The Next Era of Financial Media Networks

By Becky Johnson, Advertising Week Writer & Podcast Host

https://youtu.be/Cy0Vvu3Q-Ts

Transaction data can give advertisers a clearer view of purchasing behavior, but data alone will not secure a lasting place in a media plan. In our Advertising Week New York session, “The Next Era of Financial Media Networks,” presented by Citi Commerce Media, brands, agency and payments leaders discussed the requirements for turning that information into sustained growth.

Quentin George, Distinguished Partner at McKinsey & Company, moderated the discussion with Jeff Chwast, General Manager of Citi Commerce Media; Jack Jia, Founder and CEO of Musely; and Maryam Paez, Head of Marketing & Loyalty at Paze. Joining them were Jennifer Philo, Global Vice President, Digital Commerce and Partnerships at Blackhawk Network, and Joe Groter, Vice President of Commerce Partnerships at Publicis Media.

Jeff opened by describing the foundation available to Citi Commerce Media: a consumer base of more than 70 million people and visibility into more than 6.5 billion annual transactions across 700 spending categories. Jeff said information previously used to personalize financial product offers could also help connect people with brands in travel, entertainment, wellness and other categories.

Joe said agencies need to understand what distinguishes a financial media network’s inventory and data before recommending it to clients. The process must also fit how teams work.

“It has to be easy to activate and easy to measure,” Joe said.

That measurement needs to extend beyond the network’s own environment. Joe said advertisers must be able to assess how the investment performs within the broader media mix, rather than evaluating it in isolation.

Jack challenged the idea that brands already have ample effective advertising options. For Musely, the appeal of Citi Commerce Media was the potential to reach relevant prospects in an environment customers trust, supported by transaction information that could reveal opportunities beyond the company’s existing audience.

Maryam emphasized connecting the audience insight with the payment experience. Identifying an interested customer and delivering a relevant offer will not be enough if checkout creates friction.

“You can have the best offer in market, but if you can’t reach the right consumer with this or make that payment experience really clunky, you lose the sale,” Maryam said.

Jennifer described a similar opportunity for Blackhawk Network. Transaction information can help the company identify relevant customers before a promotion, then understand spending, redemption speed and whether those customers return.

Jennifer said new loyalty program sign-ups were an important measure in an ongoing pilot. Early indicators were encouraging, but the team was continuing to monitor whether the relationship remained relevant and valuable to customers.

Jeff returned to the distinction between interest and purchase. Surveys, clicks and searches can indicate what catches someone’s attention, while transaction data records the decision to spend.

In one early campaign, customers who saw an advertisement spent 15% more with the merchant than a control group that did not see it, Jeff said. Another campaign delivered more than five times incremental return on advertising spend, measured through the difference in spending between exposed and unexposed groups.

Jeff emphasized that the results were still early. The objective was to use the same data both to identify audiences and to assess what happened after an ad.

As the conversation turned to what a financial media network needs to operate at scale, Jeff identified several requirements beyond customer data. Those included an engaged audience, personalization, adaptable technology and advertising operations capable of supporting partners.

Jeff described the planned acquisition of Kard as a way to bring complementary capabilities together. Citi Commerce Media could build on access to established customer relationships and transaction insights, while Kard contributed technology, merchant relationships and experience personalizing offers.

Maryam said Paze’s recent work with Citi Commerce Media illustrated the value of coordinating those capabilities. The campaign combined audience identification, relevant communications and an offer with a payment experience intended to preserve the customer’s sense of trust.

For Jennifer, the opportunity also requires a continuing exchange of value. An advertiser needs to meet customers where they are and make the experience worthwhile, particularly when customers can readily leave an offer or abandon a purchase.

Joe then returned to the proof needed for a partner to remain on a plan. Knowing who an advertiser reached matters, but that understanding must connect to additional reach, sales or another defined business objective.

“Being able to prove incrementality is very important to be able to have a partner that’s sustainable on your media plan,” Joe said.

Asked what they wanted financial media networks to accomplish over the following year, the panelists set out related priorities. Joe emphasized incrementality, while Jennifer wanted to see additional spending, repeat visits and deeper engagement with brands.

Maryam called for a more connected system of identity and payments that carries trust through checkout. Jack wanted familiar card interfaces to offer access to a broader range of relevant products and services.

Jeff closed by looking beyond the capabilities of any single network. Thoughtful connections among partners, Jeff said, could create more relevant experiences for shared customers and greater value for the brands serving them.

Sarah Merians Photography for Advertising Week