The forecast: While financial service's digital ad spending has historically outpaced the digital ad market, we expect a slowdown in 2021 and beyond as incumbents in both banking and insurance focus their budgets on technological innovations to compete with emerging fintech companies.
A closer look:
Looking ahead: While traditional banks are focusing more on digitization and automation to compete with neobanks, insurance companies are focusing on personalized advertising to win over customers after a decline in premiums during the pandemic. Finserv spending will pass $30 billion in 2023, but growth rates will continue to slow.
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