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Finance Marketing Channel Overview - US - August 2011

This report looks at finance marketing in the US. The days of the single-channel customer are gone. The proliferation of electronic media has complicated every marketer’s job, including those in financial services. The constant and rapid introduction of newer and newer versions of technology makes customers a moving target. No sooner do they adapt to a given technology than a new one comes out and they switch, making it difficult for marketers to find them.

Some of the questions answered in the report include:

  • How can firms integrate marketing campaigns to further their effectiveness?
  • Is display advertising dead or are there any current opportunities?
  • What demographics are receptive to what advertising?
  • How can ethnic groups be penetrated more successfully?
  • What new digital devices are most commonplace and what opportunities does this present?
  • What demographics are most interested in financial planning and how can this translate into marketing opportunities?
  • How can financial institutions increase the sophistication of their marketing analytics to help engage more effectively with consumers?

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Table of contents

  1. Scope and Themes

      • What you need to know
        • Data sources
          • Consumer survey data
            • VMS
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                    • Companies mentioned in this report:
                    • Executive Summary

                      • Industry overview
                        • Integration is the name of the game
                          • Demographics play a role
                            • Engaging in social media is imperative
                              • More sophisticated technology will allow for more customization
                                • Consumers—where they get information
                                • Insights and Opportunities

                                  • Key points
                                    • Integrated campaigns are the future
                                      • Online display advertising is rich with opportunity
                                        • Figure 1: 2009 U.S. financial services advertising dollars spent, by medium
                                      • Hispanics are an attractive target market
                                        • Hispanics more receptive to online advertising than non-Hispanics
                                          • Figure 2: Percentage of consumers who agree with statements, June and October 2010
                                        • Millennials are the group most responsive to text advertising
                                          • Figure 3: How much more likely are to agree about statement, mobile phone users indexed to average cell phone user, 2010
                                        • Millennials are most likely to own electronic devices
                                          • Figure 4: Electronic device ownership, by generation, 2010
                                        • Millennials are more interested in financial planning than other groups
                                          • More sophisticated marketing analytics
                                            • Growth in social media
                                              • Social media instrumental in helping adviser firms grow
                                                • Banks have been slow to enter social media fray
                                                    • Figure 5: How customers use social media with financial services companies, August 2010
                                                  • Getting the message out to the non-users
                                                  • Inspire Insights

                                                      • Trend: Evolving Media
                                                      • Market Size

                                                        • Key points
                                                          • Ad spending beginning to turn around
                                                            • Figure 6: Percentage change in measured ad spending, full year, 2009 vs. 2010, and Q1 2011 vs. Q1 2010*
                                                            • Figure 7: Top 10 advertising categories: Full year 2010 vs. Full Year 2009
                                                          • The power of Facebook
                                                              • Figure 8: Percentage of users of SNS, by generation, 2010
                                                            • A slowdown in Facebook’s U.S. growth rate
                                                              • Figure 9: Top 25 markets for Facebook users and 12-month growth rate, as of June 2011
                                                              • Figure 10: U.S. share of Facebook visitors by age, December 2009-December 2010
                                                              • Figure 11: Facebook users, by gender, March 2011
                                                              • Figure 12: Facebook users, by gender and age, March 2011
                                                            • How many people use Twitter and who are they?
                                                              • Figure 13: Percentage of internet users in each age group that use twitter, April-May 2011
                                                              • Figure 14: Percentage of internet users who use Twitter, Spring 2011
                                                            • YouTube
                                                              • Other social networking sites
                                                                • LinkedIn
                                                                  • MySpace
                                                                    • Tumblr
                                                                      • Instagram
                                                                      • Competitive Context

