Mobio for
Financial Services

Finance is no longer what it was in 2019.
The pressure of COVID-19, a forecasted recession, and huge pivots from the largest corporations in finance have changed what works and doesn't.

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How 2020 Impacted the Finance Vertical

Accelerated the transition to digital

There are 5 stages of the Technology Adoption Lifecycle and 2020 pushed consumers from one stage to another faster than they’d experienced before. Innovators had been pushing for digital-first banking and investing, like the rising success of the Robinhood app, but 2020 solidified the bridge between innovation and early adopters. We passed “The Chasm,” and are now seeing a massive adoption in the way consumers interact digitally with finance institutions and how these institutions are prioritizing customer interactions.

As banks increase how much weight they put on their digital marketing, data will become an increasingly important part of their lead generation strategies.

Leaning on eligibility models to get live data

What is technology without automation? We’ve built our economy around efficiency and 2020 continued that path. As banks and consumers felt more comfortable with technology and the data started to become a necessity, the next question became obvious

Automation

Challenges Finance is Facing in 2021

If there’s one thing that every finance company seems to be faced with, it’s rising pay-per-click (PPC) ads. Costs per action are increasing, which is leading their marketing teams to look elsewhere for lead generation. Apps historically have been had higher LTV, investing more in mobile is expected.

Increasing PPC

With new technology adoption from consumers, there’s been a change in consumer behavior towards online banking. Banks are looking to figure out which parts of finance apps people are finding the most useful, and how they can double down on being even more useful for their users.

Recognizing the change in consumer behavior

With pay-per-click ad costs rising, banks and other finance apps want to figure out how they can reach their customers (without losing their entire marketing budget). Leading banks are realizing that personal finance management apps (PFM apps) that integrate several finance companies under one app could be the answer. For example, foreign exchange trading apps can help users invest while giving away valuable data about their moves to banks and other partners.

PFM apps that share data with banks

It costs more to sign on a new customer than it does to keep your current customers. Financial institutions are focusing just as much on renewal as they are on bringing in new, quality leads. In 2020, Free Price Compare realized that they needed to focus on renewals more than new customers.

Focus on renewal over new customers

People who never considered starting their own business or financing options are now looking at their lifestyle and buying behavior differently. Changes in consumer behavior mean that more people can become the right customer avatar for financial companies. While this gives new opportunities, it means that finding quality leads is going to be an important challenge to overcome.

Quality leads over quantity

How Finance Companies Are Looking To Work With Agencies

There’s a clear pattern in how banks and finance companies are looking to work with affiliates moving forward. While pay-per-lead used to be the norm, we’re seeing a huge shift towards profit sharing (or cost per sale). This shift is a way for companies to create partnerships with the people who bring in their leads.

Profit share (cost per sale) vs. pay per lead

Finance companies are looking for affiliates with a quality audience. But, they’re also looking for partners who can supply them with the data they need. As 2020 showed, the more data they could have on the state of consumer behavior the faster they could pivot. Partners who can supply leads and data are going to be valued.

Get data with strategic affiliate partnerships

It’s not just consumers who want real relationships with brands in 2021, it’s also the brands themselves. Moving forward, finance companies are looking for long-term, serious relationships with their affiliates. Part of this relationship will come from affiliates proving their value with profit sharing.

Long-term, serious relationships

Case study

Quality investment at a low price in Alfa Capital

October - December: 1,574 CPO purchases below the target by 36%. January March: In January, the average check grew by 25%, in February by 50% - thus we got a two-fold increase compared to last year in March.

Results:

We connected trafﬁc from Facebook, MyTarget and Google Ads sources; used creative banners with high CTR and targeting. We segmented the audience, scaled Facebook campaigns, and connected look-alike.

Mechanics:

October - December: attract new customers (users who registered and made their ﬁrst deposit) with a CPO of no more than RUB 2,500;
January - March: increase the average check.

A task: