New data on ad spending finds digital display garners nearly six out of every ten dollars spent, thanks in large part from considerable increases in video consumption on social media. According to a Financial Brand analysis of the data, “Ten years ago, display advertising accounted for less than 40% of U.S. digital ad spending.” But digital display began gaining ground on search, eventually grabbing “more than half of the digital ad pie” for the first time in 2017.
As ad spending in financial services grows by more than 18%, banks and credit unions are looking for the most effective way to reach customers and prospects and maximize their marketing budgets. “Digital display is a huge advertising category encompassing static images, rich media (e.g., interactive banners, video, digital audio), sponsorships, and native placements like promoted content and in-feed units on social networks and news sites,” according to Insider Intelligence. Given the flexibility of the format, digital display ads – especially those driven by video and social – empower financial institutions to meet people where they are and play an important part in better bank marketing.
Source: Insider Intelligence, “US Display Ad Spending 2022,” May, 2022 and Insider Intelligence, “US Digital Ad Spending by Industry 2022,” August, 2022