Earlier this year, Google & research firm Known released the findings from studies conducted before the pandemic and in the fall of 2021. They found that Americans are more focused on personal finances than ever before. “This uptick in financial consideration leads to increased financial action” according to Google.
Compared to 2020, financial consumers are now 1.2x more open to using new platforms with innovative products and services.
of financial consumers agree with the following statement, “ During COVID, I feel I've spent more time making decisions about my finances than ever before.”
say they think it’s important that financial services make financial life easier.
say that it’s important that financial services providers are developing the most innovative products and features.
of all U.S. financial consumers believe that disruptor brands like Chime, Borrow, and SoFi are delivering the most innovative products and features.
“Even before the pandemic, the financial services industry was grappling with “disruptor” brands — digitally native challengers that deliver innovative experiences across products and services to make customers’ financial services easier. They offer products and features that surpass consumers’ expectations, like personalization or seamless integration with other accounts and services. With their commitment to meeting customer needs, they’re elevating consumers’ expectations of banks, insurers, and payment providers altogether and, ultimately, changing what it means to be a trustworthy financial service brand."
Within the past 3 years alone we have seen marketing messaging and strategy shift to align with consumer behavior. Messaging has now shifted to a more helpful tone – putting the customer in the center of the messaging instead of the product. We have even seen this trend emerge in non-digital channels such as Direct Mail. The remainder of this report compares the shifts in language from some of the largest mailers in the financial space.