US banks spend big on marketing amid uncertainty

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US banking digital ad spend will hit $13.54 billion in 2022, up 20.4% year over year. Growth was even faster in 2021, when banks anticipated an upswing in consumer spend. In the coming years, growth will decelerate but remain in the double digits.

Beyond the chart: Banking will account for 42.2% of the $32.09 billion spent on financial services digital advertising this year. In a recession, banks will likely prioritize investments in tech and talent, which could take a bite out of ad budgets. Even so, traditional players are in better shape than their digital-only competitors, with fintechs feeling the effects of the economic downturn and having less cash to burn on customer acquisition.

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