Your next bank marketing campaign? Win over your own CFO.

A version of this article first appeared in the October BAI Executive Report: Anticipating banking’s 2025 marketing trends. Check out more of the issue for insight on data-driven budget asks, agency relationships, direct mail strategies and an AI boost for customer loyalty.

Chief Marketing Officers at financial institutions deal with roadblocks on the daily, but before a new year, they tend to meet their most formidable opponent – the CFO. The CMO’s goal is to persuade their Chief Financial Officers to invest in the right marketing strategy and tactics.

A July 2024 Vericast survey of banks and credit unions highlights the disconnect. It reveals thatposing that almost three-quarters of financial institutions experience communication challenges between marketing and budget teams. 52% of respondents agreed with the statement that their CMO and CFO were “mostly aligned… but some differences exist.” Yet only 28% stated that CMOs and CFOs were completely aligned with marketing and finance having regular, collaborative meetings while sharing common goals and strategies.

This synchronicity is key. Marketing budgets look to remain stretched. The survey found that 46% of FIs said that their 2025 marketing budgets will remain flat or decrease compared to 2024. Additionally, 52% of respondents plan to spend 0-5% of total 2025 revenues on marketing, and 31% plan to spend 6-10%. Depending on an FI’s size, stage of growth, and strategy, they should consider setting aside about 10% of revenues for marketing.

Marketing effectively to a CFO starts with understanding their requirements and pain points, especially at a time when budgets are tight. Here are some tips:

Find balance sheet synergy

The balance sheet is a financial institution’s CFO’s home turf, and marketers who try to understand and start there gain solid footing.

For CMOs, balance sheet insights should drive and justify their suggestions to market particular products and services (whether driven by interest-rate spreads or fees) and in what proportions. Fluency in key KPIs – efficiency ratio, cost-to-income, net interest margin, return on equity – and the ability to connect these back to strategy, and spending, is paramount.

It’s imperative to be proactive rather than reactive. The most effective CMOs recognize needs based on the story the balance sheet tells and make recommendations to the CFO based on numerical absolutes and metrics rather than waiting to be told what to do.

Emphasize consistent marketing’s value and layer product activation

Vericast’s survey found the FIs top 3 strategic priorities were 1) grow deposit balances, 2) improve customer/member experience and retention and 3) improve brand awareness. However, when asked about which priorities will use the most budgeting dollars, FI ranked priorities a little differently with 1) brand awareness, 2) grow deposit balances, and 3) improve customer/member experience and retention.

A CFO – no doubt mindful that tracking brand advertising effectiveness is difficult – might balk at spending precious funds on that initiative. These initiatives are quite different from the recent years’ FI goals, which prioritized lending over deposit growth.

The most efficient marketing strategies have an always-on approach to maintain brand awareness with the immediate demands of product activation in fine balance. A consistent branding effort boosts loyalty, making it easier – and less expensive – to ramp up product activation when it’s needed. It also makes it less likely that an FI will have to offer lavish incentives (e.g., $500 for a new checking account) to secure deposits.

Master your metrics

Besides brushing up on balance sheet knowledge, CMOs need to bring their own data to make their case. With tight budgets, backing up your marketing plan with performance data is vital to winning over a CFO. By using precise data and KPIs, CMOs can demonstrate a return on marketing investment to better resonate with the CFO and better support their marketing efforts and budget needs.

Interestingly, not all survey respondents are conducting these useful efforts. The survey asked how a CMO should best collaborate with a CFO to secure a larger marketing budget. The majority (57%) said, “Develop a comprehensive marketing strategy that aligns with the institution’s overall financial goals, highlighting how increased marketing spend can drive revenue growth and profitability.”

However, only 23% of respondents pushed for establishing “a clear, measurable set of key performance indicators (KPIs) for marketing activities, and … a plan to regularly review and report these metrics to the CFO to ensure transparency and accountability.” What is holding the marketers back? Is it knowledge, ability or willingness?

Make your case more than once

CMOs should speak out if they see a disconnect between the ambitiousness of a strategy and the budget being allocated. For example, if a CFO or other senior executive has requested a marketing campaign to acquire new products, whether deposits or loans, ensure data shows a strong demand for these products in the institution’s footprint to ensure there are opportunities; otherwise, efforts will be futile. If the plan being pushed by top executives does not stack up with the marketing data, CMOs should push back, suggesting alternatives that can meet the institution’s goals.

The dynamic between CMOs and CFOs is crucial for the success of the bank or credit union. As marketing budgets face tighter constraints, CMOs must strategically align their vision with the financial realities presented by CFOs. Achieving synergy between CMOs and CFOs requires continuous dialogue and mutual respect. By proactively addressing CFOs’ concerns with data-driven insights and demonstrating how marketing initiatives can drive revenue and profitability, CMOs can secure the necessary support for their campaigns.

Ultimately, the goal is to foster a collaborative environment where marketing and finance teams work together towards common objectives, ensuring sustainable growth and success for their institutions.

Alexa Bennett is Content Marketing Manager at Vericast.