Brand Innovators 2022 Outlook: Payment Services
In the ninth installment of our new 2022 Outlook Series, Brand Innovators talks to payment services marketing leaders for insights into what to expect next year, and what the category will look like as we head into 2022.
After taking a hit in 2020, payments services revenues are on the rebound and these types of digital payments and financial services platforms are helping consumers navigate the hybrid experiences of this year.
Payments revenues are on track to generate roughly $2.5 trillion by 2025, according to a recent report from McKinsey’s 2020 Global Payments Report.
For Cheryl Guerin, EVP-North America Marketing & Communications, Mastercard, the world has changed forever and she sees “The Hybrid Experience World” as shaping our experience in 2022.
“There is no going back to the way things were pre-pandemic,” says Guerin. “In the post-pandemic world, hybrid experiences are here to stay. As marketers, we can’t resist the new found scale that virtual experiences creates. For consumers, getting closer to their passions could happen without even leaving the house. But as much as consumers have learned to turn to the digital world to connect to their passions and loved ones, there’s a YOLO attitude gaining traction; people are craving real, tangible and immersive live experiences. It’s not an either or - we have to meet consumers’ needs digitally and physically.”
Lauren Weinberg, chief marketing officer at Square also thinks experiences will take a center role next year and with it will come the need for marketing innovation. “The Return of Experiences, with a twist,” she says. “People are ready to get out into the world again, so we’ll see the return of experiential marketing. However, the world has changed forever so things will look different. For starters, we’ll see more hybrid-style events that infuse virtual reality components for those online and in-person. Secondly, influencers will become a must have for any experiential marketing to drive word of mouth and allow bespoke experiences to scale through content creation. It’s more crowded and competitive than ever before, so marketers need to take more risks, get creative, and continue to find innovative ways to break through with their audiences. 2022 will be the year of marketing innovation.”
Katie Berry, agency relations Director at U.S. Bank is keeping her eye on the latest trends in technology and how it plays out next year. “I'm really intrigued to see where Facebook goes with Meta and how more brands will start to use NFTs as a way to drive brand awareness and engagement,” says Berry.
Kennedy Reynolds, chief content & education officer at Acorns, says that “togetherness” will shape the landscape in the coming year. “We're already seeing smacks of a ‘reunite renaissance’ with installations like Kate Spade's apple orchard and brand-hosted happy hours,” she says. "We all have a renewed appreciation for gathering together, so how can brands authentically support that? I can't wait to see how we all celebrate and redefine togetherness, and help our customers feel a part of something bigger in a post-pandemic world."
Andrew Martinson, senior marketing manager, media and strategy at H&R Block expects the media side of the business to grow in 2022.
“I see 2022 as a remarkable year for media innovation,” says Martinson. “More companies will be shifting dollars and strategy into previously untapped or under-recognized mediums and capabilities. Gaming and streaming partners will continue to grow and media investors will start to demand standard measurement units. More companies will be building media plans that fluidly connect the full funnel from TV to CTV, OLV, Display, Search and retargeting; telling a story across mediums and moving budget from silos to where it needs to be to meet the audience. I look forward to the future of marketing.”