                                                                        • Key points
                                                                          • Many print vehicles are switching to electronic formats in order to keep their readers
                                                                            • Figure 15: Number and circulation of daily and Sunday newspapers, 1970-2009
                                                                          • Strong growth in newspaper websites
                                                                            • Figure 16: Aggregated U.S. newspaper website audience, September 2010-May 2011
                                                                          • The pay walls go up
                                                                            • Figure 17: Top 10 print media websites, by % share of visits, May 2011
                                                                          • Traditional media ad revenue is unstable
                                                                            • Figure 18: U.S. traditional ad spending, 2009-15
                                                                            • Figure 19: U.S. online spending by format, 2010-15
                                                                            • Figure 20: Projected change in U.S. ad spending rate from previous year, by format, 2010-15
                                                                          • Cost of entry into new media is declining
                                                                          • Segment Performance

                                                                            • Key points
                                                                              • Websites can breed loyalty…or encourage switching
                                                                                  • Figure 21: Percentage of users finding problems on financial service provider’s site during peak usage time, December 2009
                                                                                • Direct mail
                                                                                  • Online display
                                                                                    • Figure 22: top 10 U.S. online display ad* publishers, Q1 2011
                                                                                  • Who’s doing online display?
                                                                                    • Figure 23: top 10 U.S. online display advertisers, Q1 2011
                                                                                    • Figure 24: Top 10 financial services online display ads, by number of impressions, 2010
                                                                                  • Brokerage companies benefit from the end of the financial crisis
                                                                                      • Figure 25: Top bank and credit card company online display advertisers, 2010
                                                                                    • What are the banks advertising?
                                                                                      • Figure 26: percentage of display ad impressions, by ad content, Q1 2010 vs. Q3 2010
                                                                                    • Examples of how banks are using social media
                                                                                      • Bank of America
                                                                                        • Citi
                                                                                          • Wells Fargo
                                                                                            • 1st Mariner Bank
                                                                                              • Twitter and financial services
                                                                                                • Mobile
                                                                                                  • Figure 27: Percentage of advertised categories via mobile display advertising, 3 month avg. ending Mar. 2011
                                                                                                • Tablets
                                                                                                  • Figure 28: U.S. Consumer tablet forecast, 2010-15 (in millions of U.S. adults)
                                                                                                • Tablets and their limitations as marketing vehicles
                                                                                                  • Traditional media
                                                                                                    • Newspapers
                                                                                                      • Magazines
                                                                                                        • Television
                                                                                                          • Radio
                                                                                                            • Figure 29: Top 10 banks and credit unions advertised on radio, by number of plays, May 2011
                                                                                                        • Market Drivers

                                                                                                          • Key points
                                                                                                            • Proliferation of mobile devices
                                                                                                              • Smartphones
                                                                                                                  • Figure 30: U.S. smartphone users, number and % change, 2009-15
                                                                                                                  • Figure 31: Mobile content usage, three-month average ending Jan. 2011 vs. three-month average ending October 2010
                                                                                                                  • Figure 32: smartphone penetration by race/ethnicity, U.S. Q4 2009-Q4 2010
                                                                                                                • Tablets
                                                                                                                    • Figure 33: Demographic breakdown of tablet owners, 2011
                                                                                                                  • More Millennials and Hispanics
                                                                                                                    • Hispanics
                                                                                                                        • Figure 34: U.S. Hispanic population 1980-2010, in millions
                                                                                                                      • Millennials
                                                                                                                        • Figure 35: Race/Ethnicity in 2009, percentage, by generation
                                                                                                                      • The demographics of social networking users are changing
                                                                                                                        • Figure 36: Age distribution of social network users, 2008 and 2010
                                                                                                                        • Figure 37: Gender distribution of social networking users, 2008 and 2010
                                                                                                                      • More sophisticated technology will allow increased customization
                                                                                                                        • QR Codes
                                                                                                                          • Personalized URLs (PURLs)
                                                                                                                            • Location-driven advertising
                                                                                                                              • Compliance issues shape social media use
                                                                                                                              • Innovation and Innovators

