The financial services industry is undergoing massive disruption.
The growing presence of innovative fintech and big tech companies, rising consumer demand for more efficient ways to manage finances, and tightening regulatory attitudes—not to mention inflation and rising interest rates—are all impacting how media buyers can operate in the finserv landscape. To chart a path through the current fog of uncertainty and position for a bright future, financial marketers should lean on smarter operational efficiency and focus on regulatory compliance.
Here are two trends to watch for:
The advancement of targeting and measurement mechanisms will impact channel planning within the prospect ecosystem in a big way. Take connected TV (CTV), for example—a channel that has historically been used for awareness and enhancing brand perception. Now, as we move into 2023, financial institutions that can pair sound data utilization infrastructure with advanced measurement capabilities will set themselves up to bifurcate CTV strategies in a way that delivers both awareness and acquisition. And this can just be a starting point—it is an approach that can easily expand into programmatic, video, social, and other addressable media vehicles.
Another significant area of interest in financial services is the intensifying scrutiny on targeting mechanisms within digital media. This comes on the back of a recent Consumer Financial Protection Bureau (CFPB) ruling that holds digital advertisers and service providers liable when digital media targeting may violate practices outlined in the Consumer Financial Protection Act (CFPA). It highlights the need for finserv companies to be in lockstep with their agencies to ensure they are reviewing and approving audience targeting strategies with the same rigor as communications and messaging.
So, what should finserv advertisers be thinking about heading into 2023? In short: by harnessing the right measurement technology and taking a customer-obsessed approach to targeting, financial institutions can maneuver to gain a competitive advantage and win consumer trust.
Want to learn about some of the macro trends affecting digital marketing more generally? Check out our 2023 Trends Report to stay ahead of the curve as you plan for the year ahead.