[PRESS RELEASE] Comperemedia Announces 2024 Financial Services Marketing Trends

November 2nd, 2023 | Comperemedia News

Comperemedia has today announced three Financial Services Marketing Trends that are set to impact companies, brands, and marketers in 2024 and beyond. 

“The trends are rooted in competitive marketing intelligence, consumer behavior, and industry expertise, and offer a comprehensive look at the momentum and forecast of the financial services industry over the next year. Aspects of the trend predictions were driven by four key themes that shaped the landscape in 2023; economic uncertainty, changing demographics, outside disruptors and regulatory actions,” said Biota Macdonald, Director of Marketing Strategy, Comperemedia.

Customer-Core 

Evoking the sentiment of the viral Internet aesthetic “Cottagecore” with a return to our roots, “Customer-core” emerges. Now more than ever, customer centricity is vital – from messaging and pricing that emphasizes benefits over penalties, to products that are values-driven and better meet the needs of historically overlooked segments. Brands this year will prioritize and compete on how they choose to put their customers first.

“The industry is pivoting sharply towards a customer-first ethos. With the CFPB’s War on Fees and new entrants leading the way, the industry is phasing out punitive fees, shifting towards value-driven monthly subscription models that are opt-in. Loyalty and rewards programs have transitioned from desirable to foundational pillars of engagement, while equity and sustainability initiatives reflect a targeted strategy and broader demand for responsible growth. This year will see financial services brands reevaluate their customer centricity and compete to put their consumers first,” continued Macdonald.

Streamline & Redefine

The current high-rate environment includes extensive consumer options, and open banking and instant payments trends are improving interoperability and seamless customer experiences. Reduced customer friction will motivate brands to refine their touchpoints for better engagement, ensuring they remain relevant and future-ready for consumers.

“In a high-rate environment with extensive options, consumers are switching away from financial institutions that miss the mark. Open banking and instant payments trends underscore this, with the CFPB’s proposals and industry innovations promoting interoperability for more seamless financial experiences. This reduced customer friction is inspiring financial services brands to evolve their ecosystems, focusing on acquisition and engagement. This move towards streamlining and redefining is all about becoming more future-ready and consistently relevant to consumers,” continued Macdonald.

Rethinking Milestones

Younger generations have a distinct and evolving outlook on modern family dynamics, views on finance, and spending priorities. Gen Z and Millennial cohorts are often delaying or forgoing major life milestones, which necessitates the redesign and reframing of traditional financial offerings.

“The fundamentals of a modern family structure, perspectives on finances, and leisure time are transforming, led in part by the unique attitudes and behaviors of Gen Z and Millennials. Younger generations are cost-conscious yet value luxury and have driven shifts in key life stages, like delaying or forgoing child-rearing. All of this demands reimagining and repositioning traditional financial products and services. The money management habits of younger consumers – coupled with their desire to teach financial stewardship to future cohorts – challenge financial institutions to be more innovative with these evolving life narratives and financial priorities,” concluded Macdonald.

Comperemedia’s 2024 Financial Services Marketing Trends are available for download here. Clients can access the full content by logging in. Interviews with Biota Macdonald, Director of Marketing Strategy, are available on request from the Comperemedia press office.