By Meg Cipperly, Senior Director, Competiscan
The banking industry has experienced a surge of new product launches from fintechs and disruptors promoting digital checking and savings products in the past few years. What does this influx of new entrants mean for marketers?
In many financial services categories, promotional marketing activity decreased in the past year. However, Competiscan has observed a 27% increase in email volume year-over-year in the banking sector, primarily driven by fintech activity.
In Q4 2020 fintechs Credit Karma, Credit Sesame, SoFi, and Chime were among the top ten banking email marketers, outpacing many traditional brick-and-mortar banks. Notably, Competiscan observed tens of millions of emails from Credit Karma in Q4 2020, promoting its Credit Karma Money Checking and Savings accounts. In addition to sending high volumes of campaigns for both products, Credit Karma incorporated unique and timely incentives to encourage users to open a new account.
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