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Fintech marketers may think they have figured out the best ways to reach their target audience. Your digital marketing strategy is on point, your messaging is clear and compelling, and you’ve even dabbled in influencer partnerships. Yes, you are doing everything right, but one key factor could drastically impact consumer confidence in your fintech services – CTV, also known as Connected TV.
Fintech services require you to gain consumers’ trust, as they entrust you with their financial information and transactions. But, with data breaches and online security concerns on the rise, consumers are becoming increasingly cautious about where and how they share their personal information. Let’s explore the impact of CTV on consumer confidence in fintech services and how you can adapt your marketing strategies to maintain trust with your audience.
When we talk about fintech, we often think of digital and online platforms. So why is CTV the right fit for fintech? Firstly, CTV offers a cost-effective and efficient way to reach your target audience. With the ability to target specific demographics and interests, you can ensure that your ad dollars are not being wasted on viewers who are unlikely to convert. This precise targeting also allows for better measurement of return on ad spend, giving you the accountability to prove that your investment was worthwhile.
Secondly, CTV provides a high-impact platform for delivering messaging to your audience. With consumers actively engaged and relaxed while watching their favorite shows, your ads have a better chance of standing out and making a lasting impression.
Lastly, CTV offers transparency and accountability at a time when economic anxiety is driving marketing teams to justify ad spending. With CTV’s robust measurement capabilities, you can easily track the success of your campaigns and adjust strategies accordingly.
Financial institutions, including those in the fintech industry, have recognized the potential of CTV and are incorporating it into their marketing strategies. Let’s take a closer look at how they are utilizing this platform.
One of the biggest challenges for fintech marketers is reaching consumers across multiple devices. As consumers become more mobile, a cohesive cross-device strategy is necessary for successful marketing.
CTV solves this problem by allowing for cross-device retargeting. You can retarget viewers who have seen your CTV ad on their TV but also use their mobile devices to complete a transaction or visit your website. This creates a seamless experience for the consumer, making it more likely for them to take action and engage with your brand.
The least discussed but perhaps most important aspect of CTV is its measurability. With CTV, you can easily track where your budget is being spent and how effective your ads are. Device attribution is also possible, meaning you can track conversions that occur on other devices after viewing your CTV ad.
You can see the exact number of views, clicks, and conversions from your CTV ads, clearly understanding your return on investment. The ability to show results and prove the impact of your marketing efforts helps build trust with both consumers and stakeholders.
Consumer trust is paramount in the fintech industry. Any new technology or platform must be carefully evaluated for its impact on consumer confidence. However, CTV has several features that can enhance consumer trust and confidence in fintech services.
CTV offers transparency in both targeting and measurement, giving consumers a sense of control and understanding over how their data is being used. With a clear understanding of how and why they are being targeted, consumers may be more likely to trust fintech services advertised on CTV.
Suppose a consumer sees an ad for a mobile banking app on CTV and clicks through to download the app. The app asks for permission to access location data, which the consumer grants. Later, they see another ad for the same app on their mobile device. They may be more likely to trust this ad, knowing it is connected to the previous one they saw on TV. This targeted, cohesive messaging can build trust and credibility in the eyes of consumers.
CTV provides a high-quality, immersive viewing experience for consumers. This positive user experience can also extend to the ads shown on CTV. With more engaging and relevant ads, consumers may have a more positive perception of the advertised fintech services, improving their confidence in these services.
A seamless and personalized user experience on CTV can also contribute to a positive association with fintech brands. This can be especially important for newer or lesser-known fintech services, as CTV can help increase brand awareness and trust.
Suppose a consumer sees an ad for a mobile banking app on CTV and clicks through to download the app. The app asks for permission to access location data, which the consumer grants. Later, they see another ad for the same app on their mobile device. They may be more likely to trust this ad, knowing it is connected to the previous one they saw on TV. This targeted, cohesive messaging can build trust and credibility in the eyes of consumers.
Fintech companies often offer secure and convenient alternatives to traditional banking and financial services. With CTV, these companies can showcase their security measures and reassure consumers of the safety of their services.
For example, a fintech company offering secure mobile payment options can advertise its security features on CTV, highlighting the safety and convenience of its services. This can improve consumer confidence in using these services for financial transactions.
A seamless and personalized user experience on CTV can also contribute to a positive association with fintech brands. This can be especially important for newer or lesser-known fintech services, as CTV can help increase brand awareness and trust.
