Machine Learning powers Financial Discovery
Hot on the heels of Discovery Commerce, Facebook has recently launched Financial Discovery, a service designed to help advertisers find customers most likely to buy financial products.
How Does It Work?
Machine Learning (ML) of behaviours and habits, combined with data that people are willing to share, allows Facebook to understand – and even anticipate – when consumers are going to need a financial service or product. Searching for a new car? Planning a holiday? Facebook understands that you are likely to need insurance too.
The now tried-and-tested Dynamic Ads format is paired with Financial Discovery, giving ML the ability to test multiple ad variations in combination with its sophisticated audience profiling.
Why Does it Matter?
A study from a financial advisory group sighted by Facebook showed that in the early stages of the pandemic, there was a 72% rise in fintech adoption as people were driven by circumstance to find ways to manage their finances online. As a consequence, people are more open to change than ever before.
For brands wanting to disrupt their industry and reach their core audience in the new norm, or traditional providers seeking to protect existing relationships, Financial Discovery should be a serious consideration in their marketing strategy.