Marketing trends for 2018 for financial, insurance and telecommunications
Mintel Comperemedia has announced key marketing trends that will impact the North American financial services, insurance, and telecommunications industries in 2018.
Financial Services Marketing Trend: DIY Financial Wellness
Mintel predicts that the personal financial management tools of yesterday will evolve into do-it-yourself (DIY) financial improvement apps founded on the research of behavioral economics and powered by artificial intelligence.
Lily Harder, Vice President of Research at Mintel Comperemedia, said: “Mirroring recent changes in the healthcare, self-help, and diet industries, advancements in financial wellness will gain some much needed momentum and more and more consumers will find comfort in having control over their own financial situations. In the year ahead, financial marketers are well positioned to incorporate effective and engaging personal financial management strategies into their existing digital offerings, drawing from lessons in behavioral economics and taking advantage of advancements in artificial intelligence. We predict that do-it-yourself financial wellness will pave the way for financial services marketing to focus on a more holistic, customer-centric message that brings financial products into every aspect of the customer journey.”
Insurance Marketing Trend: Insurance as a Service
Mintel predicts that as competition intensifies, insurance companies will expand their role to include supplementary services and risk mitigation.
Caitlin Moling, Insights Director, Insurance at Mintel Comperemedia, said: “Traditional insurers face disruption in every direction. Service innovation, improved technology, and generous venture capital firms are opening doors for Insurtechs and competitors from outside the industry, all eager to challenge the status quo. In order to compete and ultimately win consumer loyalty in the year ahead, insurance companies will need to rewrite outdated service models and develop products that offer more value, ushering in a new age of insurance-as-a-service. We predict that growing consumer dissatisfaction, combined with digital disruption, will tip the scales toward transformation for the insurance industry in the coming year.”
Telecommunications Marketing Trend: The Great Re-bundling
Mintel predicts that as consumers subscribe to more streaming services, providers will develop new approaches to bundling that enable better customization and integration of content.
Emily Groch, Director of Insights, Telecommunications at Mintel Comperemedia, said: “With so many streaming services available, consumers often find themselves toggling between multiple apps and user interfaces, which is cumbersome. As a result, in 2018 we’ll see both traditional and streaming pay-TV providers bundle multiple subscription video services into a single platform that offers a consistent user experience. Not only do we expect to see new developments in streaming bundles, but we also expect these providers to start offering bundled discounts as a method to encourage loyalty and reduce churn.”