Banks Are Winning Big on Affiliate Marketing. Are You Missing Out?
How affiliate marketing is reshaping bank customer acquisition.
As marketers and PR professionals, it’s easy to look down on affiliate marketing. We want to control the message, we want to be ranked #1, and we don’t want to pay for leads. Affiliate marketing can often also be misunderstood as “pay for play.”
Despite our personal feelings toward the channel, we have seen our banking and non-bank clients see immense value from affiliate. As consumer and business banking decisions begin with a Google search (or AI search nowadays), banks that aren’t visible through top-ranking platforms are missing out.
Websites like NerdWallet, GoBankingRates, and The Points Guy dominate search results for high-intent queries such as “best savings accounts” or “top business credit cards.” These platforms act as digital gatekeepers, directing potential customers toward financial products based on affiliate relationships. For banks, that means access to pre-qualified traffic that’s actively researching products and ready to convert.
A common misconception is that affiliate marketing only benefits retail banking. In reality, it’s a powerful tool across segments. Many publishers and influencers maintain dedicated content for small business owners and professionals. For instance, The Points Guy curates popular guides on small business credit cards, which are regularly updated and optimized for SEO, keeping them at the top of the funnel.
Banks are also tapping into affiliate marketing for specialized offerings like foreign exchange accounts and commodities. These niche products may not generate the same volume as consumer checking accounts, but affiliate platforms provide access to hyper-targeted audiences that are difficult to reach through traditional media.
Ultimately, affiliate marketing is a performance-based channel, making it especially attractive in today’s ROI-focused environment. Banks only pay for results – typically when a new customer signs up – while publishers and influencers benefit from generous commissions. It’s a win-win model that aligns incentives and drives real growth.
In the search for ROI in marketing, there is no stronger channel outside of Google Search that converts lower-funnel prospects. Many times, it can help convert the Google Search-sourced leads, as that’s where they do their research before clicking directly on to your search.
As competition for digital visibility intensifies, affiliate marketing is no longer optional. It’s an essential part of the modern bank’s marketing mix.
Other affiliate marketing resources:
Affiliate Marketing for Banks and Financial Services: How to Get Started
Affiliate Marketing Guide for Financial Services
Your Bank’s Marketing Budget Isn’t the Problem – Your Strategy Is
