The first annual
Financial Industry Affiliate Marketing Report from fintech growth and marketing firm FinTel Connect provides an in-depth
analysis of affiliate marketing trends within the banking and fintech sectors
across North America.
By surveying over
110 affiliates and publishers partnering with financial services brands, the
FinTel Connect report sheds light on consumer behavior, marketing innovation, and the evolving
priorities of the financial affiliate landscape.
“Affiliates are often at the forefront
of market trends as they have direct line of sight into consumer behavior,
interests and intent. With this research report, we wanted to synthesize these perspectives
into meaningful insights and data points not found anywhere else,” said Nicky
Senyard, CEO at Fintel Connect.
Consumer Product
Trends in the US and Canada
According to the report,
affiliates
Affiliates
Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro
Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro
Read this Term in the US predict a notable shift towards investment (25%) and
savings (21%) products, indicating a growing interest in financial stability
and long-term wealth building among consumers. In contrast, Canadian affiliates
foresee an increased demand for credit cards (29%) and mortgages (21%), highlighting
regional differences in financial priorities.
Affiliates in both
countries anticipate credit cards to be the financial product with the highest
expected increase in consumer demand, underscoring their continued relevance in
the market.
. @FintelConnect Unveils First Financial Industry Affiliate Marketing Report 2024 ➡️ https://t.co/FHzULUWQZm#fintech #banking #AffiliateMarketing
— PR Newswire Finance (@PRNFinance) July 30, 2024
Business Product
Trends and Priorities
In terms of business
products, 50% of US affiliates anticipate a strong preference for loans,
essential for capital growth and expansion. Canadian affiliates predict a focus
on payment solutions (28%) and credit cards (22%), reflecting a need for
efficient transaction management.
The report also
notes that while the US has a mature business-facing affiliate ecosystem, the
Canadian market shows significant potential for growth, particularly in
business banking products.
Expanding Offerings
The report reveals
that 42% of US affiliates plan to expand their offerings, focusing
significantly on credit cards, while 41% emphasize savings accounts. This
strategy aligns with consumer interests in balancing spending and saving.
Canadian affiliates exhibit similar trends, with 40% prioritizing savings
accounts and 46% focusing on credit cards.
Additionally, US affiliates are
exploring opportunities with Individual Retirement Accounts (IRAs), annuities,
and credit-building solutions. Canadian affiliates are diversifying into
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term, Registered Education Savings Plans (RESPs), travel insurance,
and financial products for newcomers, showcasing a varied approach to meeting
consumer needs.
Small Businesses
On the small
business front, 29% of US affiliates plan to expand into checking accounts, and
25% are focusing equally on loans and credit cards. This diversified strategy
caters to broad business needs. In Canada, 38% of affiliates will focus on
checking accounts, 31% on credit cards, 25% on loans, and 21% on insurance for
businesses. This reflects a more nascent market with significant growth potential.
Surveyed affiliates highlight checking accounts and credit cards as top choices
for business product expansion in North America, indicating strategic alignment
with market demands and a proactive approach to emerging opportunities.
Marketing
Innovations and Strategies
Video content and
AI-generated content are leading the way in the US, with 48% and 46% of
affiliates, respectively, investing heavily in these innovative formats. Email
marketing remains a significant focus for 42% of US affiliates, emphasizing the
importance of building direct communication channels with consumers.
In Canada, email
marketing tops the list of innovative tactics (51%), followed by video content
(49%) and AI-generated content (35%). These findings highlight the necessity of
a multi-channel marketing approach and the growing influence of technology in
content creation and distribution.
Key Factors
Influencing Affiliate Partnerships
When choosing
financial products to promote, 44% of US affiliates prioritize audience
behavior and search intent, while 48% of Canadian affiliates focus on revenue
potential. This distinction suggests that US affiliates are more attuned to
consumer needs for sustained revenue, whereas Canadian affiliates are driven by
established revenue opportunities.
Product offering and
quality are paramount for both US (31%) and Canadian (36%) affiliates when
selecting financial brands to partner with. Conversion rates and brand
visibility are also critical factors, demonstrating the importance of a strong
brand reputation and effective conversion strategies.
Challenges and
Opportunities in Affiliate Marketing
Economic uncertainty
and search engine algorithm changes are top concerns for affiliates in both
regions. US affiliates are particularly wary of market volatility, while
Canadian affiliates focus on maintaining digital visibility amid algorithm
changes.
Cost-effective
acquisition and brand credibility are perceived as the main benefits of
affiliate marketing for financial brands. In the US, 46% of affiliates
recognize the advantages of cost-effective acquisition, while 23% highlight
enhanced brand credibility. Canadian affiliates align with these views,
emphasizing the dual role of affiliate marketing in both awareness and
decision-making stages.
Valuable Insights
Understanding
regional preferences, favored marketing tactics, and key challenges will help
affiliates and financial institutions align their strategies to meet market
demands and achieve optimal results. As the financial landscape continues to
evolve, staying informed and adaptable will be crucial for capitalizing on new
opportunities and achieving sustained growth.
The full report can be found here.
For more finance-adjacent stories, visit our Trending section.
