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Expert insights from webfx logo

Smiling bald man with a full beard wearing a plaid shirt.
Colton Wilkinson Lead Consultant

“Engage prospects early in the process and re-engage cooled leads to get them reintroduced to your brand and services. We’re expecting interest rates to start to come back down in 2024, so the market has the opportunity to heat up, and it’s important to keep those leads in the pipeline so you can hit the ground running when it does!”

The financial activities’ industry currently has 8.9 million employees, a fair share of the workforce. With multiple sectors — banking, financial services, and real estate — technology and procedures must change to streamline processes for business-to-consumer (B2C) and business-to-business (B2B) companies.

Reading up on the 2024 finance industry trends can help you make smarter business choices. This page will break down the following categories:

Follow along below for the financial market outlook in 2024 and learn how companies are adapting!

Want to learn how to market your financial services? Call 888-601-5359 today, and check out our video on digital marketing trends for 2024.

General finance industry trends

Below are some important finance trends impacting the industry.

1. Hybrid workforces are sticking around

Since the shift to dynamic workforces in 2020, all industries have considered a full return to office. As of now, the financial industry will likely capitalize on mobile forces in the future, which impacts internal workflows and customer needs.

Before, financial industries relied heavily on face-to-face connections to meet clients, outline expectations, and close deals. However, these conversations occur virtually in other sectors, so financial institutions must consider how their clientele wants to work while working with their employees.

Hybrid work can impact the following:

  • Customer experience: With increased attention to hybrid services and mobile, customers will enjoy a faster, seamless experience. Hybrid work lets companies work with employees around the globe, which increases availability without extending working hours.
  • Employee satisfaction: According to one study, 89% of remote employees are more inclined to say they are optimistic about the next five years compared to 77% of their office peers. Financial employers may resist change, but hybrid work has given employees greater flexibility, lowering turnover rates and improving happiness.
  • Competitive features: Increased security for employees helps protect client data. With more available staff, you can reach clients faster. You can work with more users at greater distances by offering remote services.

Hybrid work is here to stay, but your business can choose how to accommodate the change.

2. Security is changing with technology

For financial institutions, security is everything. Hackers will likely go after financial services to access funds and personal data directly. Cyberattacks become more advanced as technology advances, allowing companies to gather more data.

The Federal Trade Commission amended the Safeguard Rule to establish a process for financial institutions to adapt and implement a security process. This regulation accounts for advanced technology that wasn’t around when the FIC created the rule in 2003.

Along with regulatory changes, organization-specific measures are gaining traction. Some modern security processes include:

  • Phishing awareness: Phishing occurs when an attacker pretends to be a reputable company through email or SMS and encourages users to provide information. Educating employees on phishing can help prevent successful attacks.
  • Artificial intelligence (AI): AI can help with automatic threat detection, response, and reporting. Attackers may have intelligent approaches, but AI adds a barrier to external threats and encourages internal cooperation.
  • Third-party security: Financial companies might need more internal resources to man their security, especially with rapid growth. Some outsource security services to have constant protection while focusing on other tasks.
  • Auditing: Evaluating and tracking security measures ensures effectiveness. Scheduling annual or semi-annual audits can prevent your system from falling behind.

Consumers also use mobile devices for digital payment platforms like Venmo, mobile banking, and personal finance applications. Security extends beyond your physical location — your online processes should protect your users wherever they go.

3. Artificial intelligence (AI) is impacting online finance services

Another finance trend for 2024 is the way that AI is impacting the industry. Like the rest of the world, finance companies are seeing changes in structure, workflow, and capabilities, thanks to AI.

There are plenty of uses for AI in finance. One popular example is AI chatbots, which improve customer service and help users learn more about your company.

Other examples include Eno from Capital One, which is an AI assistant for customers of Capital One:

capital one example

AI can help companies lessen their workload while providing a more comprehensive experience for customers and leads. If you haven’t started using AI tools yet, it might be time to learn more.

4. Sustainable finance is gaining priority

The world overall is experiencing a push toward sustainable methods, products, and services. The finance industry is not exempt — your clients and prospects likely want to see a more sustainable approach to finance.

Some overlapping areas of finance and environment include:

  • Companies advising clients on what environmental causes they should invest in
  • Banks who reward purchases by donating to environmental companies
  • Financial firms that prioritize lowering their own emissions and impact

Overall, eco-conscious companies see better results than their neglectful competitors. That means even if you don’t deal with environmental work directly, you should still be showing people the ways that you do prioritize the environment.

