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6th February 2024

2024 Financial Services Marketing: What Lies Ahead?

We take a look at the changing attitudes and expectations of consumers.

Established providers will invest in building and maintaining trust through their brands while newer fintechs need to focus more on brand marketing to stand out.

We take a look at some marketing trends and expectations from WARC (World Advertising Research Center) about the transforming landscape of the Financial Services market in 2024. People are changing how they think about money due to rising inflation and the increasing cost of living. This is affecting the way individuals view their finances.

To stay relevant, financial service brands need to understand and adjust to these changing attitudes and expectations of consumers:

1. Comedy is finally unseating ‘sadvertising’:

After the financial crisis, advertising in the financial sector became serious with more practical campaigns and supportive messaging. Slowly brands are now reintroducing humour and entertainment back into their campaigns. The use of humour can render campaigns both memorable and captivating. For instance, the Bank of AntandDec from Santandar has graced our television screens for a couple of years.

and Nationwide recently launched a campaign featuring actor Dominic West.


The campaign emphasises the advantages of visiting a local high street branch, highlighting the personal touch that sets it apart from fintechs and larger brands that are closing branches. Laughter, it seems, is making a grand comeback, turning campaigns from practical to memorable. A precisely timed laugh might just be the influential element in advertising, demonstrating that financial services can embrace approachability and even a touch of enjoyment.


2. The surge in the popularity of diverse financial services.

Over the past decade, technology and regulations have seen a surge in financial services. This has meant that capabilities have been opened up that were previously the preserve of banks.

Neobanks (digital-first banking services) and other digital services offer various banking functions, challenging traditional banks. Statista (Business Consultant) estimates that global penetration of Neobanks could hit 4.7% by 2027, but penetration could be over 20% in the US and over 40% in the UK by that date.

Consumers now use multiple providers for different financial purposes. More people are choosing Buy Now Pay Later loans instead of credit cards. Peer-to-peer lending is removing banks from the picture. Self-serve investment platforms are becoming more popular than bank-based savings.

Starling Bank for example implemented a marketplace model within its app, allowing customers to access third-party financial services seamlessly. This approach adds value for users by providing a one-stop-shop for various financial needs and set themselves apart from more established providers.

With many providers out there offering all sorts of services, brands need to highlight the special role they can play in people’s lives.

3. Importance of Strong Brands:

The Financial services market is quite complex, and consumers rely on strong brands for guidance. Established providers will invest in building and maintaining trust through their brands while newer fintechs might focus more on brand marketing to stand out while they become more established.

Barclays has historically focused on brand-building through sponsorships and partnerships. For instance, they have sponsored major sports events, such as the English Premier League, to enhance brand visibility and association with reliability.

Logo Barclays Premier League Vector Cdr & Png HD | GUDRIL LOGO | Tempat ...

Barclays has also invested in technology to stay competitive, showcasing a blend of tradition and innovation. Revolut, known for its app-based banking services, has been investing in brand-building to establish itself as a global financial brand. They have adopted a vibrant and distinctive visual identity, with a focus on user-friendly interfaces. Additionally, Revolut has expanded its product offerings, including cryptocurrency services, aiming to attract a broader customer base.

Revolut CEO Nikolay Storonsky says company will return to Canada in ...


4. Lack of Trust in New Providers:

Consumers trust established banks more than newer financial service providers. Neobanks tend to be used for daily spending, but major transactions like payroll or mortgages still go to traditional banks. This stems from a trust gap that exists, and newer providers need to build trust. Major banks can benefit from addressing the trust gap by highlighting their long-standing legacy, widespread presence, and overall stability. On the other hand, for newer providers, establishing trust should be a primary focus.

Recently we have seen wobbles at Metro bank where they encountered trust issues due to accounting errors, leading to a drop in its value. This has caused concern among customers, with some withdrawing money due to anxiety. The bank is actively addressing these issues to rebuild trust, improve transparency, and enhancing communication with its customers.

The financial services market is undergoing notable changes with diverse offerings, driven by technological advancements, and changing consumer preferences. While trust remains a crucial factor, both established banks and newer providers need to concentrate on bolstering brand strength and emphasising their unique selling propositions (USP), with the potential benefit of incorporating a bit of fun into campaigns to stay relevant.

Feel free to reach out for a casual conversation on how we can contribute to boosting your brand: kim.mclellan@hunterlodge.co.uk


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