Chances are, amid all of the vast and varied responsibilities involved in the day-to-day running of a bank or credit union, you may not be familiar with these terms. But you should be. It’s likely your competitors are. The terms are important when discussing the different types of advertising and marketing that can be specifically targeted to segments of account holders and potential consumers.
As anyone in the finance industry knows, it’s a jungle out there filled with fintech products that seem to pop up constantly, luring members away from their traditional primary financial institutions to the highly competitive fintech universe. How are people learning about these instant-approval mortgages and zero-interest balance transfer credit cards from institutions that don’t even have four walls? Likely from ads on their smartphones or other mobile devices as they’re browsing online.
Spending by U.S. financial industry on these types of digital ads continues to rise. It is projected to reach $349B in 2022, an increase of 13% over 2021. FIs are realizing they need to advertise where their account holders and members spend most of their time. Online.
Hence the need to know this new advertising lingo and take advantage of the power it promises. Here’s a quick primer.
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