Top Opportunities for Financial Services Marketers in 2022

The level of confidence in fintech providers is increasing. A survey by EY found that 31 percent of U.S. consumers presently utilize a fintech brand. In the survey's younger generations, the proportion jumps to almost 50 percent.

FREMONT, CA: A tidal wave of cultural and societal developments is impacting the financial services sector. The financial industry maintains a close eye on altering lifestyle preferences, social media juggernauts, and everything else as the sector partners with customers in this competitive industry.

Here are some trends to observe and why every financial marketer should care about them.

Digital proxies: Avatars represent the identity, style, and status of their human counterparts today. People are purging their actual belongings and purchasing, trading, and flaunting digital assets such as virtual couture, NFTs, and bitcoin. According to a survey, fifty percent of U.S. consumers purchased in-game stuff (i.e., skins, characters). Soon, more advertising will transition from social news feeds to shared metaverse experiences. A car manufacturer like Ferrari will give a virtual test drive, similar to Fortnite. The emphasis will shift away from likes, comments, and postings and toward involvement. Smart financial institutions will collaborate with luxury brands to deliver digital rewards such as the digital bag from Louis Vuitton or NFT art.

Mood-makers: Consumers are more concerned about their mental health and general wellbeing than ever. Fifty-nine percent of American consumers are interested in tracking their stress levels throughout the day. When selecting items and services, mood-enhancing benefits will be as significant as price, impact, or convenience. The popularity of new apps that provide mood insights and real-time recommendations is rising. Intelligent financial brands encourage consumers to browse rewards by preferred mood, concentrating less on items and experiences and more on the emotion they evoke. Even money management services can be oriented towards low stress or thrilling risk, with portfolio alternatives that are emotionally resonant.

LGBTQ+ power: 30 million LGBTQ+ Americans spend $1 trillion yearly, but more than half struggle to save. One in five LGBT individuals of color is unbanked or underbanked, with trans women of color being the most underserved. Fintech companies such as Superbia and Daylight acknowledge this unmet demand. Daylight's Visa debit card permits are preferred over legal names, charitable donations, and LGBT-savvy instructors. Customers are selecting customized services and rejecting generic alternatives. Where banks fall short, fintechs fill the void. When products such as gender transitioning loans are scarce, it takes more than promoting rainbows and Pride photographs to attract customers. Innovative financial brands are developing goods and services to satisfy these specific requirements.