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1、January 20232023 Financial Services Marketing TrendsKey themes of 2022 drove many aspects of our trends:Economic UncertaintyHow will the longer-term effect of economic uncertainty be felt by consumers?Outside DisruptorsWhat is the future of industry disruptors,and how might they shape the world of f
2、inance?Changing DemographicsHow will brands innovate and adapt to these demographic changes?Burgeoning TechnologyHow can brands differentiate product offerings with messaging that stands out?AgendaWHAT A RELIEF!How can brands provide short-term solutions?INDIVIDUAL EMPOWERMENTHow can brands provide
3、long-term solutions?GEN STRATE-ZYHow are brands preparing outreach to younger generations?1234LOOKING AHEADHow will these trends look by the end of 2023?WHAT A RELIEF!Given the combination of high inflation and economic uncertainty,some consumers are struggling to make ends meet while others are fin
4、ally feeling the squeeze on their finances.This year will present a unique opportunity for brands to offer financial relief to their customers and meet their immediate needs through simplifying access,providing more choice,and creating robust loyalty offerings.This trend draws inspiration from Minte
5、ls 2023 Global Trends:Hyperfatigue,Intentional SpendingEvery Dollar CountsWhat a Relief!Every dollar counts in a high-rate environment,and the call-to-action for brands and consumers right now is to do something rather than nothing.This year were expecting brands will highlight existing offerings th
6、at enable this theme of financial relief through their marketing,as well as develop other products and features that give an edge on competitors.Consumers have exhausted pandemic era savings,with the savings rate at 2.4%the lowest its been since 2005Source:Mintel Reports,Consumers and the Economic O
7、utlook-US-2023Personal Saving Rate,Seasonally Adjusted(2004-2022)CREDIT CARD BALANCES15%YoY increase in credit card balances,which is the largest annual increase in more than 20 yearsWhat a Relief!Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Banks offered early pay day programs,f
8、rom“two days early”for incumbents to cash advances for neobanksEmailWhat a Relief!Paid FacebookSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022RBCs campaign to incentivize switching banks for a free Apple product on sign-up included their most expensive paid social adWhat a Relief!P
9、aid FacebookSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022AmEx and Citi used email to promote opportunities to use rewards points at discounted rates before the holiday seasonAmerican ExpressCitibankWhat a Relief!Cross-Selling with LoyaltyWhat a Relief!With the cost per acquisitio
10、n rising,brands will turn to cross-selling and up-selling existing satisfied customers.Expect to see more direct mail messaging that recommends alternate products and tiered loyalty programs that adapt to customer needs.Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022PayPal used ema
11、il to shift from acquisition to loyalty and cross-sell,inviting loyal customers into extra valueWhat a Relief!Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Citizens Bank created a tiered loyalty program to incentivize a cross-product relationship with customers via direct mailWhat
12、 a Relief!INDIVIDUAL EMPOWERMENTWhile the industry is providing immediate relief,there is the long-term to consider as well.This year brands can help customers be the best version of themselves financially,helping them save and manage their money well to meet their future goals.The slow but steady d
13、emocratization of finance is continuing to improve much-needed inclusion and accessibility in the space,reaching more saturation with underbanked groups.This trend draws inspiration from Mintels 2023 Global Trends:Power to the People,HyperfatigueBe the Best You Can BeIndividual EmpowermentThis years
14、 top goal for consumers is to save more but that has become much harder.Brands will step in with products like budgeting and money management tools,as well as messaging around offerings that can help consumers reach the goals.Brands have an opportunity in this time of economic uncertainty to guide c
15、ustomers in reaching their fullest financial potential.64%Canadians wish they had more financial knowledge to improve their financial decision-making4 in 5American customers are interested in some form of financial support from their bankSource:Mintel Reports,Financial Wellness US 2022,Financial Wel
16、lness Canada-2022Consumers agree financial support is needed but brands should avoid one-size-fits-all solutionsCANADAFINANCIAL DECISION-MAKINGU.S.FINANCIAL SUPPORT Individual EmpowermentSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Banks reminded customers of various budgeting to
