Inflation. Fuel Prices. Data Breaches. Social Responsibility.
People have a lot on their minds.
Ideally, they can rest easy knowing that you’re looking out for their financial interests. As their primary financial institution in these increasingly turbulent times, you can provide more value and opportunities.
But what are the financial services trends that matter? How can you bridge the gap between what people want and what they’re getting?
Vericast asked financial services marketers and consumers about their banking goals, priorities, expectations and experiences. We identified five trends shaping the financial services industry this year. You can read the full 2022 Financial Services TrendWatch report for yourself, but here’s a sneak peek:
Trend #1 – Mergers, acquisitions and conversions, oh my!
Key stat: Despite most people being satisfied with their current financial institution, 19% of consumers said they were very likely to switch after a merger or acquisition.
Key takeaway: Change events threaten customers’ long-standing loyalty. This includes mergers and acquisitions and core or digital banking conversions. If you aren’t customer-first when your organization manages a major change event, then everything you have worked for could be in jeopardy.
Trend #2 – Thinking outside the traditional TV box.
Key stat: 49% of consumers surveyed perceived connected TV (CTV) ads as more relevant than traditional TV.
Key takeaway: Streaming entertainment remains an untapped marketing channel. With increased popularity, CTV ads help brands connect with the cord-cutters, who tend to be younger. CTV ads reach a larger audience of people in-market more precisely.
Trend #3 – No more cookies, please!
Key stat: Only 28% of financial institutions surveyed have a plan for a cookie-free web targeting strategy.
Key takeaway: Heightened expectations of consumer privacy will affect previous tried and true staple marketing strategies for digital advertising. Leveraging first-party data, authenticated targeting and contextual targeting should be top for marketers as we leave cookies behind.
Trend #4 – Your brand is more than a logo.
Key stat: 66% of consumers surveyed said it’s important their financial institution has a role in the local community.
Key takeaway: Actions speak so much louder than marketing words. Today’s consumers demand consistent, clear, visible and local corporate social responsibility.
Trend #5 – Lending for the save.
Key stat: 48% of consumers surveyed said they were very receptive to receiving preapproved loan offers from their financial institution.
Key takeaway: Loans will be the market-making competitive battleground this year and beyond. Every dollar counts for customers and if they can save by refinancing, they will take advantage of that if you make it easy for them. While you may not want to be too product-driven, you will want to consider what sets your loan portfolio apart.
All these trends point to the potential for financial institutions willing to innovate, change and communicate.
You’ve got some key stats and takeaways, now get the full 2022 TrendWatch report for more perspective and actionable insight to improve loyalty, increase acquisition and grow relationships in 2022.