Description

This report provides comprehensive and current information and analysis of the Marketing Financial Products market including Marketing Financial Products market size, anticipated market forecast, relevant market segmentation, and industry trends for the Marketing Financial Products market in the US.

Current market landscape

As consumers change the way they learn about finances and consume different media sources, financial brands must respond in kind to remain relevant to the consumers they seek to reach. Fortunately for financial brands, consumers’ appetite for and response to financial marketing is growing across channels. An expanding consideration of intrapersonal sources, particularly social media, is driving people to broaden their consumption of financial information, with approachability and authenticity valued. Additionally, a highly volatile period of economic turbulence has caused consumers to respond in greater numbers to product offers in direct mail, email and digital spaces than they had four years ago.

Much of this increased response rate is driven by inflation, which has shifted the financial needs of more than three in four consumers. Non-essential spend is being curbed, and consumers are using credit cards more frequently to cope with rising prices. In this market context, products that allow consumers to save money are of paramount value, with rising interest rates penalizing overspending to an even greater degree.

Future market trends in Marketing Financial Products

This turbulence has resulted in ample opportunities for financial brands, although with associated threats. The sheer unpredictability of the economic environment has caused consumers to more regularly be in the market for new products, willing to respond to incentives and try out new solutions in areas such as debt consolidation and online investing. However, regular fluctuations in market context have also necessitated that financial brands be agile in their marketing, ensuring that their tone aligns with the frequently changing attitudes toward spending and investing over time.

Read on to discover more about the Marketing Financial Products consumer market, read our Financial Services in 2022 – US – 2022, or take a look at our other Financial Services research reports.

Quickly understand marketing of financial products and services

  • Top consumer channels for financial information.
  • Response to financial marketing across channels.
  • Desired product features.
  • Preferred advertising themes in financial marketing.
  • Financial reactions to recent heightened inflation.
  • Attitudes toward financial marketing.

Covered in this marketing financial products report

Brands include: American Express, Capital One, SoFi, Tally, Stash Invest, Greenwood Financial, OneUnited Bank, NerdWallet, ThePointsGuy.

Expert analysis from a specialist in the field

This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis on Financial Services Marketing trends to highlight current trends and add expert context to the numbers.

Financial services marketing requires an understanding of both how consumers are absorbing their financial information and the manner in which economic factors are affecting their attitudes toward product features and advertising themes. One silver lining of recent economic volatility is that responsiveness to financial marketing has risen alongside consumption of an increasing number of financial sources. With inflation impacting the financial needs of more than three in four consumers, features that promote inflation-adjusted savings are highly valued. While marketing theme preference varies by age, relatability is appreciated by a consumer group whose financial education is increasingly interpersonal. Shifts in marketing mix of different financial sectors lend insight into the way brands perceive the strengths of distinct channels – and how they will be used in the future.

Patrick Rahlfs, Senior Finance Research Analyst


Patrick Rahlfs
Senior Research Analyst

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Social channels become a primary source
      • Figure 1: Personal finance channels, by year, 2018 and 2022
    • Inflation drives desire for savings
      • Figure 2: Responses to inflation, 2022
    • Male Millennials are active across channels
      • Figure 3: Male millennial responses to financial ads, 2022
    • Market overview
      • Figure 4: Category outlook, 2022-27
    • Opportunities and challenges
    • Capitalize on Millennials’ desire to research
    • Mixing financial topics into social media may seem intrusive
    • Key consumer insights
    • Lifestyle financial products face limited interest
      • Figure 5: Preferred advertising themes, by generation, 2022
    • Lower-income consumers seek short-term solutions
      • Figure 6: Most important financial features, by income, 2022
  3. Market Size

    • 86% of consumers own a bank account
      • Figure 7: Financial product ownership, 2022
    • Unbanked households are becoming a rarity
      • Figure 8: Percentage of US households unbanked, 2009-19
    • Credit card accounts have large leap in originations
      • Figure 9: Number of open credit card accounts, 2014-22
  4. Market Factors

