Four ways financial services brands can leverage email marketing in 2023

March 16th, 2023 | Lierin Melvin

Email as a marketing channel is popular as ever, but it may have hit a saturation point in financial services in the last year. Email volume increased 20% Y/Y, while the average read rate decreased by 8%. 

Source: Mintel analysis of ePerformance [01/01/2021 – 12/31/2022] as of 02/14/2023

The data is clear: when inundated with more emails, consumers will read less of them. So how can brands continue to effectively leverage this valuable channel? Read our four recommendations below.

1. Treat email as a brand awareness channel

Given the decrease in readership, there’s still an opportunity to capitalize on the strong recall associated with email: leverage subject lines as a brand equity strategy. Use concise, punchy language and ensure all necessary information is included.

2. Sell savings with a fiscal boost

Savings-related campaigns could be key to reaching a younger demographic via email, as this is in line with what the group wants from a brand. To stand out, pitch an offer: incorporating a cash offer enforced better read rates Y/Y vs. no cash offer.

3. Provide niche and positive engagements 

Emails that used engaging and positive verbiage, like “great news,” reported higher read rates. Additionally, Bilt curated email experiences around “Rent Day,” something that is both niche to the brand experience and highly relevant to consumers.

4. Make statements either flexible or important

Stressing emails as “important” can help flag emails to viewers, as it boosted Statement engagements. Tread lightly, as consumers can be desensitized. Ultimately, given the decline in readership, let the consumer decide how to receive account updates.

Interested in more channel-specific insights? Contact us today for in-depth and timely access to trends across channels and gain insight into key brands’ marketing strategies like Chase, Capital One, Bank of America, Citi, American Express, Discover, US Bank, Wells Fargo, Huntington and KeyBank.