Google Updates Financial Services Advertising Guidelines: The Facts

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Google continues to update and evolve its advertising, most recently revising its policy on financial products and services. The new policy will ban certain types of debt and credit repair services from advertising on Google.

What is Google’s update on its financial products and services policy?

According to the Google blog, starting in November, Google restricted “advertising for debt settlement, debt management services, and credit repair services.” Some services will be banned outright, including credit repair services. Debt settlement and management services that wish to advertise on Google will need to be certified by Google and, to be certified, they will need to be “registered, licensed or approved by the relevant regulatory authorities or recognized professional bodies in the or the countries they target. The new financial products and services policy will apply globally, but not all countries are eligible for Google certifications at this time.

Is this the first time that a Google update has banned advertising for financial products?

This policy update is not the first time that Google has attempted to mitigate the influence of bad actors in the financial lending industry. In 2016, according to The New York Times, Google has decided to “ban all advertisements for payday loans and related products on its website.” Among the banned advertisers were lenders who demanded 60-day repayment or offered loans with an APR above 36%. As recently as October 2019, Google imposed similar restrictions on Play Store apps that contain or promote financial products and services.

Why are these Google updates for financial products and services important to marketers?

The latest changes to Google’s policies on financial products and services could pose challenges for marketers of certain financial products, but like any business, diversifying media channels is the most effective way to stay agile in the face of change. current policy in relation to major technologies. If a marketing strategy relies too much on a single media channel, it can be difficult to adapt when changes like updating Google’s financial products and services emerge. In the Google blog, Google says the new policy will also apply to lead generators, which makes it equally important for marketers to ensure their third-party media distribution is equally diverse across all media channels.

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