Panacea Financial Marketing Case Study

The Client

Panacea Financial is a neobank with a mission of helping medical professionals with their unique financial needs. The bank offers personal loans, high yield savings accounts, student loan refinancing and commercial loans. Today, Panacea Financial has over 3,000 physicians, dentists and veterinarian customers and $270M in loans originated. Their goal is to become the #1 bank for U.S. medical professionals by rapidly growing the customer base and maintaining strong repayment rates.

The Problem

When we first met the Panacea Financial team in early 2022, Marketing was outsourced to multiple agencies resulting in variable work quality, an inconsistent brand identity, and no tracking of marketing success metrics. The founders felt overwhelmed with day-to-day marketing execution and were concerned that they were missing strategic growth opportunities.

The Solution

We started by analyzing the number of leads and cost per lead for every marketing channel, both paid and organic. This included an audit of the website, SEO, conversion funnel, referral program and all communications. It became clear that while marketing dollars were being spent on proven channels, there were other channels such as on-site SEO, direct mail, social media influencers and webinars that were not being utilized to the fullest extent, or even at all. 

While Panacea Financial was relying on paid advertising for growth, we wanted to help activate influencers to spur adoption. We completed an end-to-end assessment of the current referral program and developed a roadmap for evolving and accelerating adoption through influencers on social media and the customer referral program. 

A strong brand identity is necessary to broadcast a consistent marketing message and cement Panacea Financial’s position in the minds of the target audience. We expanded and formalized the Panacea Financial brand identity with a comprehensive brand guidelines deck and a mission statement. 

With the brand identity fully articulated, we were ready to make updates to the website.  We redesigned key website pages, fixed SEO issues, updated email marketing and developed a new, faster online application with trigger-based emails to accelerate conversion.

Last, we recognized that the Panacea Financial brand would need to adapt and evolve as focus changed and new products were added. We partnered with the founders to identify, interview and onboard the next strategic marketing hire – a web designer.

Gaining Momentum

With a strong marketing foundation in place across the brand identity, marketing channel mix, attribution, the website and a marketing team, we were ready to launch new initiatives.  

Recently, we implemented a new direct mail program, an influencer campaign to grow adoption of high yield savings accounts, a press relations program and a webinar series. As a result of our work, Panacea Financial has accelerated growth in its customer base in spite of a difficult economic climate.

“KMG provided expertise that delivered actionable guidance, sustainable marketing channels, and systems that have allowed our national brand to blossom and grow in ways that were previously out of reach. It isn’t always easy to trust someone with a brand you have built from scratch, but I would gladly trust KMG with advising on and representing our brand to the masses.”

Michael Jerkins, MD, M.ED

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