Learn how to reach new audiences with a multichannel banking marketing strategy

September 13, 2022 | By Henok Zeratzion, Sr. Marketing Manager

Savings Account

Between physical banks, building societies, and digital-only banks, there are more banking options than ever before. In addition, customers face increasing complexity in their decision-making process as all these banks introduce new product and technology offerings to standout in a crowded space.1 How do they decide which to use?

To better understand common attitudes and behaviors when it comes to choosing financial products and services, Amazon Ads worked with Kantar to survey shoppers about their motivations, influences, and usage of financial products. The April 2022 study featured 1,000 respondents between ages 18 to 56 from the UK. Here are some findings from the survey.

Consumers embrace product suites from local and digital banks

According to the study, banking and savings account holders may be open to discovering new brands. Half the respondents said they have switched banks at least once, and one in four stated they switched banks twice.2 Nearly one in five have made a switch in the last two years. 3 Advertisers could consider potential brand switchers as an audience that could be receptive to considering new brands.

The study also revealed that frequent Amazon shoppers are 1.3 times more likely to choose a digital-only bank as their primary one, and they’re five times more likely to select a local or regional bank as their primary bank, making this an area of opportunity for bank advertisers.4

Reasons why consumers may consider switching banks

According to the study, life events are a reason for switching banks, as recent switchers were more likely to have recently experienced a life change, such as move to a new home.

Based on the survey, customers who have switched within the past two years shared that the top three reasons for switching were receiving incentives for switching accounts (24%), better online services (23%), and better customer service (23%). 5 Customers who switched more than two years ago shared similar reasons, with incentives and better customer service both at 21%. However, unique to this group was more competitive interest rates (19%).6 Considering these motivations could help you create advertising and messaging that resonates with these audiences.

The survey results demonstrated that Amazon shoppers are often open to switching when it comes to their banking accounts, with three in 10 having opened a new account in the last two years, and more than four in 10 respondents stating they are willing to open a new account in the next 12 months.7

How to reach audiences who are more likely to switch banks

According to the study, frequent Amazon shoppers are more likely to have learned about their banking account via online media channels.8

The survey results showed that when it comes to media channels, banking account audiences are 25% more likely to recall online ads than offline ads. The respondents in the survey primarily become aware of banks through digital ad content, such as banner ads and website ads (62%). Additional sources of awareness were third-party search (i.e., through search engines) (41%) and online reviews such as recommendations from experts and consumers (34%).9

According to the study, convenience is by far the most important factor (67%) for account holders when choosing a bank, followed by an existing relationship with the bank (40%), then fees or rates (36%).10 While convenience is important for both frequent and occasional shoppers, it’s also important to consider the relationships, offers, and online access.

Amazon Ads can help empower banking and financial services marketers to connect with audiences looking to explore and discover new financial products and services available to them. Amazon Ads can help your brand engage with all types of audiences, whether they’re on Amazon, Twitch, or IMDb.

1 EY - How can banks transform for a new generation of customers, 2021
2-10 Kantar and Amazon Ad - UK banking and payment audience study, April 2022