The Advertising Club, Vertical Series: Finance
Earlier this week the Ad Club of New York hosted apanel discussion as part of their Verticals Series platform, this time on finance. John Piontowski, VP, Industry Leader – Financial Services at Oath,moderated the panel, which included Katrina Craigwell, Head of Marketing at Finn by Chase, Lauren Radcliffe, VP Marketing, Media and Acquisitions at E*Trade, and Tatyana Zlotsky, VP/GM Marketing & Global Digital Innovation, Global Commercial Services at American Express. Julie Hyman, Anchor for Yahoo! Finance, joined the discussion to provide an industry overview.
According to a study done by Oath in 2017, retail investors still continue to act cautiously with investments since the financial crisis of 2008. The study outlines a series of stats that illustrate the changes in consumer thinking in the last 10 years:ETFs, robo advisors and other AI-type financial advising platforms have doubled in number since the financial crisis; half of consumers are engaging with online live streaming content; 54% of Americans view more livestream than last year via smartphone; and adults spend over 12 hours engaging with content.
So, how is the change in consumer behavior affecting the financial businesses? Data and creative need to work together to reach people with engaging creative content where they spend time online. Thinking mobile first helps create opportunity to reach people more effectively as we modernize commutation strategies to remain relevant to consumer transportation patterns. The financial industry still has problems communicating to the average person because financial literacy is not common.
The one thing that isn’t changing is trust. Successful, established, and well-known brands enjoy more brand trust because relationships have been built over time. Newer, direct to consumer brands are working to develop trust and strong relationships to compete with established brands.
Innovation is critical in financial products and services. Zlotsky said “not adopting tech will leave you behind but adopting tech for the sake of adopting it will not get you ahead. You need to understand customer needs and a strategy that is winning and have to be put into amazing new tech to accelerate path in that journey. It’s about the way you approach innovation”.