When thinking of brands that handle and manage cash, it’s difficult for consumers to overlook that bank in the center of town that hasn’t had an upgrade in years, or that financial firm with the overly complicated website, or even that banking app with the strange platform that does little to assist. In a survey conducted by WE Communication, more than 40% of all respondents across the globe claim to dislike the finance and banking sector. This is because finance, a space that is traditionally associated with face-to-face communication, is slow to transform to digital despite access to an immense amount of data. As other sectors make grandeur data-driven moves to make consumer’s lives easier, the bulk of finance companies prefer to stay deep-rooted in technology-free zones. In 2019, however, more banks are expected to revolutionize their processes as the threat of successful fintech companies continues to rise. For dissatisfied, discouraged consumers, hope – in the form of programmatic – is on the way.
By diversifying digital strategies with programmatic, the financial field will be able to reignite a valuable connection with consumers. Only 60% of consumers trust companies in this sector, so there’s no better time than now to use advancements in technology to alter perceptions. Beginning with a strong, diversified digital strategy is key. In 2017 and 2018, very few banks or credit unions allocated more than 40% of their budgets to mobile marketing – the space where, according to Mintel, consumers are seeking to do their finances. To start exploring other, non-traditional media outlets will prepare these brands for cultural changes and new expectations. 95% of financial marketers believe consumers are in search of more personalized experiences, especially as other sectors begin to move forward and leave traditional processes behind. Employing programmatic strategies will make this personalization feasible.
This drive to become digital-savvy is on the rise as banks see the upside of using data – with consumer consent – to offer stronger services. Investments in digital technology are increasing across every front to celebrate innovation and welcome personally catered experiences. Growth in programmatic ad spending continues to increase and is expected to reach $57.35 billion this year alone – and a portion of the sector is catching on. Bank of America’s digital strategy is strong, for instance, with the addition of an in-brand app that comes hand in hand with an AI chatbot named Erica. Erica powers the app and offers assistance in the digital space, allowing the company to reach people when they want and where they prefer to engage. This use of AI in banking is surging and nearly ⅔ of brands claim to have explored it in some shape or form last year. This newfound acceptance of the digital space, which consumers claim to prefer, is all about putting the audience first. With 83% of all digital spending now being programmatic, 2019 calls for intense updates for the financial sector in terms of leaving the old behind for the new.
Programmatic ad buying is expected to be a major trend in 2019 for the financial and banking industries. It will continue to grow and expand, especially as 14% of all purchases are expected to be made via mobile devices in 2020. This trend will enforce the importance of creating an all-around digital experience for consumers on apps, on websites, and in brick and mortar locations to improve the overall perception of these services. Finance is chock full of data and ethically using this information to create stronger brand experiences will become an integral portion of media spend this year and in years to come.