What to Expect From Financial Marketing in 2024

As we say goodbye to 2023, and reflect on the financial industry throughout the year, many marketers find themselves imagining the challenges and opportunities that 2024 holds. Trying to predict what financial marketing trends and strategies will be popular in the year ahead can be a difficult task in an ever-changing landscape. Although difficult marketers need to stay one step ahead of competitors. 

Reflecting on 2023, several main marketing ideas stand out and are anticipated to grow in the financial industry throughout 2024. Understanding how to leverage these strategies and utilize them within your financial institution’s marketing plan will help you achieve your financial goals for 2024. 

Embracing an AI-Driven World

Artificial intelligence is not new to the financial industry, but it is expected to continue to rise in the future. The Business Research Company predicts that AI in the marketing market will increase to $48.91 billion by 2026. AI allows financial institutions to sort through data and receive useful insights faster than ever, craft personalized marketing campaigns, and provide unique customer support around the clock. 

In 2024, financial marketers can expect AI to become even more prevalent day to day. Currently, programs like OpenAI’s DALL-E, allow users to take advantage of AI-generated content, like images and copy. However, marketers can expect AI to eventually be able to craft custom video content, based on provided text. Additionally, AI is growing in its ability to provide marketers with unique data. Spatial.ai is a platform that gathers public social media data from a user base, categorizes it according to their social, mobile, and online activities, and offers marketers detailed insights. This insight helps marketers better understand their customers and guide their campaign strategies.

As AI continues to grow in its abilities and opportunities for the marketing world, marketers should take advantage of some of the tools available. Whether or not your financial institution hopes to better understand your audience or seeks to engage with them more effectively, incorporating AI into your 2024 marketing strategy is essential. 

The Path to Going Green

Certainly engaging in sustainable finance will help your business do its part to reduce its carbon footprint and contribute to a greener future, but did you know that it could influence consumers to invest more in your company? There has been a growing trend among consumers to be more concerned about the ethical practices and values of companies they’re supporting, bringing sustainable finance to the forefront in 2024. In fact, 76 percent of consumers would discontinue relationships with companies that do not treat their community and environment well. So how are financial institutions adapting their business strategies to this?

Deutsche Bank recently announced they will be incorporating payment cards made from recycled plastic, estimated to reduce their CO2 emissions by around 65 percent. On a smaller scale, implementing a paperless billing system or digital onboarding process would also help reduce your financial institutions’ carbon footprint. Another opportunity to engage in more sustainable finance is to prioritize offering unique options, loans, and investment plans for green projects, such as installing solar panels on your home. DC Green Bank does a good job of promoting affordable green financial options. 

Although some options are more expensive than others, there are still many ways for financial institutions to prioritize sustainability in the years to come. This commitment can lead to enhanced customer loyalty and trust, and more importantly, it contributes positively to environmental conservation. 

The Power of Influence

Influencer marketing has been on the rise in the marketing world and for good reason. Studies show that influencer marketing is trusted by 92 percent of consumers over conventional methods, and it yields a return on investment eleven times greater than traditional strategies. Step, a mobile banking service, partnered with influencer Charli D’Amelio to reach a younger audience and saw a significant increase in the number of new accounts created per day. 

While influencer marketing can be expensive, micro-influencers have also been found to be effective and are typically cheaper to establish partnerships with. Using influencer marketing, whether with a large or micro-influencer, should increase the power of your campaigns and gain the trust of your audience more easily. 

Crafting and perfecting your financial institution’s marketing strategy for 2024 might seem overwhelming, but staying informed about these emerging trends can simplify the process. Embrace the new opportunities AI is presenting to the financial world, the support and positive public image that sustainable companies receive, and harness the influence of influencer marketing to elevate your brand.

For more marketing tips and strategies, check out our other articles here.