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Giving Your Money Wings

  • Client Name: ARVEST BANK

From January 1, 2022, to September 30, 2023, Arvest Bank grew loans by 24.9% while deposits decreased by 9.3%. Marketing was tasked with developing product and marketing strategies that would accelerate deposit growth in the last five months of the year. Beginning in August of 2023, we rolled out new, highly competitive deposit products with a multi-channel marketing campaign. The chosen concept – “Now That’s Helpful” – tied directly into our “Helpful Moments” branding campaign which had been in market throughout the year, demonstrating how Arvest’s deposit products can help customers no matter what’s happening in the market or where they are on their financial journeys.

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deposits outdoor board
RESULTS
52%
increase in new
CD accounts
compared to first
half of the year
357%
increase in new
CD accounts
compared to the
previous year
4.9%
average growth in
account balances

Total deposits grew 2.5% in the fourth quarter, outpacing the industry average of 1.1%, reversing five quarters of deposit declines. Between August-December 2023, Arvest saw an increase in CD account openings, new CD households, and average household deposit balance compared to January-July 2023.

In 2023, 8% of Arvest customer households had a CD compared to 1% in 2022. New customer households with a CD among younger customers (18-39) increased 172% in last half of 2023 compared to the first half.

Deposit campaign social media videos featuring our new brand ambassador consistently had the highest engagement from August-December and accounted for 526,000 video views. Total video views on Arvest Facebook page grew 1,400% in the fourth quarter of 2023 compared to the previous quarter. Post engagements in the same timeframe grew 140%.