Future trends for messaging services in finance and insurance

Consumers demand many things out of finance and insurance companies, which is why it’s of little surprise to find that millions of Brits are looking to receive additional information from their chosen institutions.

Recent statistics show that millions of people in Britain would opt-in to updates from these companies if only they were given the opportunity to do so. Formerly, the ‘in’ method of communication was the paper newsletter. That was until email introduced both consumer and company to a more direct version of keeping in touch. Now, with the 21st century in full flow, it’s mobile’s time to shine.

By the end of 2013, over 5.5 million people in the UK will have opted to receive updates from finance and insurance companies. Smartphone users will grow to represent a key market in this area, accounting for 4.5 million opt-ins by 2015, and here’s how companies can prepare for the maturity of mobile.

Gender targeting

While the prospect of securing a high number of female opt-ins should still be chased, figures suggest that males are more likely to sign up to mobile updates from finance and insurance companies than females.

A total of 3.3 million males are currently receiving messages from these firms, compared with 2.2 million females. The same trend is evident in the legal services sector, where males are currently outscore females by 1.4 million opt-ins to 986,597 opt-ins.

Not only this, males are also more accepting of frequent updates from financial and insurance companies, with 35 per cent of this group willing to receive more than one message per month. Again, females are slightly behind with 21 per cent.

A need for SMS

Many would expect that smartphones will drive interest in mobile updates. However, figures suggest that feature phone users are more than chipping in with the total number of opt-ins.

It’s thought smartphone owners account for the majority of opted-in users, with 3.1 million signed up to updates, but the 2.1 million feature phone owners that are also signed up should be giving companies something to think about. Multimedia messaging is becoming an increasingly popular way to reach consumers, but finance and insurance firms will ignore basic, widely-accepted services like SMS at their peril.

Targeting by region

Targeting by region is vital in digital marketing. This is especially the case in mobile, where research is throwing up some interesting results.

Around 385,646 residents of London would welcome communications from finance and insurance companies over once per month. This might be one of the bigger markets in the UK, but it’s certainly not the biggest. A staggering 648,903 people in Yorkshire are willing to receive the same service, with 403,851 people in the Tyne Tees region expressing the same inclination.

So, as the number of sign-ups for messaging services starts to increase, it seems basing campaigns on facts and future trends will become even more important than it already is.

Rob Townsend

Marketing & Communications Director, www.Textlocal.com

A seasoned strategist, Rob has over 18 years’ experience in creating and implementing national/international marketing campaigns. A well-known speaker in the mobile marketing sector, Rob has also successfully executed major change programmes and held numerous board positions – notably with the AMP and the Government Procurement Service (central government). Having worked with the likes of Sass, the Home Group and the Direct Marketing Group, Rob’s knowledge/skills span many business and consumer markets. His past achievements include developing the infamous nodding dog for Churchill and rebranding Midland to HSBC. In his current role as Marketing & Communications Director for Text Local, you’ll find Rob brainstorming innovative ideas in an energetic, passionate manner. 

  • Why SMS marketing is a perfect match for the finance and insurance industry(visual.ly) On the face of it, SMS marketing and the finance & insurance industry don’t seem like a natural match – but really, they are. Aside from the fact that over 5.5 million Britons have opted in to receive mobile messages from companies within this sector, the idea that financial and insurance bodies can reach their target audience within minutes…

  • The superior nature of Syndicated Insurance for Project Finance(univestblog.wordpress.com) The superior nature of Syndicated Insurance for Project Finance Syndicated Insurance for construction projects is well defined for projects throughout much of the world. However other types of project require a tailored approach depending upon the defined risks involved. But the principle of syndicated insurance for project finance is not just an…

  • Finance boss of Zurich Insurance found dead at his home(telegraph.co.uk) Swisscom chief found dead in apparent suicide Wauthier, who was well-respected in the industry, held a Master’s degree in International Finance from l’Ecole des Hautes Etudes Commerciales and a Masters in private law from the Sorbonne University in Paris. He began his career at KPMG in 1982. He worked for two years at the French ministry…

  • Performance Toyota Openings – Sales and Finance & Insurance Manager(mplicjob.wordpress.com) Company Name: Performance Toyota Job Location: 7370 Winchester Rd.Memphis, TN38125 Application Closing Date: September 30, 2013 Contact Procedure: Christopher Diltz at cdiltz@performancetoyotamem.com or phone at (901) 758-4040 ext. 7318 Opportunity for Sales Associate Performance Toyota is in…

  • Obamacare insurance policies: Will people actually buy them?(billingsgazette.com) HELENA – So, last week we finally got the numbers on what you’ll pay for a subsidized health insurance policy under Obamacare. For a lot of people, it looks like a pretty good deal, paying monthly net premiums of $100 or less for quality coverage. But then comes the next question: Will people actually buy these policies? Will this huge…

  • Can a Car Be Repossessed for No Insurance?(keystoneautoloans.com) When you finance a vehicle, all lenders do require that you carry full coverage insurance for the duration of the loan. The reason is simple: if the vehicle is totaled in an accident, they want you to have the funds to pay off your loan. Otherwise, they will take an enormous loss on the investment.

  • The Insurance Scandal that Revealed a Corrupt Beast(harounkola.com) If the Investment banking scandals of the mid 2000s ripped the lid of an industry that had long held the reputation of being “solid and reliable as a banker,” the new scandals involving major players in the insurance industry are sure to show the ugliness that is an entire corporate culture. Eliot Spitzer, the lead prosecutor who led the charge…

Tags: , , , , , , ,

No comments yet.

Leave a Reply

Loading Facebook Comments ...
 Name: Email: We respect your email privacyPowered by AWeber Autoresponder