For years, banks relied on foot traffic in branches for cross-selling and upselling. That’s where most of the sales calls had taken place. New account openings now don’t need to take place in person, so you need to spend more on marketing to encourage customers to use digital channels.
At banks of all sizes — from the $7.2 billion-asset WSFS Financial to the $373 billion-asset Capital One — marketing budgets ballooned in the fourth quarter.