1 E-marketer, US Digital Financial Services Digital Ad Spending 2020, Aug
2 Salesforce 2018 – Sate of the connected customer
3 Business Insider Intelligence Report, 28 Dec 2020
4 Salesforce 2018 – Trends in financial services marketing
5 Amazon and Kantar Multi-vertical P2P study, Oct 2019
6 Kantar Customer Insights Surveys – Insurance, Banking, Brokerage
7 Kantar Customer Insights Survey June 2020. The study surveyed 1,000- participants who purchased insurance in the past six months
8 Kantar Customer Insights Survey October 2019. The study surveyed 1,000 participants who applied for a credit card in the last three months and are representative of the total US population
9 Kantar Customer Insights Survey June 2020. The study surveyed 1,000- participants who purchased insurance in the past six months
Industry marketing
Financial services marketing
How can Amazon Advertising fit into your financial services marketing strategy? Learn about the advertising solutions that we can offer your financial services company, whether it’s insurance, banking, brokerage or tax.
Understanding financial services marketing
Financial services marketing helps you connect with consumers and companies looking for service providers to fulfil their financial management needs. A complete marketing strategy reaches prospective customers and encourages them to consider your business when they’re in the market for financial solutions similar to yours, before eventually purchasing and becoming loyal customers.
Financial services advertising is projected to grow 9.7% in the US and is the second-largest spending category after retail.1 Financial services advertisers are continuously looking for ways to connect with consumers to drive awareness and consideration of their brand and products, as well as lower-funnel actions, such as adoption and retention. In a highly competitive marketplace, advertising can help them stand out.
Financial services marketing trends
79% of financial services customers say that the experience a company provides is as important as its products and services.2
71% of Gen Zers believe that financial services brands should help them achieve personal goals and aspirations.3
87% of financial services marketers say adopting or refining customer journey strategies is a priority.4
Challenges facing the financial services industry today
Hard-to-reach audiences
Financial services brands are looking to differentiate their brands and products to reach unique audiences with complementary solutions. A strong marketing strategy requires analysing insights to effectively reach audiences in a fragmented landscape.
Competition for brand awareness
48% of consumers know which financial services brand they are going to select before they open a new credit card, insurance policy or brokerage account.5 It’s important for you to reach these audiences before they’re ready to purchase and while they’re still open to considering your products and solutions.
Finding the right moment
An effective marketing strategy reaches consumers at just the right time. More than 30% of insurance, banking and brokerage customers say that their most recent purchase of a new policy, credit or debit card, loan or online brokerage account was due to a life-event change.6
Amazon Advertising marketing insights
Insurance
Insurance as a category covers a broad scope of products, spanning health, property and accident (home, car and tenants), life, travel and many more niche types of insurance. Any risk or liability can be insured.
Based on a custom survey by Kantar, 68% of insurance customers who purchased insurance in the last six months shop on Amazon at least once per month.7
Banking and payments
The banking and payments industry comprises financial institutions such as traditional banks, financial technology (fintech) companies and network payments providers. They offer a variety of products and services, including credit or debit cards, current and savings accounts, and payments and lending solutions.
The Kantar survey also found that 88% of consumers who searched for a credit card in the last six months visited Amazon within a few days of their application.8
Brokerage
Online brokerage firms allow customers to buy and sell various securities online. Aside from allowing customers to transact online, they also provide resources for investment information and advice.
Of the Kantar survey respondents, 61% of those who used a brokerage firm in the last 12 months had also visited Amazon in the last 30 days prior to the survey.9
Financial services marketing examples
Case study
In order to reach their desired audience, the brokerage firm decided to use Amazon Advertising’s unique audiences and brand-building solutions.
Blog
“1-Click” ordering places Amazon customers’ orders automatically so that they can skip the shopping basket, simplifying their shopping experience.