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Indiana Bank Attracts Customers By Investing in the Arts

Company: The National Bank of Indianapolis
Headquarters: Indianapolis, Indiana
Industry: Commercial Banking
Company Size: Small (annual revenues of less than $50 million)

"The arts are essential in shaping our city’s well-rounded image. Additionally, investing in the arts has helped us to network in the community and to increase
our business."
                – Morris L. Maurer, President and Chief Executive Officer

Objectives
To support the arts during a time of decreased government and local funding, to enhance its image in the community, and to attract new customers.

Process

  • To help fulfill the needs of local arts organizations resulting from decreased government funding and the acquisition of local banks by out-of-state companies, executives from the National Bank of Indianapolis met with representatives of major arts organizations to determine needs and develop partnerships.
  • The bank funded an insert in the local newspaper announcing the Indianapolis Repertory Theater’s seasonal offerings, sponsored the Summer Concert and Film Series of the Indianapolis Museum of Art, and co-sponsored the first Gallery Guide for the city which highlights its emerging gallery district.
  • To promote the arts among customers and employees, the bank established a "Friend of the City CD [Certificate of Deposit]," which enables an individual to designate interest earned on the CD for an arts organization or any other local not-for-profit group.
  • Additionally, the bank created a special discounted fee structure for arts and not-for-profit accounts, and it includes promotional materials for arts events in all bank statements, in addition to decorating its office with works by Indiana artists.

Results
As a result of its support of the arts, The National Bank of Indianapolis has enhanced its presence in the community, which has attracted new customers and facilitated its entrance into new markets. The bank has helped to increase attendance at arts events, enabled the arts to reduce marketing costs, and has generated new support through the "Friends of the City CD."

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