17、ols and tips to help with money managementINTENT TO SAVE39%U.S.consumers ranked long-term savings as one of their top three financial goals for 2023Individual EmpowermentPaid FacebookSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Capital One continued to market select retail bankin
18、g locations as caf experiences where customers can get adviceIndividual EmpowermentPaid FacebookCUSTOMER SERVICE41%18-34 y/o higher-earning consumers cited a high priority toward customer service in selecting a brandSource:AMC Theaters,NesswellFinance becomes more embedded with co-branded credit car
19、ds and banking services that cross industriesNess/Mastercard/Bank of MissouriBoost Mobile/Visa/Community Federal Savings BankIndividual EmpowermentBoost Mobile is making a play for underbanked Americans with OmniMoney,a no-fee digital checking account.Over half their customers pay their bills with c
20、ash,and Boost Mobile plans to use their retail footprint to make in-store cash deposits available.Ness is a wellness credit card linked to a wellness rewards app,with rewards not just on healthy purchases but also healthy activities.Ness has plans to broaden their health related offerings,including
21、eventually offering cardholders health insurance.Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022,Mintel Reports Financial Services in 2023 US-2023Capital Ones highest national TV spend went to promoting their Venture X premium travel cardINTENT TO TRAVEL34%Higher-earning consumers
22、still consider travel to be a top priority in their financial goalsIndividual EmpowermentDemocratizing FinanceIndividual EmpowermentFinancial inclusivity has long been a whitespace filled by fintechs,who have offered many digital-first solutions.This year theres a growing focus for incumbents on equ
23、ity and reaching the underbanked,with brands that center their customers and their long-overlooked needs standing out.Source:Mintel Reports,Marketing Financial Services to New Canadians Canada Nov 2020;Government of Canadas Immigration Levels Plan for 2023-2025Scotiabank reached out to new Canadians
24、 with culturally relevant marketing to support their needsIndividual EmpowermentPaid FacebookCANADAS IMMIGRATION TARGET465KNew permanent Canadian residents expected in 2023Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Fintech Majority offers a banking service catering to immigrant
25、sWebsiteIndividual EmpowermentSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Credit building is evolving to include on-time recurring payments like rent,utilities,and subscriptionsPaid FacebookIndividual EmpowermentSource:CNBCBank of America is piloting a loan program aimed at narr
26、owing the homeownership gap in Black and Hispanic communitiesIndividual EmpowermentSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Mastercards True Name feature partners with T-Mobile Money and BMO to enable transgender cardholders to use their chosen first name on their card withou
27、t a legal name changeIndividual EmpowermentGEN STRATE-ZYThis year about half of the 69M Gen Z will reach adulthood,while 72M Millennials(Gen Y)continue towards key life stages with greater utilization of financial products.These segments are tech-savvy and digital-first,quick to adopt new social med
28、ia platforms,and prefer brands to engage them in novel and gamified ways.Brands who desire to bridge the gap will need to adapt their strategies and reposition traditional products/services to meet the needs of younger generations.This trend draws inspiration from Mintels 2023 Global Trends:Me Menta
29、lity,Power to the PeopleSubscription Price is RightGen Strate-ZYOther industries like streaming have popularized subscriptions,but overall financial services has been slow to adopt this flat-fee model.This year more legacy institutions will experiment with this messaging and products that offer cust
30、omers more transparency,flexibility,and personalization.Source:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Subscription pricing in financial services shows promise and has started with the wealth management modelSUBSCRIPTION BUNDLING67%Millennials would be interested in bundling multip
31、le financial products for a monthly fee,compared to 29%agreement from those who are Gen X and older.Mobile DisplayWebsiteGen Strate-ZYSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022American Express highlighted various partnerships to appeal to the subscription-mindedGen Strate-ZYPa
32、id FacebookSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as of 1/10/2022Incumbent banks providing buy now pay later offerings used subscription-esque messaging with keywords like“monthly”Paid FacebookGen Strate-ZYBreak New Marketing GroundGen Strate-ZYMillennials and Gen Z have growing spending
33、power,are taking on debt at younger ages,and have interest in investing and saving at earlier ages than generations prior.To reach these groups,brands will increasingly need to shift towards paid social,especially newer marketing channels.$68TEstimated assets will change hands among American consume
