The Nigerian financial sector has a branding addiction.
This is evident in the new fintech brands and the old ones adjusting to appear better and attract even more positive reviews.
It is also undeniable in the campaigns and influencer endorsements.
To be fair, branding does matter. It builds credibility and earns applause.
But if your metrics still show high churn and expensive acquisition, then it’s time to ask: What exactly is your branding doing for your bottom line?
The New Mandate: Branding is Not Enough Anymore
We’re witnessing the rise of a dual-demand era. Financial marketers are now expected to do two things simultaneously: maintain brand integrity and drive real-time results across acquisition and retention channels.
This is because the customer journey has changed. Compared to a decade ago, consumers no longer walk into bank branches to open accounts; they now rely on digital means. They compare, click, and convert at their own pace, often on mobile. As a result, success lies in precision, not just presence.
For example, some tier-one banks balance brand campaigns with conversion-focused digital funnels. A splashy awareness ad might run on TV, while a geo-targeted Google campaign drives high-intent users to a mobile onboarding page that has been A/B tested for speed, simplicity, and completion rates.
The goal going forward is a blend of brand excellence and data precision. However, many businesses fail to use data to drive growth.
“Data isn’t just numbers; it’s the foundation of every successful marketing strategy” – Leye Makanjuola.
What your brand should be doing differently
Financial brands leverage data from every touchpoint, web behaviour, app usage, and transaction history to tailor campaigns accurately. Here’s what that looks like in practice:
- Micro-segmentation of customers based on spending patterns, credit usage, or financial goals.
- Dynamic ad creatives that adjust based on user behaviour (e.g., different CTAs for savers vs. spenders).
- Marketing automation flows that nurture leads through education, not just hard selling.
- Predictive analytics to flag users likely to churn, allowing proactive re-engagement.
- Attribution is needed to know where leads come from to improve budget allocation.
These are technical upgrades and strategic shifts that drive acquisition and deepen loyalty.
Retention cannot be ignored.
Ask any CFO: Growth isn’t sustainable if you keep losing customers. Yet many financial institutions still spend their budget on acquisition and barely optimise for retention.
That’s where data-driven marketing shines. A well-timed in-app message can save a customer.
A personalised savings challenge sent via WhatsApp can revive a dormant user, and a better-segmented push notification can turn “a cold lead” into money.
Conclusion
The Nigerian finance space is only getting louder. More apps. More ads. More options.
So here’s the hard truth: If your growth plan still relies solely on “brand awareness,” only, you would be losing out on many things.
The brands that will dominate the next decade aren’t just the ones with emotional TV spots. They use behavioural data to automatically nudge the right user at the right time with the right message.
For financial brands looking to bridge the gap between branding and bottom-line growth, partnering with agencies that specialise in data-backed acquisition and retention is no longer optional; it’s essential.
Leye Makanjuola is a seasoned marketing and technology leader and the driving force behind Intense Digital, a data-driven digital marketing agency in Lagos, Nigeria. With an MBA from Said Business School, Oxford, and experience leading consulting projects for Daily Trust and The Leadway Group, Leye has a vision to revolutionise marketing in Nigeria through data-driven strategies.
