The finance industry ramped up its ad spending by 9 per cent year on year, with corporate sponsorships its second biggest ad investment, found Nielsen’s most recent Ad Intel and Consumer Media (CMV) data.
The Commonwealth Bank was the top advertiser for the sector, followed by ANZ and Westpac.
While Australia’s top financial brands overwhelmingly invest in ads to promote their services, on average, corporate sponsorships are the second biggest ad investment, followed by superannuation products, home loans, debit and credit, and personal banking services.
“In a highly competitive market like financial services, understanding where and how much your competitors are spending on advertising is crucial. Nielsen’s Ad Intel data reveals that ad investment in the finance sector surged by 9 per cent year-on-year, with top brands like Commonwealth Bank, ANZ, and Westpac leading the charge. With $610 million invested across platforms, TV, general display/video, and social media emerged as the top three ad mediums,” said Rose Lopreiato, Nielsen Ad Intel’s Australia commercial lead.
Close behind are business banking services, followed by real estate investment offerings, managed funds, and e-banking products.
Additionally, Nielsen Consumer & Media View (CMV) data showed that 1.4 million Australians are currently looking to switch super funds, while 2.9 million are considering changing banks. Out of these, 34 per cent say it’s because of high fees, 33 per cent want better interest rates, and 21 per cent plan to do so because of poor service.
