amp sound branding, says that sonic branding is “the undisputed key” for banks and fintech companies targeting the next generation of consumers in the fourth edition of its quarterly editorial periodical, amplify.
Each edition of the trade publications features data-driven deep dives on specific sectors and their sonic output, with this fourth release targeting the financial sector.
Using the company’s patented Sonic Radar tool, amp sound branding has uncovered new insights, concluding one of the most comprehensive audio analysis studies the field of finance has seen.
Using data from the annual Best Audio Brands index, alongside desk research, AI evaluation, and social media examination amp analysed 55 traditional banks and 10 fintech companies on their sonic performance.
The data revealed that owned music is trending upwards, however, Banks and FinTech companies are missing out on a vast potential of boosted recall and familiarity by forgoing investment into holistic sonic strategy. amp says that the industry is “plagued” by low sonic logo usage, with 54 per cent of brands eschewing a sonic logo.
The report also showed that despite a “sharp uptick” in newer brands investing in sonic assets, the industry suffers from a rampant stock music problem. amp says that stock music can lead the consumer to feelings of indifference and apathy, preventing future market penetration.
With the rising trend of sonic investment in the sector, amp says that now is the time for brands to step outside of the traditional sonic logo and embrace an all-encompassing sonic strategy.
“Achieving an audio identity is more important than ever in solidifying support from a younger audience,” said Michele Arnese, amp’s founder and global ceo, in the report.
“The time has never been more apt to examine the booming Banking & FinTech sector with our discerning audio lens. The rapidly shifting industry has reached new heights in the past year, taking advantage of customers’ willingness to bank and invest digitally. With the emergence of new digital touchpoints, from in-app automations to the Metaverse, sound has never been more important for financial institutions.”
amp says that the emergence of new digital touchpoints will allow for better targeting, and sound will prove crucial for financial institutions to win the business of the next generation of money makers and investors. Gen Z, the company is says is “not analogous” to other generations and will require their banking companies to earn trust and deliver straightforward answers. What’s more, the company believes that while loyalty was fundamental to customer engagement in the banking sector, payment practices are shifting with digitization, making client allegiance much harder to come by.
Sonic branding, amp believes, can make the difference “driving not only recall and memorability, but also trust, authenticity, and ultimately connection.”