In today’s constantly evolving financial landscape, success hinges on effective performance marketing, especially in the affiliate channel. As economic conditions and interest rates fluctuate, consumers are seeking out fresh credit card options and bank accounts to navigate the shifting currents of the financial market.
To give financial advertisers in affiliate marketing a competitive edge, we surveyed 500 Canadian consumers in 2023 to discover what matters most to them when researching new financial services. Below you’ll find key insights that we discovered. To view the full report, access here.
Over 87% of Canadians are on the hunt for new financial services this year, whether it be banking, credit cards, or other financial products, they’re out there and looking.
- 50% of consumers are looking for new credit cards or a bank account.
- 33% are researching cryptocurrencies.
- 33% are looking for trading and investment platforms.
The Canadian banking consumer
Service is number one to Canadians when selecting a new bank, but interest has been piqued in neo banks for the younger generations. Neo banks are branchless banking institutions that don’t have physical locations (i.e. Pay Pal). With the vast array of banking institutions, finding the right customer, at the right time is crucial.
- 40% of Canadians are likely or considering switching banks in 2023.
- Of those likely to switch, 57% said they would consider switching to a neo-banking option.
In order to find your next banking consumer, using a well-tailored affiliate marketing strategy is the key to unlocking success.
Compliance is Key
Collaborating with publishers and content partners in affiliate marketing offers endless opportunities for financial advertisers’ growth, but a robust compliance solution is essential. A compliance savvy team can assist financial brands in optimizing their program goals, communicating new product launches to publishers, and translating performance analytics for detailed campaign insight.
For additional insights and strategies for your affiliate marketing options, access our latest guide: The 2023 Canada Financial Affiliate & Consumer Trends Report.