    • Disposable personal income is down 6% Y/Y
      • Figure 10: Disposable Personal Income change from previous year, 2012-22
    • Financial institutions are pushing credit cards
      • Figure 11: Share of overall financial services industry spend, by sector, 2019-22
    • Banking marketing continues to shift toward TV
      • Figure 12: Share of credit card and banking sector spend by channel, 2019-22
  5. Companies and Brands

    • American Express shifts toward savings in direct mail
      • Figure 13: American Express High-Yield Savings direct mail piece, 2022
    • Capital One Venture X showcases exotic locales
      • Figure 14: Capital One Venture X television ad, 2022
    • SoFi targets couples planning weddings with social ads
      • Figure 15: SoFi personal loan paid Facebook ad, 2022
  6. Competitive Strategies and Market Opportunities

    • Fintech competitors are confronting rising credit card debt
      • Figure 16: Tally television ad, 2022
    • Investment companies tackle a bear market
      • Figure 17: Stash invest owned Facebook post, 2022
    • Greenwood Financial calls users to join the new Black Wall Street
      • Figure 18: Greenwood Financial paid Facebook ad, 2022
  7. The Financial Services Marketing Consumer – Fast Facts

  8. Personal Finance Channels

    • Social media trumps all other digital channels
      • Figure 19: Personal finance channels, 2022
    • Personal sources dominate among young consumers
      • Figure 20: Personal finance channels, by generation, 2022
    • Higher-earning young adults have expansive digital consumption
      • Figure 21: Personal finance channels by, age and income, 2022
    • Social media financial consumption has doubled over the past four years
      • Figure 22: Personal finance channels, by year, 2018 and 2022
  9. Response Behaviors

    • About half of consumers responded to a financial ad in the past year
      • Figure 23: Responses to financial ads, 2022
    • Male Millennials are a key demographic due to their responsivity
      • Figure 24: Male Millennial responses to financial ads, 2022
    • Parents are responsive to social ads
      • Figure 25: Responses to financial ads, parents vs non-parents, 2022
    • Consumers’ responsivity to financial ads has grown
      • Figure 26: Responses to financial ads, by year, 2018 and 2022
  10. Desired Product Features

    • Consumers are seeking saving above all else
      • Figure 27: Most important financial features, 2022
    • Women prefer to save while men seek earning products
      • Figure 28: Most important financial features, by gender, 2022
    • Lower-earning consumers may overlook reputation
      • Figure 29: Most important financial features, by income, 2022
  11. Advertising Themes

    • Consumers expect serious approach, educational content
      • Figure 30: Preferred advertising themes, 2022
    • Entertainment and celebrity-focused ads have limited appeal
      • Figure 31: Preferred advertising themes, by generation, 2022
    • Relatability is the most consistently popular tone
      • Figure 32: Preferred advertising themes, by gender and generation, 2022
    • Black and Hispanic consumers seek understanding of community
      • Figure 33: Preferred advertising themes, by race and Hispanic origin, 2022
  12. Financial Reactions to Inflation

    • Inflation has changed the financial needs of 77% of consumers
      • Figure 34: Responses to inflation, 2022
    • Middle-income segments are cutting back on non-essentials
      • Figure 35: Responses to inflation, by income, 2022
    • Millennials are using cards more often, increasing risk of missed payments
      • Figure 36: Responses to inflation, by generation, 2022
  13. Attitudes toward Financial Marketing

    • Millennials are active researchers and open to change
      • Figure 37: Attitudes toward financial services, by generation, 2022
    • BIPOC consumers are more likely to switch and more receptive to social ads
      • Figure 38: Attitudes toward financial services, by race and Hispanic origin, 2022
    • Young men are plugged into digital sources
      • Figure 39: Attitudes toward financial services, by age and gender, 2022
  14. Appendix – Data Sources and Abbreviations

    • Consumer survey data
    • Marketing creative
    • Abbreviations and terms
    • Abbreviations
    • Terms

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

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Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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