Amp Sound Branding shares The Sound of Banking and FinTech
Pioneering sonic branding agency, amp sound branding, has released the highly anticipated fourth edition of their quarterly editorial magazine, amplify. The trade publication is an industry standard in the world of audio branding and advertising, with each issue featuring data-driven deep dives into specific sectors and their audio output.
The Amplifier took on the financial sector and placed The Sound of Banking & FinTech under their meticulous lens. Using their patented Sonic Radar tool, new, never-before-seen insights have been published, concluding one of the most comprehensive sound analysis studies the financial field has ever seen.
Banking by the Numbers
Gathering information from the annual Best Audio Brands Index, along with extensive desktop research, artificial intelligence evaluation and social media research, amp analyzed 55 traditional banks and 10 FinTech companies on their sonic performance.
Data shows that owned music is trending upwards, but banks and FinTech companies are missing out on a huge potential for increased recall and familiarity by forgoing investment in a holistic sonic strategy. The industry is plagued by low adoption of sonic logos across the sector, with 46% of financial brands using sonic logos in the past year, all of which came from the traditional banking sector. Exploring beyond sonic logos will lead to increased brand awareness, increase efforts across digital channels and lead to further understanding and comprehension.
Highlights from the results include a sharp increase in newer banks investing in sonic assets, but the industry suffers from a widespread equity music problem. Stock music can lead the consumer to feelings of indifference and apathy, preventing future market penetration. With the growing trend of audio investment in the sector, amp believes now is the time for brands to move beyond the traditional sonic logo and embrace an all-encompassing sonic strategy.
Download the issue here.
Rebuilding relationships with sound
The emergence of new digital touchpoints will allow for better targeting, and audio will prove critical to financial institutions winning the business of the next generation of money makers and investors. This generation must be approached with tailored concepts that go far beyond online functionality, the banking requirements of gen z are not analogous to other demographics and will necessitate partnerships built on trust and simple answers. Loyalty is key for banking institutions, with the average US adult holding the same checking account for 17 years. Customer acquisition is critical for these providers; However, payment practices are changing with digitization, making it much more difficult to achieve customer loyalty. This is where sonic branding can make the difference, creating not only recall and memorability, but also trust, authenticity and ultimately connection. An important opportunity for improvement can be found in promoting functional and flexible UX/UI sounds, which effectively contribute 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 an early adopter of technical innovation, dating back to 1997 with the first banking service to debut online from Sumitomo Bank. Fast forward to today, according to the UBS Evidence Lab, the banking industry has been the fastest adopter of AI. With voice assistants emerging and smart home device transactions expected to reach $164 billion by 2025, this trend of productive ingenuity isn’t one amp sees going away anytime soon. The next steps seem to point to the Metaverse, with other sectors already seeing some success in the virtual space. The entertainment industry has pioneered this new touch point, with celebrities such as Snoop Dogg and Travis Scott, and brands such as SONY and WMG already seeing positive returns with various projects.
For this edition of amplify, Michele Arnese, founder of the amplifier brand, global CEO and CCO, spoke with two leading voices in the industry, Christoph Ramler, Group Brand & Communication Intelligence Lead at UniCredit, and Carla Calandra, trend analyst at Wunderman Thompson Intelligence, around the role of sonic in the Metaverse, with the overarching theme of banking institutions. Amp also worked with Liz Song, Global Category Development Officer, Financial Services & Insurance at Spotify, and received a guest editorial from her on the engagement of Gen Z, and Millennials using audio.
