In our quarterly survey of approximately 1,200 financial product owners – Compete’s Mobile FS Intelligence survey – we seek to understand sentiment on the mobile channel across the banking, credit card, brokerage, and auto insurance industries. In this blog, I’ll share a little bit about the effectiveness of mobile ads within the financial services (FS) industry.
Of those surveyed, 77% of FS consumers didn’t recall seeing an ad for a financial services company on their mobile device (Smartphones and tablets). Thus, a first concern for FS marketers is simply getting noticed. The glimmering silver lining here is that 19% of consumers who did see an ad on their mobile device clicked on it. Compared to desktop banner ads, where the average click-through rate is less than half a percent, this is a silver lining indeed.
It isn’t surprising that ad recall on tablets was much higher than on Smartphones (44% vs. 21%). But it is interesting that the click-through rates for both tablet and Smartphone owners are similarly reported at 18% and 21% – good news, demonstrating that mobile ad performance is significantly higher than desktop performance regardless of device.
Source: Compete Financial Services Mobile Money White Paper
Consumers are Open to Seeing Ads Paired with Apps
Consumers rarely see ads while using financial apps; however, ads seen while using a financial app have most positive impact on consumer’s perception of the company. 48% of consumers indicated that seeing an ad while using a financial application had a favorable impact on their perception of the company versus 33% of consumers who indicated that seeing an ad while browsing the Internet had a favorable impact on their perception of the company. Pairing as with mobile apps is a significant opportunity for financial service marketers.
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Jennifer Johnston Canfield is a Senior Associate in Financial Services at Compete. Jennifer is responsible for providing competitive analysis to financial services clients. Before Jennifer joined the Compete team she was a social media marketing consultant. Connect with Jennifer on Twitter (@jbjcanfield) or LinkedIn (http://www.linkedin.com/in/jenniferjohnstoncanfield).