34、rs$1TEstimated assets will change hands among Canadian consumers90%of inheritance recipients lose their wealth by the third generationSource:Federal Reserve,Nasdaq,WealthProfessionalThe Great Wealth Transfer will be the largest generational shift in assets over the next two decadesU.S.GREAT WEALTH T
35、RANSFERCANADA GREAT WEALTH TRANSFERLOSS OF GENERATIONAL WEALTHGen Strate-ZYSource:Comperemedia Omni 01/01/2019 to 12/31/2022 as of 1/15/2022,industry overview for financial servicesTotal industry marketing spend in 2022 was$9B+with notable gains in paid social and declines in direct mail024681012201
36、9202020212022BillionsTotal Financial Services Marketing Spend by Channel(2019-2022)DisplayPaid SocialNational TVDirect MailOnline Video3%9%30%53%4%Financial Services Media Mix(2022)DisplayPaid SocialNational TVDirect MailOnline VideoGen Strate-ZYSource:Comperemedia Omni 01/01/2022 to 12/31/2022 as o
37、f 1/10/2022Bank of Americas#CantStopBanking campaign continues to solidify younger loyalty with its strong play in mobileEmailDesktop DisplayOnline mobile features are a key factor for younger generations at39%when it comes to remaining loyal to a financial services provider.Paid TwitterGen Strate-Z
38、YBMO is making a play for Canadian gamers on Twitch to help them“level up both in game and IRL”Source:Mintel social media monitoring 01/01/22-9/31/22 as of 10/10/22,BMO.ggGen Strate-ZYSource:Mintel social media monitoring 05/01/20-05/31/22 as of 06/15/22,Fidelity Subreddit,Fidelity Discord Fidelity
39、has expanded marketing to high-growth social platformsRedditTikTokDiscordGen Strate-ZYFidelity used an experiential marketing strategy to test an interactive,educational,and gamified metaverse playSource:Mintel social media monitoring 01/01/22-12/31/22 as of 01/10/23;Mintel Reports,Consumers and Inv
40、esting US 2022 0%10%20%30%40%50%Gen X and olderMillennialsGen ZWhat types of investment categories would you seriously consider investing in?CryptoNFTsGen Strate-ZYDigital assets broaden commercial use cases with Starbucks launching an NFT loyalty platformGen Strate-ZYLooking AheadHow will these tre
41、nds look by the end of 2023?WHAT A RELIEF!PREDICTIONS&OPPORTUNITIESWith plummeting savings,increasing credit card usage,and delinquencies on the rise,banks will continue to get creative with offering financial relief as a way to build brand equity with customers.Brands will bundle benefits to help c
42、onsumers maximize value.Acquisition strategies will need to have an element of novelty,like the“gift with switching”example.Cross-selling and up-selling will be top of mind,with brands showcasing loyalty ecosystems and rewards benefits.Customer service will be a valuable customer retention tactic an
43、d a pull marketing strategy,and a big growth area for AI utilization.INDIVIDUAL EMPOWERMENTPREDICTIONS&OPPORTUNITIESThe wealth gap tends to be more obvious during times of economic crisis,so brands will look to focus on historically overlooked groups,as well as compartmentalize product marketing bas
44、ed on a consumers financial status.While saving is the top goal for consumers across the board,lower-earning consumers will want to improve their credit score and pay off credit card debt,so credit building and debt management will be big this year,as well as communicating value.For high-earning con
45、sumers,travel and exclusivity is top of mind,which will lead to a lot of marketing spend prioritized to travel products,like premium travel cards with mid and high tier fees,and experiences,like access to premium airport lounges.Lastly,embedded finance products that cross industries continue the evo
46、lution from banking-as-a-service to open banking to open finance,empowering individuals by reducing silos.GEN STRATE-ZYPREDICTIONS&OPPORTUNITIESAlong with a shift to subscription pricing for banking and credit cards,younger generations are the movement driving change in financial services.Finance br
47、ands will make strategic investments in digital offerings and infrastructure,especially around mobile wallets,virtual cards,and security features like biometrics.Big Tech will continue its move into financial services and become a significant disruptor.Digital assets will have another shaky year wit
48、h low prices,but institutional adoption will continue and be set up for success in 2024.From all the newer marketing channels,a couple winners will emerge as essentials for finance brands to reach younger consumers.Finally,as the age of interest in money matters gets younger and younger,expect to see more finance offerings targeted towards kids.Biota Li MacdonaldDirector of Marketing StrategyThank you!https:/ me on LinkedIn for the latest posts and opinion on financial services marketing.