How Do Banks & FinTech Companies Sound? Amp Sound Branding Shares Industry Insights & Analysis
Pioneering sonic branding agency amp sound branding has released the fourth edition of their quarterly editorial periodical, amplify. The trade publication is an industry benchmark in the audio branding and advertising worlds, with each edition featuring data-driven deep dives on specific sectors and their sonic output. Taking on the financial sector, amp placed The Sound of Banking & FinTech under their meticulous lens. Utilizing their patented Sonic Radar© tool, new, never-before-seen insights have been published, concluding one of the most comprehensive audio analysis studies the field of finance has ever seen.
Banking by the Numbers
Collating information from the annual Best Audio Brands index, alongside comprehensive desk research, artificial intelligence evaluation, and social media examination, amp analyzed 55 traditional banks and 10 FinTech companies on their sonic performance.
Data shows that owned music is trending upwards, however, banks and FinTech companies are missing out on a vast potential of boosted recall and familiarity by forgoing investment into holistic sonic strategy. The industry is plagued by low sonic logo usage across the sector, with 46% of financial brands using sonic logos in the past year, all of which emerged from the traditional banking sector. Exploring beyond sonic logos will lead to enhanced brand awareness, augmenting efforts across digital channels, and leading to additional understanding and comprehension.
Highlights from the results include a sharp uptick in newer banks investing in sonic assets, however, the industry suffers from a rampant stock music problem. Stock music can lead the consumer to feelings of indifference and apathy, preventing future market penetration. With the rising trend of sonic investment in the sector, amp believes that now is the time for brands to step outside of the traditional sonic logo and embrace an all-encompassing sonic strategy.
Rebuilding Relationships with Sound
The emergence of new digital touchpoints will allow for better targeting, and sound will prove crucial for financial institutions to win the business of the next generation of money-makers and investors. This generation must be approached with bespoke concepts that far exceed online functionality, the banking requirements for Gen Z are not analogous to other demographics and will necessitate partnerships built on trust and straightforward answers. Loyalty is key for banking institutions, with the average adult in the US maintaining the same checking account for 17 years. Customer acquisition is paramount for these providers; however, payment practices are shifting with digitization, making client allegiance much harder to come by. This is where sonic branding can be the difference maker, driving not only recall and memorability, but also trust, authenticity, and ultimately connection. A key opportunity for improvement can be found in fostering functional, and flexible UX/UI sounds, effectively contributing to brand personality while maintaining a holistic sonic identity.
Sonic Targeting and Tech’s Role in the Future of Banking
The banking sector has always been early to adopt Tech innovation, dating back to 1997, with the first banking service debuting online courtesy of Sumitomo Bank. Fast forward to current day, according to UBS Evidence Lab, the Banking industry has been the fastest adopter of AI. With Voice Assistants emerging and smart home device transactions expected to hit $164 billion by 2025, this trend of prolific ingenuity is not one amp sees dissipating any time soon. Next steps seem to point to the Metaverse, with other sectors already seeing quite of bit of success in the virtual space. The Entertainment Industry has pioneered this new touchpoint, with celebrities like Snoop Dogg and Travis Scott, and labels like Sony and WMG already seeing positive returns with various projects.
For this edition of amplify, Michele Arnese, amp sound branding Founder, Global CEO, and CCO spoke with two leading voices in the industry, Christoph Ramler, Group Brand & Communication Intelligence Lead at UniCredit, and Carla Calandra, Trends Analyst at Wunderman Thompson Intelligence, surrounding the role of sonic in the Metaverse, with the overarching theme of Banking institutions. Amp also worked alongside Liz Song, Global Category Development Officer, Financial Services & Insurance at Spotify, receiving a guest editorial from her regarding the engagement of Gen Z, and Millennials using Audio.
This article was written by Michele Arnese, amp sound branding Founder, Global CEO and CCO.
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