Key Digital Trends for Financial Services in 2021

Key Digital Trends for Financial Services in 2021

2020 was an unusual year for all, and the financial services industry is no different.

Some experts have claimed that the pandemic marks the shift from digital transformation to digital acceleration within the industry.

So as we start the new year, we thought we would give you some of the key takeaways from 2020 and what to bear in mind in 2021.

  • Whilst many industries slashed their digital ad spend in the wake of the pandemic; financial services companies raised their digital ad spend by 9.7%.
  • With nearly half the world’s population on social media daily, users spent an average of 3 hours a day on social media, plus 54% of users are now using it to research products. The use of social media is now more critical than ever for financial service companies to build trust and communicate with customers effectively.
  • Segmentation continues to enable financial services companies to provide made-to-measure ads and experiences to consumers. While segmentation has become vital for many companies to attract new business, building true personalisation through new digital products and services will be key in 2021. 40% of banking customers recently stated that they would switch financial institutions for a more personalised service elsewhere.
  • Looking forward into 2021, many marketers are stating that they will be aiming their efforts towards customer retention, rather than acquisition. We can expect businesses to shift efforts to engage more with their existing customer base through email, social, and direct messaging, and also further develop loyalty programs to reward customers.

To find out more about how 71a can help accelerate your business in 2021, drop us a line today.