Involves Curves but NO selective color! There is a lot of steps and it's very image heavy. I use PSCS.
NOTE: When I don't say fill or opacity after the percentage, that means opacity.
1. I opened up a 470x170 document. I filled it with #131313.
2. Then, I took this texture:
Now, I'm going to teach you a trick. Before pasting it into your grey canvas, make a new Hue/Saturation adjustment layer. Adjust the "Hue" until the color of the texture fits the colors you are planning to use in the banner. When you're done, go to Layer>Flatten Image and then copy and paste.
3. Take this stock:
Set it to Soft Light, 25%.
4. Now take these two textures, with the first one pasted in before the second:
Set the first to Soft Light, 20%. Set the second to Overlay, 25%.
5. Take your cut-out/render whatever you want to call it. If it's too big then resize it but not too much, leave room for a smaller but not tiny render. Duplicate it once and don't pay attention to copy yet. Set this to Normal, 10%.
6. Now turn to the duplicate, resize it to fit the banner better. Duplicate it 3 times so you have 4 layers. On the bottom most layer, go to Layer>Layer Style>Color Overlay and make the color #3D3D3D. Then, turn to the next duplicate. Set it to Lighten, 100%. Turn to the next duplicate and set to Soft Light, 45% to tone down the grey a bit. Set the last duplicate to Lighten, 60-65%.
7. Take this texture:
Set to Linear Dodge, 100%. Move it where it looks good.
8. Take these two textures:
Put the first one on Color Dodge, 100%. Move it on the render's shoulder and if needed, use Hue/Saturation again to change the color. Put the second on the render's body and put it on Color Dodge, 100%.
9. Take this texture:
Set to Screen, 100% and again, use Hue/Saturation if needed.
10. Take this texture:
Set to Screen, 100%. Move it on the render.
12. Fill a new layer with #32BEF9. Set to Soft Light, 25% to make it more colorful.
13. Do a sky blue to bright orange gradient map. Set to Soft Light, 25%.
14. Make a new layer. Take your 200px soft brush in white, and brush at the top of the banner, just next to the render. Keep this on Normal, 100%.
15. To add some nice texture to the banner, we're going to take this:
Set to Soft Light. Erase on the render's face and body, and the textures surrounding it. Just leave the sides but make it flow nicely.
16. Take this texture:
I use the Hue/Saturation trick again here, changing it to blue. Set to Color Dodge, 100%.
17. Make a new layer. Go to Image>Apply Image. Then, go to Filter>Sharpen>Sharpen. If it's too sharp, lower the opacity.
18. Make a a new Photo Filter layer (Layer>Adjustments>Photo Filter). Use the default settings (Warming Filter (85), Density: 25%).
19. Make a new layer and fill it with #1A1A1A. Set it to Soft Light, 50%.
20. Curves layer:
RGB: 138, 117. Set to Normal, 70%.
You're done! Any comments and/or questions are welcome.