Digital Marketing Budgets in the Banking Industry Set to Explode
By: Staff | Jun 1 2015
Financial marketers will be spending more and more on paid digital advertising in the next five years. This exclusive report looks at the digital advertising trends that will be reshaping the banking the industry in 2015 and beyond.
Ad spending on digital media by US financial institutions industry will top $7 billion in 2015, a 14.5% gain over 2014, according to a report from eMarketer.
For the foreseeable future, banks and credit unions will continue to shift more and more of their budgets away from traditional- and offline channels and towards online and mobile media. Growth rates in digital advertising budgets may ease slightly as time passes, but eMarketer forecasts a healthy 11.7% compound annual growth rate between 2014 and 2019. By 2019, eMarketer estimates that the US financial industry will spend over $10 billion annually on digital advertising.
Spending figures from Kantar Media show that digital advertising is white hot in the banking industry. While traditional media channels saw significant decreases from their 2013 levels, online advertising (which Kantar defines as desktop display and paid search ads) grew by 20.4%.
Digital video is another bright spot, across both desktop and mobile, with financial marketers projected to spend $755 million on the format in 2015. Though the bulk of video ads by the sector will be short pre-roll formats, the desire to tell stories and engage audiences is leading to longer videos tied to branded content sponsorships. Spend some time poking around YouTube and you’ll see what eMarketer is talking about — even credit unions are using online video to retarget visitors to their websites.
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