Digital ad spending by financial services firms will be up by 13.5% in 2016
Financial institutions are facing many challenges this year, ranging from implementing EMV payments to making strategic hiring decisions. According to research, driving growth and profitability are among their biggest hurdles.
In fact, 29.3% of US financial institution executives said so in a survey by Computer Services Inc. (CSI). Additionally, 28.7% of respondents said that managing compliance will be one of the biggest challenges they’ll face in 2016.
Cybersecurity and mitigating fraud is also a challenge for 18.0% of financial institution executives.
Even though financial institutions are facing obstacles in 2016, the financial services industry is the of third-largest in the US in terms of digital ad spending. According to eMarketer estimates, in 2016, digital ad spending by financial services firms will be up by 13.5% to reach $8.16 billion, or 12.2% of all digital outlays in the US.
In addition, digital ad spending by the financial services industry will continue growing at double-digit rates through 2018, but that growth will be below the average for all industries. That means financial services will lose share of all US digital ad spending, dropping from 12.3% of the total this year to 11.9% by 2019, eMarketer estimates.