Financial brands go big at the big game

05 February 2016 - 03:05 By Bloomberg

Digital wallets and mortgage apps will vie with beer and cars for Super Bowl viewers as financial-services companies step up their advertising to cater to the changing preferences of millennials. At least six financial brands have purchased airtime for the television spectacle that attracts more than 100 million viewers annually.Its aim is to establish a place among more mainstream institutions by promising easy and convenient ways to manage your money.The Super Bowl featured just two financial-services ads last year and three in 2014.US attitudes to personal finance have shifted since the financial crisis of 2008, with more people now favouring online platforms and digital wallets."The financial world is changing very quickly and, as a result, the Super Bowl becomes a good platform to get ahead of the change," said Tim Calkins, professor of marketing at Northwestern University's Kellogg School of Management and creator of the school's annual Super Bowl Advertising Review.For the first time PayPal, SunTrust Banks, Quicken Loans and Social Finance also known as SoFi, have bought ads during the Super Bowl, which will air on CBS on Sunday. A 30-second spot will cost $5-million.TurboTax is returning for its third consecutive year and its parent company, Intuit, will be making its second showing.The theme is optimism. Consumer spending grew last year by the most since 2005, and purchases of new US homes surged in December to the highest level in 10 months, closing out the best year for housing since 2007, according to the US Commerce Department. ..

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