Bank of America and AOL Time Warner each will promote the services of the
other through a new marketing agreement.
Through the multi-year agreement, Charlotte, N.C.-based Bank of America
will receive ads on AOL Time Warner’s America Online service and Web
properties, in Time Inc. magazines, and on AOL-owned Turner television
properties.
The deal also calls for specific, exclusive sponsorships of elements of
CNN and CNNfn/CNN Money — for instance, Bank of America will sponsor
the “Ingenious Shot of
the Day” on CNN Sports Tonight and the “Stroke of Ingenuity” during PGA golf
and Wimbledon tennis, in keeping with the company’s current “Ingenuity”
branding campaign.
“We’re delighted to enter into this new alliance with AOL Time Warner
which gives us new, breakthrough ways to build our brand and reach our
target households,” said Barbara Desoer, of Bank of America’s consumer
products unit. “This agreement marks the first time another company has
launched advertising of this scale on Bank of America channels. I see this
agreement as a testimony to the strength, reach and reputation of the Bank
of America franchise and brand.”
Bank of America is currently in the middle of a big consumer push.
Titled “Why Not Bank Your Own Way?”, the campaign seeks to encourage
consumers to sign up for checking, savings and online accounts with promises
of straight talk, security and convenience.
In return for its inventory and sponsorship opportunities, New York-based
AOL will receive ads on Bank of America’s ATMs, bills and statements, and
through in-bank signage and on telephone banking.
While in-bank signage is fairly common (albeit generally limited to
affiliated financial services firms), ATM and on-statement advertising are
still relatively new, with only a few players experimenting in the space.
TenSquare serves ads to ATMs and Internet-enabled gas pumps, while XpenseWise
is experimenting with targeting and packaging ads in with offline and online
bank statements. But, by and large, the areas are untapped by the major
media outlets, and ads on ATMs and in statements are generally included as
an afterthought in banks’ strategic agreement with partners (like a
payment company, such as Visa or American Express).
“This multi-platform media and marketing alliance exemplifies the kind of
client-tailored initiatives we can bring to smart advertisers like Bank of
America, relying on the enormous depth and breadth of assets across AOL Time
Warner’s range of media properties, including our news and entertainment
television networks,” said AOL Time Warner co-chief operating officer Bob
Pittman. “We’re pleased to play a key role in helping Bank of America
improve the efficiency and effectiveness of building and maintaining their
consumer relationships, while employing their strong customer connections to
extend AOL Time Warner’s brands and reach new audiences.”