                                                                                                                                • Key points
                                                                                                                                  • Goldman Sachs and Oppenheimer
                                                                                                                                    • TD Ameritrade
                                                                                                                                      • USAA
                                                                                                                                        • Discover
                                                                                                                                          • Chase
                                                                                                                                            • Morgan Stanley Smith Barney
                                                                                                                                            • Marketing Strategies

                                                                                                                                              • Key points
                                                                                                                                                • Print advertising
                                                                                                                                                  • Figure 38: E*TRADE print ad, 2007
                                                                                                                                                  • Figure 39: Rochester funds from Oppenheimer print ad, 2010
                                                                                                                                                • Direct mail advertising
                                                                                                                                                  • Figure 40: Chase mobile direct mail ad, 2010
                                                                                                                                                  • Figure 41: ING direct mail ad, 2010
                                                                                                                                                  • Figure 42: USAA direct mail piece, 2010
                                                                                                                                                • Online and email advertising
                                                                                                                                                  • Figure 43: Citibank banner ad, 2010
                                                                                                                                                  • Figure 44: Bank of America online advertisement, 2010
                                                                                                                                                  • Figure 45: PNC online advertisement, 2010
                                                                                                                                                • Television and video advertising
                                                                                                                                                  • Figure 46: ING Direct Mobile Banking television and video ad, 2010
                                                                                                                                                  • Figure 47: Bank of America television and video ad, 2010
                                                                                                                                                  • Figure 48: Wells Fargo television and video ad, 2011
                                                                                                                                                  • Figure 49: Bank of America television and video ad, 2011
                                                                                                                                                  • Figure 50: Bank of America television and video ad, 2011
                                                                                                                                              • The Consumer

                                                                                                                                                • Key points
                                                                                                                                                  • Television ads are most likely to be noticed
                                                                                                                                                      • Figure 51: Advertising channels most likely to be noticed, by gender, May 2011
                                                                                                                                                      • Figure 52: Advertising channels most likely to be noticed, by age group, May 2011
                                                                                                                                                      • Figure 53: Advertising channels most likely to be noticed, by income group, May 2011
                                                                                                                                                      • Figure 54: Advertising channels most likely to be noticed, by race, May 2011
                                                                                                                                                      • Figure 55: Advertising channels most likely to be noticed, by marital status and children, May 2011
                                                                                                                                                    • Response to direct mail is still most likely
                                                                                                                                                        • Figure 56: Responsiveness to financial ads by channel, by gender, May 2011
                                                                                                                                                        • Figure 57: Responsiveness to financial ads by channel, by age, May 2011
                                                                                                                                                        • Figure 58: Responsiveness to financial ads by channel, by household size, May 2011
                                                                                                                                                        • Figure 59: Responsiveness to financial ads by channel, by gender and age group, May 2011
                                                                                                                                                      • Communications from financial services vendors improves confidence
                                                                                                                                                          • Figure 60: Attitude toward communications from financial services company, by age, May 2011
                                                                                                                                                          • Figure 61: Attitude toward communications from financial services company, by income, May 2011
                                                                                                                                                          • Figure 62: Attitude toward communications from financial services company, by age, May 2011
                                                                                                                                                          • Figure 63: Attitude toward communications from financial services company, by income, May 2011
                                                                                                                                                        • Younger people want more communication
                                                                                                                                                          • Figure 64: Sufficiency of communication by banks or credit unions, by age, May 2011
                                                                                                                                                          • Figure 65: Sufficiency of communication by insurance companies, by age, May 2011
                                                                                                                                                        • Social media sites a popular destination
                                                                                                                                                            • Figure 66: Attitudes toward social media sites, by gender, May 2011
                                                                                                                                                            • Figure 67: Attitudes toward social media sites, by age, May 2011
                                                                                                                                                            • Figure 68: Attitudes toward social media sites, by income, May 2011
                                                                                                                                                            • Figure 69: Attitudes toward social media sites, by race, May 2011
                                                                                                                                                            • Figure 70: Attitudes toward social media sites, by size of household, May 2011
                                                                                                                                                          • Use of online banking
                                                                                                                                                            • Figure 71: Use of bank or credit union website for information, by gender and age, May 2011
                                                                                                                                                          • Banks and credit unions communicate well
                                                                                                                                                              • Figure 72: How users describe financial services company communications, by gender and age, May 2011
                                                                                                                                                              • Figure 73: How users describe financial services company communications, by race and age, May 2011
                                                                                                                                                              • Figure 74: How users describe financial services company communications, by gender and age, May 2011
                                                                                                                                                              • Figure 75: How users describe financial services company communications, by gender and income, May 2011
                                                                                                                                                              • Figure 76: How users describe financial services company communications, by income, May 2011
                                                                                                                                                              • Figure 77: How users describe financial services company communications, by gender and age, May 2011
                                                                                                                                                            • Satisfaction with financial services communications
                                                                                                                                                              • Figure 78: Satisfaction with bank or credit union communications, by gender and age, May 2011
                                                                                                                                                              • Figure 79: Satisfaction with investment company communications, by gender and age, May 2011
                                                                                                                                                              • Figure 80: Satisfaction with insurance company communications, by gender and age, May 2011
                                                                                                                                                          • Cluster Analysis

