How Is Affiliate Marketing Evolving in the Finance Sector?
The affiliate marketing industry is projected to reach a staggering $27.8 billion by 2027, and the finance sector is an interesting case study for this.
With businesses looking for cost-effective measures to enhance revenue and traffic, affiliate marketing has seen immense growth in the past year. In fact, the affiliate marketing industry is projected to reach a staggering $27.8 billion by 2027, and the finance sector is an interesting case study for this. As people continue to look for ways to secure their savings and wealth, financial products consistently rank among the top-converting affiliate niches.
In the United States, 25% of affiliates predict a noticeable shift towards investment products and 21% towards savings products, as revealed by a Fintel Connect report. The report indicates a growing consumer interest in financial stability and long-term wealth building. Meanwhile, in Canada, 29% of publishers anticipate consumers will prioritise credit cards, and 21% expect an increase in mortgage demand.
The Financial Industry Affiliate Marketing Report 2024 by Fintel Connect, a partner marketing solution for fintech and banking, gives an exclusive inside look into affiliate marketing trends and predictions within the financial sector in North America.
The report reveals insights from over 110 affiliates, influencers, and publishers of varying sizes serving retail and business audiences in fintech and banking. It consolidates data on various topics, including consumer trends, product priorities, marketing innovation focuses, and common industry challenges. Additionally, the report analyzes affiliate responses across both markets to uncover commonalities and differences.
“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,” said Nicky Senyard, CEO of Fintel Connect.
Key highlights of the report include:
- Consumer Product Trends: Surveyed Canadian affiliates predict credit cards as the top growth area, while US respondents expect investments to gain interest.
- Business Product Trends: US surveyed publishers anticipate continued loan demand, while Canadian affiliates anticipate payment solutions as top picks.
- Expanding Horizons: Affiliates in both countries are increasingly promoting mature digital product categories like credit cards and savings.
- Prioritized Marketing Tactics: A significant portion of surveyed US publishers plan to use video content, while Canadian counterparts will focus on email marketing.
- Benefits of Affiliate Marketing: Survey respondents across both markets resoundingly believe their biggest value to banks and fintechs is delivering cost-effective acquisition.
The report suggests emphasising quality, establishing trust and building your own traffic. Financial brands should prioritise choosing partners wisely, empowering them, and setting a competitive payout structure. Staying informed and adaptable will be crucial for capitalising on new opportunities and achieving sustained growth in this competitive space as the financial landscape continues to evolve.
