Sponsor Content FINANCIAL SERVICES MARKETING The marketers, brands, categories, media and strategies that drive more than $14 billion in financial services advertising P001_AA_20190930_SUPP.indd 1 9/19/19 12:41 PM x zROIC Untitled-10 1 9/19/19 11:52 AM3 Important to Important People Financial Services Marketing was produced by Ad Age Datacenter and published Sept. 30, 2019. Writer: Julie Liesse Editors: Kevin Brown, Bradley Johnson Senior Art Director: Jennifer Chiu Datacenteradage AdAge/datacenter Additional copies: Order print copies at customerserviceadage or 877-320-1721. For readers outside the U.S., 313-446-0450. Digital edition available free online at AdAge/resources Ad Age Studio 30 Ad Age Studio 30 helps your brand connect with an influential audience actively seeking new partners, solutions and products. Through original custom articles, thought- leadership content, events, research, webcasts, white papers, infographics and more, our end-to-end solutions help your content reach and resonate. Studio30adage James Palma GM Revenue, Client Partnerships jpalmaadage About Kantar Kantar is the worlds leading data, insights and consulting company. We understand more about how people think, feel, shop, share, vote and view than anyone else. Combining our expertise in human understanding with advanced technologies, Kantars 30,000 people help the worlds leading organizations succeed and grow. To learn more, visit kantar. Contact: Libby MacDonald Senior VP, Agency and Advertiser libby.macdonaldkantar 404-683-7869 © Copyright 2019 Crain Communications Inc. The data and information presented is the property of Crain and others and is protected by copyright and other intellectual property laws. For personal, non-commercial use only, which must be in accordance with Ad Ages Terms and Conditions at AdAge/terms. Archiving, reproduction, re-distribution or other uses are prohibited. Overview 4 Follow the money How financial services marketing has changed since the Great Recession Ad spending by medium Financial services advertising in TV, digital, print, radio and other media Ad spending by category Spending in insurance, banking and other financial categories Biggest advertisers Berkshire Hathaway (Geico) tops the ranking of financial advertisers Top spenders by category Biggest advertisers in auto insurance, banking, credit cards and investing Ad spending over time Financial services measured-media spending from 2009 to 2018 Women 14 Women and investing What financial marketers need to do to better connect with women Finance attitudes: women Stats and facts about women and personal finance The X factor Why do financial marketers ignore Gen X? Its a “missed opportunity” Finance attitudes: Gen X Compared to Boomers and Millennials, Gen Xers feel less secure financially Gen X 16 How search is clicking for the neobanks Upstart financial brands are banking on paid search Share of paid clicks Top paid search advertisers based on checking- and savings-related keywords Search 18 Cash back is in the cards Credit card users are really charged about their cash back rewards Credit card market share AmEx and Chase top the ranks for share based on card purchase volume Credit cards 20 Pick a card What credit card users think about different cash back reward options P003_AA_20190930_SUPP.indd 3 9/19/19 1:12 PM4 Financial Services Marketing Ad Age September 30, 2019 FOLLOW THE MONEY By Julie Liesse Ten years after the economic collapse of 2008 and the subsequent Great Recession, financial services marketing has changed dramatically and in some ways, almost not at all. After peaking in 2007 , then plummeting in 2008 and 2009, U.S. measured-media ad spend- ing in the financial services industry rebound- ed with 26.1 percent and 11.2 percent increases in 2010 and 2011, according to Kantar. Spending has bounced up and down by single-digit percentages from year to year since then. Overall spending has been surpris- ingly stable: Total spending of $14.486 billion in 2018 is eerily similar to the $14.487 billion posted in 2011. But beneath that top-line appearance have been striking changes in terms of whos spend- ing and where theyre spending ad dollars. “Were now a full 10 years past the reces- sion, and ad spending across many sectors in financial services has rebounded,” says Jon Swallen, chief research officer for Kantars Media division. “Theyve put the recession behind them. But many consumers have not yet forgotten or forgiven what happened in the economic collapse and the role financial ser- vices companies played in it. That still affects consumers perception of the companies they interact with, from mortgage brokers to credit card companies and banks. “For financial services marketers, it contin- ues to be a difficult navigation: To connect with consumers, to understand what they want and need, and to sell them services, and at the same time convince consumers that this industry has their best interests at heart,” Swallen says. For instance, ad spending in the investment and retirement services category never has re- covered from the headlines of 2008. Ad spend- ing dropped dramatically in 2009 anddespite a bull market on Wall Streethas continued to decline over the past decade. Spending has fallen to $1.4 billion in 2018 from $2.4 billion in 2009. Some of the top 10 investment advertisers back in 2011, including Goldman Sachs and T. Rowe Price, are no longer among the big spenders. The investment and retirement categorys spending now is dominated by self-service and largely online investment brands including TD Ameritrade, Fidelity and Charles Schwab. Swallen says the industrys 10-year ad spending trendits relative stability and nar- row range of ups and downsmakes financial services appear “not one of the strong growth industries. But in terms of marketing dollars, budgets are very healthy.” For 2018, overall financial services industry measured-media ad spending was up 7 .3 percent from 2017 , led by increases in TV and online spending. The industry is made up of four key cate- gories: insurance, consumer banking, credit cards, and investment and retirement. In addition, nearly a quarter of spending now comes from a variety of “other” compa- nies, from tax preparation and credit moni- toring services to online mortgage providers. Ad spending by those assorted companies has grown 68 percent over the past decade, to $3.5 billion in 2018. 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