Finance clubs matter because they can help you develop the qualifications banks care about. They do not matter simply because their name appears on your resume. An active member who learns accounting, builds relationships, and organizes meaningful projects may gain a real recruiting advantage. A passive member who attends two meetings and lists the club under activities probably will not.
Investment banking recruiters generally evaluate a broader package: academic performance, relevant experience, technical knowledge, communication skills, demonstrated interest in banking, and professional relationships. Club participation can strengthen several of those areas at once, but it does not replace them. A prestigious student investment fund will not rescue weak interview preparation, and the absence of a finance club does not disqualify an otherwise strong candidate.