Capitalizing on the Power of Data-Driven CTV to Reach Banking Consumers
Author: Peter Jones, Head of Local Sales, Premion.
Banking has become more digital than ever, as consumers have embraced going online to manage their finances. In fact, 19 million more U.S. consumers went online to do everything from banking to paying bills at the end of last month (May 2022), according to PYMNTS.
In parallel, financial services advertisers are increasingly capitalizing on the growing opportunities to reach a highly engaged audience with connected TV (CTV) advertising. Coupled with recent privacy changes and cookie-based targeting going away, CTV is proving to be even more effective as both a brand-building and performance marketing channel for reaching consumers that are paying more attention to their wallets amidst an inflationary environment.
- In 2022, 84% of U.S. households are projected to be CTV households and the average time spent per day streaming on a connected device will be more than half of the average time spent watching television, according to eMarketer*.
- BIA forecasts total Banking & Finance spending in OTT will reach $100 million this year rising 44% to $144 million by 2025. Most of the OTT spend is coming from commercial banking, consumer lending & mortgages, and investment as the leading sub-verticals.
- Much like today’s banking consumer that is increasingly shifting to digital, the CTV/OTT consumer is digitally-savvy. According to MRI-Simmons March 2022 Cord Evolution study, 76% of banking & finance intenders watch ad-supported OTT; 44% of all U.S. banking & finance intenders cannot be reached via traditional cable/satellite; and 27% are cord cutters and 17% are cord nevers.
New data-driven CTV advertising solutions provide financial services brands with the precision of digital in targeting, personalization, attribution, and performance capabilities and the big screen quality viewing experience of linear television. Furthermore, new advanced targeting and dynamic ad insertion capabilities allow advertisers to tailor messages and target viewers by location, such as zip codes, dayparts, and by consumer behaviors and interests.
And with our Audience First packages, we’re enabling financial services marketers to take a custom audience targeting approach based on personalities and lifestyles that align with their brand. We’ve curated key audience personas based on — not only direct interest — but also adjacent interests and behaviors, such as budget-conscious shoppers, luxury shoppers or millennial minded. This can unlock additional, relevant layers of targeting that can capture potential customers missed by a narrower targeting approach.
Additionally, finance and banking marketers can leverage audience insights to develop highly targeted CTV campaigns focused on in-market consumers. For example, a bank offering an entry-level, low-interest credit card can focus on adults aged 18-24 years old. A mortgage lender can focus on people who are in-market to buy a home or who are looking to refinance. Similarly, for automotive, banks may benefit from reaching specific households that are in-market for a new car or have recently browsed the auto-loan page of the lender’s website.
Financial institutions and banks need a trusted CTV advertising partner that can execute locally in reaching the right consumers at the household-level, track conversion and reduce wasted impressions.
To learn more about Premion’s Audience-First offering, let’s have a conversation.
Read us on MediaPost here.
*eMarketer, Connected TV Households, February 2022; eMarketer, Average Time Spent per Day with TV, January 2022; eMarketer, Average Time Spent per Day with Other Connected Devices, January 2022. Copyright © 2022 Insider Intelligence Inc. All Rights Reserved