As newcomers like neo-banks and cryptocurrency firms pave their way in the fintech world, financial brands are wondering which innovations to focus on this year and in 2023. Rakuten Advertising recently hosted a panel of financial marketers at our DealMaker event in Austin, TX, to discuss innovation and the challenges and opportunities for the future of financial services affiliate marketing. Our panelists included:
- Patrick Hook, VP of Digital Marketing at Wells Fargo
- John Maas, VP of Marketing for Quontic Bank
- Eric Wellner, the GM of Lending Tree
Here are some of the highlights:
Changing times spark innovation.
As today’s markets fluctuate, newer financial brands look to publishers for more innovative strategies to compete with more longstanding, traditional organizations. To maintain a voice during changing times, brands need to develop a unique long-term strategy that focuses on building relationships with consumers during change and stability.
Diversity is key to maintaining stability.
Investors know that diversity is key to maintaining stability during volatile times. When it comes to affiliate marketing, some industries advance ahead of the competition while some take a more conservative approach. Regardless, developing a more diverse strategy can appeal to consumers who look to reduce financial risk and consider other brands based on their unique offerings.
Buying decisions become more emotional.
Increasing prices and rates can cause consumers to make emotional decisions when it comes to purchases. They may be quick to switch brands based on rates or shift investment plans. While these decisions may seem logical to cut back on costs, their motive carries a lot of emotion as they look to brands for help in navigating the changing landscape. Through affiliate marketing, brands can help consumers learn about their financial options through educational content that helps them make the best decisions possible.
Customer needs are constantly evolving, regardless of the economic environment. Advertisers and publishers need to adapt to these needs and get to know their clients incredibly well to uncover opportunities for innovation. Whether marketers are developing new products or marketing campaigns, those strategies need to be incredibly relevant to their audience’s needs now more than ever. By resonating with customers throughout the changing landscape, brands can reach consumers right when they’re searching for new financial solutions.
For more insights on how consumers find and choose financial services, download our 2022 Financial Affiliate & Consumer Trends Report.