurture relationships with millennials without talking about products and services, on their time and in environments most relevant to them," Newton explained. "Through this approach we're able to make them more aware of who we are as a bank and shift their perception of us as a bank."
"With so much information out there, we're not only faced with building their trust as a financial institution, we're faced with finding ways to break through the clutter..."
Jessica Newton
VP and director of engagement planning, Arnold Worldwide
Content is published to the site on an ongoing basis and is delivered across a blend of owned, earned and paid media channels. The content published on Santander's existing digital properties aims to engaging existing customers, while the paid social media is designed to attract new millennial audiences who may not be familiar with the brand. The idea, Newton said, is to boost Santander's image as a trusted partner.
"With so much information out there, we're not only faced with building their trust as a financial institution, we're faced with finding ways to break through the clutter and reach millennials in the moments that matter most with the most relevant information that meets their needs," Newton said.
Decker Marquis, SVP and director of digital, social media and multichannel marketing at Santander, believes the program put "a solid foundation in place" and continuously helps the bank gain a better understanding of its audience.
"Prosper and Thrive will continue to evolve over the next year," Marquis told Marketing Dive. "We're planning to get even smarter about how we reach and talk to millennials and the way in which we develop our content."
