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Industry Landscape

The financial services marketing industry is undergoing rapid digital transformation, driven by evolving customer expectations and technological advancements. Institutions are increasingly investing in data-driven strategies, AI, and personalized omnichannel experiences to acquire, retain, and engage customers. Competition from fintechs is accelerating innovation, pushing traditional banks and credit unions to adopt more agile and customer-centric marketing approaches to maintain relevance and drive growth.

Industries:
FintechMarketing AutomationData AnalyticsCustomer EngagementDigital Transformation

Total Assets Under Management (AUM)

Financial Institutions Marketing Spend in United States

~Estimated $40-50 billion annually (US)

(5-7% CAGR)

- Increased digital ad spend

- Focus on data analytics tools

- Investment in CX platforms

Total Addressable Market

50 billion USD

Market Growth Stage

Low
Medium
High

Pace of Market Growth

Accelerating
Deaccelerating

Emerging Technologies

Generative AI

Generative AI can revolutionize content creation for marketing, enabling personalized ad copy, email campaigns, and even synthetic media for diverse customer segments at scale.

Explainable AI (XAI)

XAI will enhance transparency and trust in AI-driven marketing decisions, allowing financial institutions to understand and justify targeting strategies to both regulators and customers.

Web3 & Decentralized Identity

Web3 technologies, including blockchain and decentralized identity, could empower customers with greater control over their data, potentially reshaping data collection and privacy in financial marketing.

Impactful Policy Frameworks

Consumer Financial Protection Bureau (CFPB) Advisory on AI in Banking (2022)

The CFPB issued an advisory emphasizing that existing consumer protection laws, such as the Equal Credit Opportunity Act and the Fair Credit Reporting Act, apply to the use of AI and algorithms in credit decisions and other financial services.

This policy requires financial institutions and their marketing partners to ensure their AI-driven customer segmentation and targeting models do not lead to discriminatory outcomes.

California Privacy Rights Act (CPRA) (Effective January 1, 2023)

The CPRA builds upon the CCPA, strengthening consumer data privacy rights, including the right to correct personal information and limit the use and disclosure of sensitive personal information.

Vericast and its clients must enhance their data governance, consent management, and consumer request fulfillment processes to comply with stricter data privacy regulations, particularly concerning targeted advertising.

Federal Trade Commission (FTC) AI Guidance (Ongoing)

The FTC continues to issue guidance and take enforcement actions related to deceptive or unfair practices involving AI, focusing on transparency, bias, and data security.

This influences how financial institutions and marketing platforms like Vericast must design and deploy AI models to ensure fairness, prevent bias, and accurately represent marketing claims, particularly regarding consumer financial products.

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