How to drive financial discovery

There’s been a big shift in the way people shop for financial products and services. For marketers, changing consumer habits present huge opportunities for discovery.

Recent global challenges have rapidly accelerated the transformation of traditional shopping behaviour. Rather than ‘going shopping,’ people are now ‘always shopping’ online – and that includes for financial services. It coincides with the way consumers now manage finances. For example, the early stages of the pandemic saw fintech adoption grow by 72% in Europe.¹

Instead of relying on intent-based marketing, in which businesses target customers actively searching for specific products, innovative financial service providers are embracing the growing opportunity. They’re able to drive demand for credit cards, personal loans, mortgages and other financial services by meeting consumers where they are: rather than people finding products, products find people.

What customers need

Connecting to people where they are has arguably never been more important, especially when the consumer decision journey is shortening. For example, 42% of UK auto insurance purchasers in one survey had a purchase journey of less than 6 days.² Discovery, and inspiring purchase, therefore becomes crucial. And much of that discovery is happening on Facebook: nearly 1 in 3 (29%) of UK credit card purchasers surveyed discovered a credit card they opened using Facebook apps.³

You can make it easier for your most relevant financial services products to find the right customers, at the right time. And it’s achieved by leveraging discovery on Facebook; products and solutions that enable financial service advertisers to connect to new and existing customers with relevance, endorsement and ease.

The new tools of discovery

Always-on Dynamic Ads on Facebook automatically show the right financial service products to the right people – consumers who have expressed interest on a financial services website, in a financial services app or elsewhere online. It means that you no longer have to manually create new ads for each individual product.

By uploading a product catalogue and setting up a campaign just once, Dynamic Ads will continue to work in order to find the correct consumer for each product – always using up-to-date pricing and availability. With Dynamic Ads, you can either target those who have already visited your site or app with products they’ve shown interest in, or you can expand your reach and target broad audiences to generate demand.

Catch-up on Facebook’s recent webinar for actionable insights into how Financial Services brands can use Facebook Dynamic Ads to discover new customers.

With the following case studies learn more from businesses in other categories which have driven growth through Facebook Dynamic Ads.

Case study: Samsung

The Electronics company wanted to improve campaign efficiency in driving traffic to its new retail website during the year-end holiday sale in the Philippines and tested dynamic ads for broad audiences and dynamic ads for retargeting. This led to increased sales at a 11.4X lower cost per acquisition.

The results:

• 45% lower cost per add-to-cart action
• 87% lower cost per acquisition
• 1.2X higher revenue

“With this multi-cell split test, we easily determined how to best allocate and optimise our budgets when running a campaign using dynamic ads for broad audiences and dynamic ads for retargeting. As a result, we saw an increase in conversions as well as specific audience actions such as adds to cart for our Christmas campaign. The insights we received will be applied to other Samsung campaigns,” says Ivy Tabares, Digital Marketing Head, Samsung Philippines.

Case Study: iProperty Malaysia

The property listing website tested Facebook Dynamic Ads for Broad Audiences to learn whether machine learning could help it reach potential clients more cost-efficiently. It saw a subsequent 35% decrease in the cost per website session.

The results:

• 35% decrease in cost per resulting website session
• 36% decrease in cost per in-market session
• 12% decrease in cost per depth lead
• 28% decrease in cost per same-day return

“As a performance-driven organisation, we’re thrilled that Dynamic Ads for Broad Audiences drive better outcomes, in both effectiveness and efficiency,” says Christine Wong, Digital Marketing Manager at iProperty.com.my.