That’s not good news for banks, especially in this age when consumers have more choices than ever. Relationships matter, and with the rise of digital media, customers are savvier about researching and making decisions about who they can trust with their money.
Many financial services brands are leveraging digital advertising as an avenue to earn consumer confidence or, in several cases, win it back. After Wells Fargo was fined for illegal sales practices in 2016, it increased its ad spend across digital media and mobile apps in the following year.
Wells Fargo’s “Re-Established” campaign, launched earlier this month, is a necessary mea culpa in an effort to mend customer relationships through ad placements in nearly every major channel, with digital at the forefront. Michael Lacorazza, head of integrated marketing at Wells Fargo, says of the company’s advertising strategy, “Digital, and mobile in particular, are important because they are channels where we can connect with our audience with scale.” READ MORE