Recently published research from Timetric, "2020 Foresight Report: Digital Marketing in Financial Services", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/07/2014 -- As internet access and smartphone adoption increase, a growing number of internet users are accessing digital media channels such as social media, mobile and videos. Banks and insurance companies are developing their processes and employing such channels to be able to respond to web-based consumers, create brand awareness, promote new products and services, identify customer needs and elicit feedback. Digital media channels are increasingly being used by companies around the world as a strategic marketing tool. They are primarily used to advertise products and services, identify sales opportunities and ensure brand monitoring. Budget allocations to digital media marketing are expected to increase over the forecast period (2013-2017). During the review period (2008-2012), worldwide digital advertising expenditure rose from US$53.7 billion in 2008 to US$95.7 billion in 2012, at a CAGR of 15.52%. It is expected to nearly double between 2012 and 2017 to reach US$168.4 billion, after registering a forecast-period CAGR of 11.34%. The popularity of social media and growth in smartphone and tablet usage has created new opportunities for digital advertising. During the review period, digital advertising has progressed with the introduction of dynamic messaging and interactive video.
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- Financial services companies are increasingly using social media and mobile to communicate with customers and to promote their products and services.
- In 2012, global digital advertising expenditure accounted for 18.9% of the total advertising spend. Its share is expected to increase to reach 26.9% by 2017. A number of companies are shifting from traditional print and TV media to digital advertising due to the increase in internet usage to communicate, publicize and attract customers.
- Rapid growth in smartphone use and the accessibility of social media through smartphones is also providing banks and insurance companies with opportunities to connect with customers. A considerable portion of advertisement revenue on social media sites is generated through this platform.
- Despite their benefits, digital media channels also pose challenges in terms of data security concerns and the associated legal and reputational risks. To curb such risks, banks and insurance companies set up teams to exclusively handle customer queries and resolve issues on social networking sites.
- Financial services companies should identify the business areas where digital media can be most beneficial before investing. It is suggested they run a small pilot scheme before launching a full-scale, enterprise-wide implementation of digital media tools.
- This report provides a comprehensive analysis of digital marketing strategies adopted by financial services companies
- It provides current and future scenarios of digital media and its impacts on the financial services industry
Companies Mentioned in this Report: Wells Fargo, Hiscox, Future Generali, Patriot Insurance Agencies, Barclays, ICICI Prudential, Banco do Brasil, Aviva Life Insurance, ICICI Bank, NRMA Insurance, Conestoga Bank, American Family Insurance, Citibank, Bank of America, Bank of China, BNP Paribas, Deutsche Bank AG, ABN Amro, Banco Santander, Abu Dhabi Commercial Bank, State Farm Insurance
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