A few days ago I presented a practical list of 2020 Marketing Trends At General Assembly in London. When I say practical please read: no shiny futuristic stuff and focus on strategy (deck is available here, for a few days, then will expire).
What about Financial Services? Here are 2 trends that will influence FinServ.
Renovated Focus on Brand Building
A renovated focus on long-term brand building will boost profits and will give finserv companies an advantage. Half of the $43.2bn that finserv brands invested in ads in 2018 was allocated to digital formats, including online video, social media and paid search. Data shows a dramatic shift to digital over the last 5 years. Digital advert spend has grown by 22pp since 2013, to 45.5% last year. This means: too much focus on short-term activation while long-term brand awareness has been neglected (see Les Binet, The Long and the Short of It). It’s now time to revert the trend.
Customer Experience (CX)
Increasing competition with agile startups leads to improved CX. FinTech companies are challenging traditional institutions by being cheaper, easier to implement and attractive to new talents. From the 2018 Digital Banking Report: “Banks and credit unions must now use data and advertising analytics to improve customer experience. These changes present both challenges as well as opportunities for banks and credit unions.”
(Link to the full list/deck is here)