Though there are still challenges to making the finance landscape greener, we will continue to see a push toward it beyond 2024.

Finance marketing trends

Now, let’s look at what finance companies can do to get ahead in 2024!

1. Personalization is growing

The financial industry is snowballing, and tech is moving alongside it. Businesses must consider how consumers — individuals and companies — receive their messages and experience services.

Consumers want to know that companies understand and meet their needs. 63% of people expect brands to use their purchase history to create personalized experiences, which extends to the finance industry.

If you want people to commit to your brand, you must show them you care. Personalized marketing in the finance industry could include:

  • Segmenting your customers based on their interest in your company
  • Prioritizing customer relationships and offering support through all purchase phases
  • Using omnichannel strategies — like emails and mobile ads — to meet customers wherever they are
  • Understanding your market and competitors to set yourself apart

Personalization can take many forms. For example, Bank of America has a credit card survey to gather data about their customers and suggest personalized options.

Screenshot of Bank of America's personalized credit card survey

Whether you serve banking or real estate clients, you can no longer expect a blanket system to work for everyone. Be willing to discuss options and find a fit for any need, all while expanding to meet your organization’s goals.

2. Lead nurturing is more important than ever

Expert insights from webfx logo

Smiling bald man with a full beard wearing a plaid shirt.
Colton Wilkinson Lead Consultant

“In a time with higher interest rates, people are not going to be as gung-ho, so using email/lead nurture and other additional touchpoints to keep them engaged will ensure that cool leads turn to hot ones when the market timing is right.”

In the past, finance companies might have had more success with incoming business as people needed their services regularly. Now, with growing interest rates for various services and an inflated cost of living, people aren’t as willing to jump into a deal.

That’s why you need to keep in contact with and nurture your leads and use different techniques that aren’t all sales focused.

For example, you could create an email newsletter that you send to your email list:

lead email 1

These emails could be more informational while leading users back to your site:

lead email 2

3. Consumers want more control over their experience

With the uncertainty from the past years, customers want more control over their finances. That includes how they handle complaints and concerns. Your company should help customers feel in control of their experience, data, and finances.

Many companies offer chatbot solutions that let the user solve some issues and ask questions to AI solutions. There are other ways to support self-service, including:

  • Tutorials
  • FAQs
  • Product demonstration videos
  • Blog posts and accessible literature

You’ll find FAQs on financial websites, like personal or business banking accounts:

Screenshot of Santander's FAQ section on their website

Financial services are no longer a one-way street. Consumers want access to information to handle situations themselves to prevent confusion.

4. Brand awareness is crucial for establishing the customer journey

While branding might not be your focus as a finance company, it should be. According to 2024 finance trends, companies should be focusing on their brand awareness to help the customer journey.

Expert insights from webfx logo

Smiling bald man with a full beard wearing a plaid shirt.
Colton Wilkinson Lead Consultant

“We’re seeing more and more that consumers are being more choosy about whom to move forward with, so really investing in establishing brand presence in the market will be key to introducing the brand early in the process and following through all the way to the bottom of the funnel. Bottom of funnel marketing only is not enough at this stage!”

Finance companies can improve their brand awareness by:

  • Defining their brand identity: Your brand identity speaks to your company’s goals, values, and ideals. By deciding your identity, you can create brand guidelines that convey it to prospects.
  • Creating an omnichannel marketing strategy: B2B and B2C companies must use various channels to reach prospects. Using one strategy is not enough, especially when people are consuming different forms of media all day.
  • Establishing themselves in the search engine results pages (SERPs): The search engine is a great place to boost exposure and find new audience. Creating top-of-the-funnel (TOFU) content can help people learn about your company, even if they aren’t ready to work with you.

Finance industry FAQs

Let’s review a few industry questions that influence trends.

Is the financial services industry growing?

Financial services have taken a hit with the recent interest rate hikes. However, that’s expected to reverse for 2024 and beyond.

In general, the financial industry has grown steadily since the recession from 2007 to 2009. The impacts of the COVID-19 pandemic have lasted through the early 2020s, but the financial sector is steadily growing, creating more opportunities and advancements.

What factors impact the financial industry?

The financial sector comprises banking, consumer finance, real estate, insurance, retail, and other monetary industries. The following factors impact these businesses directly:

  • Interest rates
  • Government regulations
  • Consumer debt

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