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Incumbents take the pedal off ad spending to compete with fintechs
- Banks and insurance companies are redistributing their ad spend budget to technology and innovation to compete with challengers.
- Insurance companies will account for 45.6% of the industry’s ad spend.
Digital ad spending in the financial sector is likely to slow down in 2021, according to Insider Intelligence. The rapid rise of fintechs will likely force the industry’s incumbents to reel back on ad spending. Instead, they’ll turn their attention and funds to technological innovations to compete with fintechs.
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