Lock in a year of Digiday+ for 35% less. Ends May 29.
When it comes to getting new customers, startups in financial technology are in a lose-lose situation.
It’s no surprise: The reigning banks have been around for decades so they have a large existing set of customers and streams of data on them from over the years. Their problem is they’re plagued with old infrastructure that slows them down and cuts into their ability to manage data well. Startups don’t have that problem, but they also don’t have the customer base — or the ability to scale.
Customer acquisition is expensive. For a large bank it could cost between $1,500 and $2,000 to acquire one customer, according to Ciaran Rogers, director of marketing at StratiFi, an early stage startup that helps advisors manage portfolio risk. At startups it could be between $5 to about $300 for one customer. Fintechs just have less money to spend on that — at Wealthfront, for example, marketing budgets have decreased every year.
More in Marketing
Who owns agentic workflows? Agencies struggle to govern new tools as marketing budgets surge
Deciding how AI is used, vetting tools, shaping best practices and how staff are incentivized to use AI tools are still up for debate internally at agencies.
Pitch deck: X leans on AI and performance in a bid to win ad dollars
For the past few years, X emphasized brand safety capabilities to reassure advertisers. This latest deck is all about the new AI era of X.
Spirits brands look to sports, sponsorship and celebrity playbook to convert younger consumers
For advertisers like Chivas Regal, Maker’s Mark and Jameson sports is now the keystone of efforts to recruit younger drinkers and renew brand profiles.