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 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.
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 , 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.
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