AdForum delves into financial services sector advertising
Financial services advertising is due to be disrupted by a number of new entrants to the market
The financial services sector is set to become significantly more competitive given that a number of new banks have either opened their doors for business or are in the process of doing so. They include Discovery Bank, TymeBank and Bank Zero. African Bank’s decision to pursue a more digital route to market adds to this. However, banking commercials consisted of just 3% of all new ads from November 1 2018 to January 31 2019, according to research conducted by Ornico. This points to an overall decline in financial services adspend from the same period a year earlier. Among the top six banks, only Absa was consistent in its adspend. Many of its competitors spent cautiously. At a recent AdForum event held in partnership with Ornico in Johannesburg the financial services sector came under the spotlight. A brand commercial for Absa received a mixed response from the AdForum audience. Panellist Fran Luckin, chief creative officer at Grey Africa, said while she loves the concept of Africana...
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