Bank ads shift monetary policy

Researchers analyze bank TV ads with video embeddings and find that image strategies (price, service, trust/emotion) affect deposit growth, interest spreads, and loan demand. Banks tailor messages by local market share and demographics, leaning on trust or emotion where they lack hard advantages. A border discontinuity design supports causality. — If marketing choices change how rate hikes and cuts propagate, monetary policy effectiveness depends partly on banks’ branding—linking macro outcomes to media strategy and competition.