The first annual
Financial Industry Affiliate Marketing Report from fintech growth and marketing firm FinTel Connect provides an in-depth
analysis of affiliate marketing trends within the banking and fintech sectors
across North America.
By surveying over
110 affiliates and publishers partnering with financial services brands, the
FinTel Connect report sheds light on consumer behavior, marketing innovation, and the evolving
priorities of the financial affiliate landscape.
“Affiliates are often at the forefront
of market trends as they have direct line of sight into consumer behavior,
interests and intent. With this research report, we wanted to synthesize these perspectives
into meaningful insights and data points not found anywhere else,” said Nicky
Senyard, CEO at Fintel Connect.
Consumer Product
Trends in the US and Canada
According to the report,
affiliates
Affiliates
Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro
Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro
Read this Term in the US predict a notable shift towards investment (25%) and
savings (21%) products, indicating a growing interest in financial stability
and long-term wealth building among consumers. In contrast, Canadian affiliates
foresee an increased demand for credit cards (29%) and mortgages (21%), highlighting
regional differences in financial priorities.
Affiliates in both
countries anticipate credit cards to be the financial product with the highest
expected increase in consumer demand, underscoring their continued relevance in
the market.
. @FintelConnect Unveils First Financial Industry Affiliate Marketing Report 2024 ➡️ https://t.co/FHzULUWQZm#fintech #banking #AffiliateMarketing
— PR Newswire Finance (@PRNFinance) July 30, 2024
Business Product
Trends and Priorities
In terms of business
products, 50% of US affiliates anticipate a strong preference for loans,
essential for capital growth and expansion. Canadian affiliates predict a focus
on payment solutions (28%) and credit cards (22%), reflecting a need for
efficient transaction management.
The report also
notes that while the US has a mature business-facing affiliate ecosystem, the
Canadian market shows significant potential for growth, particularly in
business banking products.
Expanding Offerings
The report reveals
that 42% of US affiliates plan to expand their offerings, focusing
significantly on credit cards, while 41% emphasize savings accounts. This
strategy aligns with consumer interests in balancing spending and saving.
Canadian affiliates exhibit similar trends, with 40% prioritizing savings
accounts and 46% focusing on credit cards.
Additionally, US affiliates are
exploring opportunities with Individual Retirement Accounts (IRAs), annuities,
and credit-building solutions. Canadian affiliates are diversifying into
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term, Registered Education Savings Plans (RESPs), travel insurance,
and financial products for newcomers, showcasing a varied approach to meeting
consumer needs.
Small Businesses
On the small
business front, 29% of US affiliates plan to expand into checking accounts, and
25% are focusing equally on loans and credit cards. This diversified strategy
caters to broad business needs. In Canada, 38% of affiliates will focus on
checking accounts, 31% on credit cards, 25% on loans, and 21% on insurance for
businesses. This reflects a more nascent market with significant growth potential.
Surveyed affiliates highlight checking accounts and credit cards as top choices
for business product expansion in North America, indicating strategic alignment
with market demands and a proactive approach to emerging opportunities.
Marketing
Innovations and Strategies
Video content and
AI-generated content are leading the way in the US, with 48% and 46% of
affiliates, respectively, investing heavily in these innovative formats. Email
marketing remains a significant focus for 42% of US affiliates, emphasizing the
importance of building direct communication channels with consumers.
In Canada, email
marketing tops the list of innovative tactics (51%), followed by video content
(49%) and AI-generated content (35%). These findings highlight the necessity of
a multi-channel marketing approach and the growing influence of technology in
content creation and distribution.
Key Factors
Influencing Affiliate Partnerships
When choosing
financial products to promote, 44% of US affiliates prioritize audience
behavior and search intent, while 48% of Canadian affiliates focus on revenue
potential. This distinction suggests that US affiliates are more attuned to
consumer needs for sustained revenue, whereas Canadian affiliates are driven by
established revenue opportunities.
Product offering and
quality are paramount for both US (31%) and Canadian (36%) affiliates when
selecting financial brands to partner with. Conversion rates and brand
visibility are also critical factors, demonstrating the importance of a strong
brand reputation and effective conversion strategies.
Challenges and
Opportunities in Affiliate Marketing
Economic uncertainty
and search engine algorithm changes are top concerns for affiliates in both
regions. US affiliates are particularly wary of market volatility, while
Canadian affiliates focus on maintaining digital visibility amid algorithm
changes.
Cost-effective
acquisition and brand credibility are perceived as the main benefits of
affiliate marketing for financial brands. In the US, 46% of affiliates
recognize the advantages of cost-effective acquisition, while 23% highlight
enhanced brand credibility. Canadian affiliates align with these views,
emphasizing the dual role of affiliate marketing in both awareness and
decision-making stages.
Valuable Insights
Understanding
regional preferences, favored marketing tactics, and key challenges will help
affiliates and financial institutions align their strategies to meet market
demands and achieve optimal results. As the financial landscape continues to
evolve, staying informed and adaptable will be crucial for capitalizing on new
opportunities and achieving sustained growth.
The full report can be found here.
For more finance-adjacent stories, visit our Trending section.