                                                                                                                                                              • Cluster 1: Advertising aware
                                                                                                                                                                • Characteristics
                                                                                                                                                                  • Demographics
                                                                                                                                                                    • Opportunity
                                                                                                                                                                      • Cluster 2: Advertising annoyed
                                                                                                                                                                        • Characteristics
                                                                                                                                                                          • Demographics
                                                                                                                                                                            • Opportunity
                                                                                                                                                                              • Cluster 3: Advertising apathetic
                                                                                                                                                                                • Characteristics
                                                                                                                                                                                  • Demographics
                                                                                                                                                                                    • Opportunity
                                                                                                                                                                                      • Cluster characteristic tables
                                                                                                                                                                                        • Figure 81: Finance marketing clusters, May 2011
                                                                                                                                                                                        • Figure 82: Types of financial product owned, by finance marketing clusters, May2011
                                                                                                                                                                                        • Figure 83: Awareness of financial advertising in various channels, by finance marketing clusters, May 2011
                                                                                                                                                                                        • Figure 84: Responsiveness to financial advertising in various channels, by finance marketing clusters, May 2011
                                                                                                                                                                                        • Figure 85: Attitudes about, and activities on social media sites, by finance marketing clusters, May 2011
                                                                                                                                                                                      • Cluster demographic tables
                                                                                                                                                                                        • Figure 86: Finance marketing clusters, by gender, May 2011
                                                                                                                                                                                        • Figure 87: Finance marketing clusters, by age, May 2011
                                                                                                                                                                                        • Figure 88: Finance marketing clusters, by household income, May 2011
                                                                                                                                                                                        • Figure 89: Finance marketing clusters, by race, May 2011
                                                                                                                                                                                        • Figure 90: Finance marketing clusters, by Hispanic origin, May 2011
                                                                                                                                                                                      • Cluster methodology
                                                                                                                                                                                      • Appendix: Simmons Cohort Analysis

                                                                                                                                                                                          • Figure 91: Frequency of click-through for various types of internet ad, May 2011
                                                                                                                                                                                          • Figure 92: Frequency of click-through for various types of internet ad, May 2011
                                                                                                                                                                                          • Figure 93: Attentiveness to financial advertising, any agree, by gender, May 2011
                                                                                                                                                                                        • Attitudes toward financial services
                                                                                                                                                                                          • Figure 94: Attitude toward financial services, any agree, by gender, May 2011
                                                                                                                                                                                          • Figure 95: Attitude toward financial services, any agree, by age, May 2011
                                                                                                                                                                                      • Appendix: Trade Associations

