When college basketball player John Blackwell announced his partnership with a bank, his teammates burst into laughter.
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Blackwell, a freshman guard for the Wisconsin Badgers, often splurges on outfits, sneakers and DoorDash Wingstop orders. For him, partnering with a financial institution promised some help budgeting his money and showing his teammates he knows how to save some of it.
For local lender Park Bank, Blackwell was going to be part of a March Madness blitz to win younger customers. The Madison, Wis., bank has more than doubled its Instagram engagement after posting the new campaign with seven local athletes.
“Making a bank stand out in the mind of a Gen Zer, I feel, is difficult,” said Helen Kosterman, Park Bank’s vice president of marketing and communications. Then she saw the results: “I was just like, ‘Wow, OK.’”
Banks and credit unions are catching on to rules that allow college athletes to profit on their name, image and likeness.
Endorsement deals have exploded for athletes since the NCAA NIL rules changed in 2021. Some athletes are making six figures from their campaigns, like Caitlin Clark, a guard for the Iowa Hawkeyes who is the face of college basketball.
In a recent CivicScience poll of around 1,300 college students, 46% of those who said they were athletes said they have been compensated by an NIL deal.
Banks have tried lots of ways to attract more college-aged customers. Customers tend to stick around because changing an account is viewed as difficult. The younger a customer signs up, the longer the bank can benefit and sooner they can pitch them credit cards, loans and other financial products.
Wells Fargo, PNC Financial Services and U.S. Bancorp have deals with schools to be official campus banks. Others put their financial ads and logos in and around stadiums. JPMorgan Chase tried to get a foot in the door with a deal to buy Frank, a company that helped students apply for financial aid but has since been accused of fraud.
Turning star athletes into on-campus endorsements is the newest tactic. Their deals are around $1,000 or more for the athletes, according to some of the people involved, though the banks and athletes declined to comment specifically on the amounts.
“Since financial institutions are seeking to connect with a younger crowd, these athletes are very appealing to work with,” said Ryan Marosy, head of marketing at New Jersey-based Affinity Federal Credit Union, who describes college athletes as “social media rock stars.”
Greenwood Bank, a Black- and Latino-owned digital bank based in Atlanta, had success drawing in younger people after a partnership with football star Travis Hunter, one of the highest-rated recruits to ever play for a historically Black university.
“You’re creating and building relationships and partnerships with kids at this age that could potentially last a lifetime,” said Greenwood’s Chief Executive and co-founder Ryan Glover.
It isn’t all smooth. First, there is finding a common language. Banks need help creating social-media posts that an athlete would actually share, said marketing consultant Allyson Twiggs Dyer. Given athletes already juggle grueling sports schedules and their coursework, they may not be available during banker hours.
“This is going to be unlike a partnership you’ve had with other influencers,” said Twiggs Dyer, who helped Farmers Bank & Trust with an NIL campaign. “You’re gonna have to just be a little more patient with the student athlete.”
Twiggs Dyer said banks are seeking the “hometown hero,” diversifying across various sports—such as hockey, gymnastics and track and field—and interested in working with female athletes.
For the athletes, partnering with a bank means a payout and some financial guidance. University Credit Union signed Chloe Webb, a senior guard on the California Baptist women’s basketball team, after she helped win the Western Athletic Conference Tournament last month. Webb wants to be responsible with her money.
“We are at the time of our lives where things start to get real,” said Webb.
Park Bank’s Kosterman tried an athlete campaign last year but didn’t have as much success as she hoped.
This year, ByUs Media, a content marketing company focusing on NIL campaigns, persuaded Park Bank to partner with several athletes and post the ads around March Madness. Blackwell’s Wisconsin team was upset in the first round. He is hoping his work with Park Bank has a more lasting edge.
“For a young guy like me, getting paid is new to me,” said Blackwell. “Getting involved with a bank helps you save that money and put it in the right places.”
Write to Kailyn Rhone at kailyn.rhone@wsj.com
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