Partner insights by Fintel Connect
When fintech marketers think of scalable acquisition tactics, affiliates and influencers often come to mind (think NerdWallet or Finder.com). For those unfamiliar, these third-party outlets can account for 40%+ of the acquisition funnel for consumer-facing products in finance. Beyond this, affiliate partners are also a powerful source of consumer behavioral insights. That’s because they’re the place consumers actively go to search for product information, which gives these third-party outlets a direct line of sight into what buyers are wanting and searching for. Never before have market insights like this been collated across affiliates in the industry before – until now.
The team at Fintel Connect is proud to release the first-ever Financial Industry Affiliate Marketing Report based on a survey conducted of 110 finance-focused affiliates and publishers across North America This report is a comprehensive resource that offers actionable insights for both industry veterans and newcomers and highlights the priorities, challenges, and opportunities affiliates within financial services are seeing.
The findings include data on key topics such as consumer trends, product and vertical priorities, areas for marketing innovation, and the challenges faced by both advertisers and publishers.
The report also compares the US and Canadian markets, showing where affiliate views are similar and where they differ. These findings highlight how fast North America's financial affiliate marketing landscape is changing and give us a glimpse of what to expect for finance affiliate partnerships this year.
The affiliate marketing ecosystem in financial services is unique. As a highly regulated, vertically integrated industry, it deserves a deeper dive into the trends that are shaping it. We are in a unique position to draw out these insights by surveying those with the closest pulse on the market – affiliates exclusive to this area. We’re excited for this to be the first of many reports that gives marketers in the fintech and banking space a deeper understanding of the affiliate landscape and market in order to build more meaningful partnerships,” - Nicky Senyard CEO, Fintel Connect
Here are some key findings from the 2024 Financial Industry Affiliate Marketing Survey Report
Consumer Product Trends. Canadian affiliates anticipate the most significant growth in credit cards, while US publishers expect increased interest in investments. This underscores the regional differences in consumer behavior and preferences that affiliates must account for when crafting their marketing strategies.
Anticipated Market Challenges. Economic uncertainty and search engine algorithm changes are the main concerns for survey respondents across both markets. With the upcoming US election, there is likely to be further anticipated drops in rates, which can impact bank and fintech priorities for product marketing. Algorithm changes have already devastated many content affiliate search rankings, so many are looking to diversify their own marketing tactics.
Benefits of Affiliate Marketing. Affiliates across both markets believe their biggest value to banks and fintechs lies in delivering cost-effective acquisition. Additionally, brand credibility is a significant benefit cited by surveyed affiliates.
For fintech marketers aiming to integrate affiliate marketing into their strategies, affiliates surveyed provided their top tips on how to set up your strategy for success:
1. Choosing the Right Partners: Look for partners who create relevant content and are motivated to succeed in a performance-driven environment. The right partnerships are essential for driving success.
2. Affiliate Empowerment: Treat affiliates as an extension of your team by sharing best practices, tips, and marketing assets. Empowering them with the right resources will lead to stronger performance and better results.
Competitive Cost Per Acquisition (CPA): Publishers in Canada and the US emphasize the importance of offering a healthy payout structure. That said, an overwhelming number of affiliates indicated product is the most important factor to performance in this channel.
About Fintel Connect
Fintel Connect is making waves as the leading growth marketing solution built for the financial industry. Our mission is to support the banking and financial ecosystem with tools and insights that will allow them to better reach future customers and deliver the right products to the right audiences in a compliant and cost-effective way. Fintel proudly serves 100+ leading financial brands (Ramp, Royal Bank of Canada, Tangerine, PSECU, CIBC, Live Oak Bank, Neo Financial, Simplii to name a few), has formed strategic partnerships with organizations like Visa and American Bankers Association and is backed by strategic fintech VC, BankTech Ventures, and Economic Development Canada. Discover how Fintel Connect helps brands scale their growth: www.fintelconnect.com.
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