State Of The Industry: Finance (April 2019)

By Katrina Makins | 05 Apr 2019

As part of our state of the industry series, we gather the latest trends and insights in finance and summarise that data as key stats that marketers can digest easily and quickly. Our April edition covers customer behaviour, customer experience, the impact of artificial intelligence, content marketing, and the state of digital in the financial services sector.

Key findings

Banks and financial services companies are slightly behind when it comes to the digitalisation of their services compared to other sectors such as retail, epitomised by clunky sites that lack the functionality or information that matters to customers. On top of this, the 2018 open banking directive has resulted in traditional banks and financial institutions facing fierce competition from fintech and online banking providers. Within such a competitive landscape, it’s more important than ever that banks and financial services companies tap into the online opportunities that digital marketing can offer, especially when targeting younger demographics. Here are some of the key findings in our latest report:

  • Over 70% of young people will manage their financials exclusively via digital channels by 2023
  • 68% of millennials feel their banks fail to understand and acknowledge their needs
  • Millennials are multichannel bankers and expect to be able to engage across whatever channel is most convenient and best suited to their immediate needs
  • 84% of financial services professionals consider it “very” or “extremely” important to know their customers, yet they aren’t taking big steps to implement customer-driven strategies
  • 71% of financial services organisations plan to increase their digital marketing spend
  • 61% of financial services companies are either using artificial intelligence (AI) already or plan to do so within the next 12 months, a percentage that puts this sector ahead of others (44%)
  • Fintech companies with a blog page have 97% more inbound links