By Karen Epper Hoffman
Much like worldwide pop superstar Taylor Swift, U.S. banks are finding good karma via music. Banks are doing so by throwing their financial and marketing heft behind musical tours and festivals in their service areas.
The intention is that supporting these musical performances will result in bank customers and prospects drawing a connection between their beloved tunes and their local financial institutions, which might draw them to consider using more products or services with the sponsoring bank, or make that connection stickier. Case in point: Royal Bank of Canada chose to sponsor Swift’s The Eras Tour when it came to Toronto in 2024, with the hope that the massive “Swifty” following would draw interest in the bank.
“These events range from large regional festivals to small, hyper-local concerts that reflect the community’s unique culture,” says Kristin Llewelyn, founder and sponsorship marketing strategist for The Sponsorship Company, where she advises financial institutions on how to turn sponsoring music events “into powerful engagement strategies.”
She says the financial firms she works with sponsor between three and 12 music events per year, with annual sponsorship budgets ranging from $10,000 to $100,000, “though larger or more growth-focused institutions may invest beyond that. What we’re seeing across the board is a steady increase, not just in spending but in the number of events being supported and the level of strategic activation involved.”
Indeed, while North American financial institutions have traditionally led sports sponsorships in recent years, the banking industry is seen as shifting from supporting football, baseball, basketball and hockey teams toward throwing more dollars behind musical tours, festivals and venues. Shelley Wetton, SVP and chief marketing officer for Five Star Bank of California, says that as “advocates for our community, it is incumbent upon us to actively support cultural initiatives and events. Since we are committed to being engaged in the communities we serve, these events are on our radar each year.
“We also take suggestions from clients and employees. We support these events primarily through sponsorship, which always includes event attendance.” In particular, the $6-billion asset bank looks at the various organizations that a musical event might support — how the funds raised might be used to positively impact local citizens. “We also want to be sure we’re connecting with attendees and look for opportunities to create relationships.”
The growing support of music events is driven by three key trends, according to Llewlyn: a need to connect with younger, more diverse audiences, particularly Millennials and Gen Z; a shift toward experiential marketing, where local presence and meaningful interaction matter more than broad exposure; and a recognition that “smaller, well-aligned events often offer better return on investment than larger, less targeted sponsorships.”
Kate Schoff, managing director for sports and entertainment at JPMorgan Chase, the country’s largest bank, says they sponsor 16 music festivals and “curate a number of bespoke music experiences in partnership with our long-term venue partners like Madison Square Garden and Chase Center.”
This past summer, as part of the bank’s Chase Presents concert series — established as part of Chase’s partnership with MSG Entertainment — the bank hosted an exclusive show at The Chicago Theatre featuring singer-songwriter Remi Wolf, as well as a Glass Animals concert in June. “Music has universal appeal and there are an increasing number of ways for brands to play in the space through tours, direct artist relationships, festivals, merch and content,” says Schoff. “So it’s always on our radar as we consider the best opportunities to connect with customers and fans.”
Llewelyn says that offering these sponsorships often includes perks for members or customers, such as early ticket access, VIP upgrades, giveaways or dedicated member-only lounges at the event, as well as digital perks through mobile apps, including free merchandise or event-day discounts for showing proof of having an account.
“Rather than sponsoring one high-profile concert, many institutions are now adopting a portfolio approach — spreading their investment across multiple community-based events,” Llewelyn says.
“Ultimately, this isn’t just about spending more; it’s about spending smarter. Financial institutions are moving away from passive ‘logo placements’ and toward sponsorships that build deeper relationships, generate leads and deliver measurable outcomes.”
Shannon Cole, chief brand officer at RBC, an official bank partner of the Eras Tour as well as a long-standing supporter of music through the bank’s own RBCxMusic platform (which offers access to music concerts and festivals), says that the Canadian bank’s sponsorships in “the live music space continue to be a core part of our brand marketing strategy to reach key audiences, and evolve and grow each year.”
As a sponsor of the Taylor Swift tour, RBC “gave thousands of fans the opportunity to attend one of the nine sold-out Canadian shows.” In addition, RBC supports several regional music events including RBC Bluesfest in Ottawa, Cavendish Beach Music Festival in Prince Edward Island and ILESONIQ in Montreal.
“As with any of our brand sponsorships, we look for properties that resonate with the audiences we want to connect with,” Cole says. “Large-scale events are great for reaching mass audiences that may support a number of our lines of business, while local events can be beneficial for supporting regional business goals and reaching specific communities.”
Schoff adds: “There’s no one-size-fits-all, so diversifying how we show up in music allows us to create different interactions and touchpoints.” The ‘big tours’ help a bank with marketing to scale and amplification, but tend to be about ticket access and “making sure you can get in the door;” while the smaller events allow for the “high-touch exclusivity and once-in-a-lifetime type feeling.
“So they both have benefits,” Schoff adds. “And it’s about striking the balance to create a robust set of benefits, offers and experiences to our customers.”
Karen Epper Hoffman is a frequent contributor to ABA Banking Journal.
