May 5, 2023
The banking and financial services industry has seen a significant upheaval recently. Large corporations and legacy banks used to control the market, but the development of “challenger banks,” which take on established institutions head-on, has transformed the sector.
Because of this, there are many vendors competing for market share, and challenger banks are increasing their use of digital marketing techniques. Due to this, traditional digital marketing service providers in the banking industry are now required to change how they interact with their audience because being physically present is no longer sufficient.
Financial institutions now must spend a lot of time, effort, and money on digital marketing platforms to interact with clients. Financial institutions may increase their return on investment by making sensible investments in the right channels, streamlining communications, and removing unnecessary traffic.
Any contact with advertising that is not real or legally interesting is considered invalid traffic, which includes advertising fraud. This can include fraudulent clicks from bots, other businesses, or even inside staff. Ad fraud is characterized as an incorrect traffic type that is produced by harmful software in order to siphon off your ad budget.
Ad fraud and other types of illegitimate traffic can take up as much as 30% of an advertiser’s budget due to a widespread lack of knowledge and regulation, as well as the cunning methods of fraudsters. Because ad fraud can lead to other forms of cybercrime like credit card fraud, payment fraud, and bank fraud, the effects on financial service providers are even more severe.
In the end, it’s difficult for banks and suppliers to truly appreciate how bogus traffic is harming their bottom line without specialized support in a field as mechanical and intricate as advertising.
Marketers must use similarly sophisticated techniques to battle fraudsters since they are always changing and getting smarter.
Utilizing machine learning as opposed to continuously implementing new rules in response to fresh fraud schemes is one efficient strategy. Fraud may be reduced from both known and undiscovered approaches utilizing machine learning, stopping the money flowing to the fraudsters.
Accurate, real-time performance metrics are frequently needed by many people, teams, and even businesses. You may eliminate the requirement for separate solutions for various campaign kinds or distribution channels by monitoring and responding to traffic across your entire advertising journey.
Ad fraud protection professionals can stop fraudulent traffic at various levels and as early as feasible, which may assist battle fraud and protect security. Despite this, many financial service providers have failed to include digital marketing into their proactive approach in this sector.
Ad fraud and invalid traffic have serious repercussions that affect not only marketing teams but also the C-suite and clients. When it comes to maximising budgets and resource efficiency, preemptive measures that eliminate invalid traffic before it has an impact on your budget are even more efficient than reconciliation solutions in easing the effects of fraud.
Digital Strategy Consulting lists the following six detrimental effects of traffic fraud in particular:
Ad fraud is likely to have happened to you without your knowledge. Ad fraud is being addressed. Human (formerly White ops), Pixalate (for programmatic advertising), and spider.io, which Google bought a few years ago to help clean up their platform of fake ads, malware, and bots, make advanced tools to detect and prevent ad fraud. A digital marketing strategy for your challenges within your banking sites should prioritise actual people. Strategic marketers that use empirical data may boost brand performance. Empirical data provides meaningful consumer insights into “social adverts” and traditional ad placement performance.
Publishers must identify all third-party traffic sources for advertisers. Buyers might reject sourced traffic and run dedicated advertising on a publisher’s organic site traffic. In an effort to curb the spread of false news, Facebook recently announced that it will be eliminating its “Trending News” section. Instead, it is the addition of a breaking news label that can be appended to items by publishers in order to differentiate them. Facebook also aims to highlight more locally relevant news stories.
We are committed to bringing more transparency to the digital marketing process for your banking business and providing you, the marketer, with the ability as well as the data you require to identify ad fraud and take action against it.
We intend to create a digital environment where advertisers, vendors, and marketers alike have access to the tool they need to highlight and combat ad fraud by differentiating between human website visits and fraudulent bot clicks by developing intelligent website traffic analysis and sophisticated tracked link generation. Our goal is to create this digital landscape.