The Evolution of Finance: Envisioning a New Digital Age

The COVID-19 pandemic has profoundly impacted the banking sector, catalyzing a significant shift in consumer behavior. Latin America, in particular, has embraced digital banking at an unprecedented rate. This digital transformation presents a pivotal moment for the Latin American financial sector.

"While we are still emerging and recovering from the global pandemic that brought these changes, what is clear to us is that it was an important turning point, especially for the financial sector in Latin America," said Tristen Norman, Director of Creative Insights for the Americas, Getty Images, during Mexico Business Forum 2023 Finance & Fintech Edition.

In today's visually-driven world, Getty Images is revolutionizing the financial sector through its groundbreaking VisualGPS tool, which turns visual insights into data-driven solutions. VisualGPS offers valuable guidance to brands and agencies within the financial industry, while understanding consumer preferences and identifying trends.

The VisualGPS tool has emerged as a game-changer in market research. With access to a vast image repository and insights from over 7,000 consumers across 25 countries, Getty Images provides a comprehensive analysis of visual habits. The tool provides valuable information on the ever-changing consumer landscape by continuously monitoring and analyzing licensed content.

The VisualGPS data highlights that 83% of Latin Americans now rely more heavily on their phones for banking activities. Additionally, nearly nine out of 10 Latin Americans use their smartphones for product research and three-quarters admit to making in-store purchase decisions based on their phone searches.

Financial brands are now prioritizing well-being when connecting with today's consumers. Getty Images' search data from 2022 showed significant increases in searches for mental health (56%), healthy lifestyle (228%), community (16%) and connection (167%). To establish meaningful relationships, financial brands must accurately reflect the realities of modern life. Getty Images' data indicates that images depicting everyday situations resonate most strongly with consumers, emphasizing the importance of authenticity and relatability in visual advertising decisions.

"It is important not only to represent these concepts in numbers, but also to be aware of and avoid cliché pitfalls when choosing these images," says Norman.  This is extremely relevant when addressing technological or representation matters, as “it is not about being cliché and representing these concepts just for the sake of it, but asking ourselves how we do it and for what purpose.”

Despite the potential of emerging technologies, financial companies have yet to leverage them in their visual campaigns fully. Brands have an opportunity to forge stronger connections by visually illustrating a world where these technologies play a central role. When selecting images, brands must avoid clichés and superficial representations. Authenticity and thoughtful image selection must be prioritized to convey the desired message effectively. "New realities demand new forms of representation," says Norman.

Getty Images' VisualGPS tool empowers brands and agencies in the financial sector to make informed decisions based on consumer preferences. Financial institutions can better connect with their target audience by understanding the visual landscape and leveraging authentic representations, contributing to positive and impactful change in the industry. In an increasingly visual world, Getty Images' VisualGPS tool enables businesses to stay relevant and resonate with consumers, empowering companies to make informed decisions and foster meaningful connections.