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After the holiday season’s spending habits, January becomes a time for New Year’s resolutions and financial planning. Many people reassess their spending and debt and set financial goals at the start of the year – such as saving more, budgeting better or investing. January is, therefore, an ideal time for brands to promote products like savings accounts, financial planning and budgeting tools.
New year, new credit
Net borrowing of consumer credit by individuals rose to £1.9 billion in January 2024, up from £1.3 billion in December1, and 29% of people said they plan to apply for credit in January to cover essential bills and necessities.2 This highlights a prime opportunity for promoting credit solutions tailored to meet many people’s needs during this period.
Ditching and switching current accounts
The number of bank account switches has jumped by 10% over the past year3. This proves that the beginning of the year is a key period for banks to advertise, aligning with heightened customer interest in exploring and adopting new financial products.
The rise in money management apps
Younger individuals are using money management apps more often and for a broader range of purposes. The cost-of-living crisis may increase adoption across various age groups as people turn to budgeting tools and Open Banking apps to identify potential savings. These apps are becoming the norm, with 60% of people using financial apps at least once a day.4 According to Kantar Media, 17% of adults say they are considering getting a money management app in the next 12 months. Whilst 20% of people say they find budgeting their finances easier using money management apps (e.g., Revolut, Moneybox) than using traditional banks – showing the vast scope for growth in this market5. The rise in popularity of financial management apps presents an opportunity for these brands to advertise and rapidly gain new customers during a pivotal consideration moment for them.
Combine your social media campaign with Out of home
Finance brands are turning to social media more than ever, with over 80% of financial marketers claiming to have found new leads through social media marketing.6 Our neuroscience research found that exposure to Digital out of home (DOOH) boosted the memory of social campaigns by 5%, dwell time by 32%, brand perception by 21% and retention by 3%.7 Therefore, for finance brands, OOH not only broadens reach but also amplifies the impact of their social media campaigns.
New Ebiquity research – OOH turbocharges TV
We recently partnered with Ebiquity on an OOH audit and research project entitled ‘Where the People are,’ which found that TV ROI increased on average by as much as 35% when supported by OOH.8
Despite this, our research found that around 41% of media plans focusing on TV exclude OOH spending.9 This is a huge, missed opportunity, as brands can increase their campaign reach and impact with OOH. As of 2024, DOOH screens now reach eight in every ten adults in the UK.10
TV is a lead medium for finance with 39% of media share in the finance industry accounted for by TV in 2023 and 36% in 202411, creating an opportunity for brands to significantly increase their impact by combining with OOH.
OOH is one of the most trusted channels
In a study by the Advertising Association last year, seven brand metrics were ranked in order of likelihood to drive significant profit. Trust has climbed from 7th to 2nd place over the last 20 years.12 OOH is one of the most trusted mediums13 presenting a powerful tool for brands aiming to capture people’s attention in public and social spaces for broad reach. With audiences placing greater trust in OOH than digital channels, the medium has become crucial for brands – this is no surprise, given trust has become the second strongest driver of profitability.
January offers a prime opportunity for financial brands to leverage the trusted and impactful reach of OOH advertising, aligning with heightened audience focus on financial planning, credit solutions, account switching and money management, while amplifying the effectiveness of social media and TV campaigns.
Sources:
1Bank of England, 2024
2Credit karma survey, n=2000
3Independent, July 2024
4Mintel, UK Money Management Apps Market Report, 2023
5Kantar Media, 2024
6Contentworks Agency, 2024
7Ocean Outdoor / Neuro Insight part 5: The Vital Ingredient, 2023
8Ebiquity, ‘Creating a better media world together – performance for today, branding for tomorrow’, Spain 2023
9Ebiquity 16-34 TVRs Jan/May/Oct 2023 / Nielsen Ad Intel OOH spend
10Ebiquity 16-34 TVRs Jan/May/Oct 2023 / Nielsen Ad Intel OOH spend
11Nielsen, November 2024
12Advertising Association, 2023
13Advertising Association, 2023
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