Suppose a consumer sees an ad for a mobile banking app on CTV and clicks through to download the app. The app asks for permission to access location data, which the consumer grants. Later, they see another ad for the same app on their mobile device. They may be more likely to trust this ad, knowing it is connected to the previous one they saw on TV. This targeted, cohesive messaging can build trust and credibility in the eyes of consumers.
CTV allows for seamless integration between TV, mobile devices, and other digital platforms. With CTV, consumers can easily learn about and access fintech services from their homes. This convenience factor may make them more likely to try out these services and trust them for their financial needs.
Moreover, CTV ads can also feature interactive elements, such as QR codes or clickable links, making it easy for consumers to take action and engage with the advertised fintech services.
As mentioned earlier, CTV allows for highly targeted and personalized messaging. The ability to deliver tailored ads based on consumer data can increase their trust in fintech services.
For example, a consumer recently searching for personal finance management tools may see an ad for a fintech service that offers such tools. You can also retarget consumers who have previously engaged with your ads on CTV, creating a more personalized and seamless experience for them.
CTV can also improve fintech companies’ customer service. By tracking conversions and device attribution, you can better understand consumer behavior and preferences. This data can inform your customer service efforts, allowing you to provide a more personalized and efficient consumer experience.
Moreover, CTV ads can also provide direct contact information or links to customer support helplines, making it easier for consumers to reach out with any questions or concerns they may have. The level of accessibility and responsiveness can increase consumer confidence in the reliability and support of fintech services advertised on CTV.
CTV can be a powerful tool for fintech companies to reach and engage with their target audience. However, to get the most out of this platform, you need to adopt some best practices. Here are some tips for effectively incorporating CTV in your fintech marketing strategy.
As we discussed earlier, CTV allows for highly targeted and personalized ads. To take advantage of this capability, you must deeply understand your target audience. Start by identifying your ideal consumers’ demographics, interests, and behaviors. The ICP (Ideal Customer Profile) for fintech services may differ from other industries, as financial decisions are often influenced by factors such as age, income, and lifestyle.
Your target audience’s age, income, and lifestyle will determine which CTV platforms you should advertise and what messaging will be most effective. For example, if your target audience is primarily younger, tech-savvy individuals, you may want to focus on advertising through streaming services like Hulu or YouTube TV. On the other hand, if your target audience is older, you may want to consider advertising on traditional channels like CNN or Fox.
Collaborating with complementary brands can be a beneficial strategy for both parties involved. By partnering with non-competitive companies that share a similar target audience, you can increase your exposure and credibility.
For example, if your fintech service focuses on budgeting and saving, you could collaborate with a personal finance blog or an investment app to reach a wider audience. The partnership can also provide cross-promotion opportunities, allowing both brands to benefit from each other’s marketing efforts.
You can also use data and analytics to make informed decisions about your CTV ad campaigns. With the ability to track conversions, impressions, and device attribution, you can understand which platforms and messaging are most effective in reaching your target audience.
You can also use data to retarget consumers who have previously engaged with your ads, increasing the chances of converting them into customers. Continuously analyzing and optimizing your campaigns based on data will help you get the most out of your CTV advertising.
For consumers to trust and engage with your fintech service, you must provide a seamless user experience. This includes the entire customer journey, from seeing your CTV ad to using your service.
Ensure that your CTV ads feature clear, concise messaging with strong call-to-action. Once a consumer clicks through to your service, ensure the onboarding process is user-friendly and straightforward.
You can also use CTV ads to showcase your user experience, such as highlighting the easy steps involved in signing up for your service. Focusing on user experience will not only increase consumer trust in your fintech service, but it can also lead to positive reviews and word-of-mouth recommendations.
Finally, continually testing and optimizing your CTV ad campaigns is essential. A/B testing different messaging, visuals, and calls to action can help you understand what resonates best with your target audience.
You should also regularly review data and analytics to see which platforms and times are most effective for reaching your audience. As consumer behavior and preferences evolve, so should your CTV advertising strategy. Continual optimization will ensure you get the most out of this powerful marketing platform.
At VenziMedia, we specialize in helping fintech companies incorporate CTV into their marketing strategies. As a fully managed DSP, we handle everything from campaign planning and execution to optimization and reporting.
We have experience working with various fintech services, including budgeting apps, investment platforms, and personal finance tools. Our team understands the unique challenges and opportunities that come with advertising fintech services, and we use data-driven strategies to ensure the success of your CTV campaigns.