                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                        • Allstate Corporation (The)
                                                                                                                                                                                        • Ally Financial Inc.
                                                                                                                                                                                        • American Express Company (The)
                                                                                                                                                                                        • AOL
                                                                                                                                                                                        • Apple, Inc
                                                                                                                                                                                        • AT&T Inc.
                                                                                                                                                                                        • Audit Bureau of Circulations
                                                                                                                                                                                        • Bank of America Corporation
                                                                                                                                                                                        • Bloomberg L.P.
                                                                                                                                                                                        • Capital One Financial Corporation
                                                                                                                                                                                        • Charles Schwab Corporation
                                                                                                                                                                                        • Citigroup Inc.
                                                                                                                                                                                        • Direct Marketing Association, Inc.
                                                                                                                                                                                        • Discover Financial Services Inc.
                                                                                                                                                                                        • E*TRADE Financial Corp.
                                                                                                                                                                                        • Facebook, Inc.
                                                                                                                                                                                        • Fifth Third Bancorp
                                                                                                                                                                                        • Financial Industry Regulatory Authority (FINRA)
                                                                                                                                                                                        • Fiserv, Inc.
                                                                                                                                                                                        • Flickr
                                                                                                                                                                                        • FMR Corp.
                                                                                                                                                                                        • Fox Interactive Media
                                                                                                                                                                                        • Goldman Sachs Group, Inc., The
                                                                                                                                                                                        • Google, Inc.
                                                                                                                                                                                        • Groupon, Inc.
                                                                                                                                                                                        • Hitwise Pty. Ltd.
                                                                                                                                                                                        • HSBC USA Inc.
                                                                                                                                                                                        • ING Bank, fsb
                                                                                                                                                                                        • Interactive Advertising Bureau (US)
                                                                                                                                                                                        • Intuit Inc.
                                                                                                                                                                                        • JPMorgan Chase & Co
                                                                                                                                                                                        • Kantar Media
                                                                                                                                                                                        • Korean Airlines
                                                                                                                                                                                        • LinkedIn
                                                                                                                                                                                        • MetLife, Inc.
                                                                                                                                                                                        • Microsoft USA
                                                                                                                                                                                        • Morgan Stanley
                                                                                                                                                                                        • MySpace.com
                                                                                                                                                                                        • Navy Federal Credit Union
                                                                                                                                                                                        • Netflix, Inc.
                                                                                                                                                                                        • Newspaper Association of America
                                                                                                                                                                                        • PricewaterhouseCoopers
                                                                                                                                                                                        • Putnam, LLC
                                                                                                                                                                                        • Reuters Group PLC
                                                                                                                                                                                        • State Farm Insurance Companies
                                                                                                                                                                                        • SunTrust Banks Inc.
                                                                                                                                                                                        • TD Ameritrade Holding Corporation
                                                                                                                                                                                        • The New York Times Company
                                                                                                                                                                                        • The PNC Financial Services Group
                                                                                                                                                                                        • The Progressive Corporation
                                                                                                                                                                                        • The Vanguard Group, Inc.
                                                                                                                                                                                        • TiVo Inc
                                                                                                                                                                                        • Toyota Motor Corporation USA
                                                                                                                                                                                        • Twitter, Inc.
                                                                                                                                                                                        • U.S. Bureau of the Census
                                                                                                                                                                                        • Unilever USA
                                                                                                                                                                                        • USA Today
                                                                                                                                                                                        • USAA
                                                                                                                                                                                        • Verizon Communications Inc.
                                                                                                                                                                                        • Washington Post Company (The)
                                                                                                                                                                                        • Weight Watchers International Inc.
                                                                                                                                                                                        • Wells Fargo & Company
                                                                                                                                                                                        • YouTube, Inc.

                                                                                                                                                                                        Finance Marketing Channel Overview - US - August 2011

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