Mobile adspend booming in financial vertical

Finance has long been a success story in digital, and is now seeing growth on mobile platforms, up 314 percent worldwide from 2010 to 2011, Millennial Media data shows.

Banking (28 percent), financial services (16 percent), credit cards and services (20 percent) and insurance (42 percent) became the top ad vertical on the Millennial Media platform in the fourth quarter of 2011, jumping ahead of retail, restaurants, entertainment, telecom and automotive, MediaPost reported yesterday.

The study from Millennial Media suggests that “finance brands are putting more dollars into mobile because people who engage with financial content and ads via mobile devices tend to be young (between the ages of 18 and 34) and affluent, with 48 percent having an income of $75,000 or better. Of these users, 55 percent are male,” according to Click Z.

The increasing use of financial services like banking, commerce and payments via mobile devices will likely “make mobile an indispensable channel for marketers,” MediaPost pointed out. Traditionally, digital ad dollars are funneled to where users pay attention, but “on interactive platforms, where direct marketing still overwhelms brand plays, money really follows where consumers actually spend. When consumer spending begins to occur on devices in the same way it did online within the last decade, advertisers ignore it at their peril.” 

Lead generation/registration was finance advertisers’ most popular campaign goal, making up about 70 percent of all ad campaigns, according to Mobile Marketing Watch.

Image: Click Z

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