Google continues to update and evolve their advertising, most recently revising their financial products and services policy. The new policy will ban certain types of debt and credit repair services from advertising on Google.
What Is Google’s New Financial Products And Services Policy?
According to the Google Blog, beginning in November, Google restricted “advertisement of debt settlement, debt management services and credit repair services.” Some services will be banned outright, including credit repair services. Debt settlement and debt management services that want to advertise on Google will have to be certified by Google, and in order to be certified will have to be “registered, licensed or approved by the relevant regulatory authorities or recognized professional bodies in the country or countries they are targeting.” The new financial products and services policy will apply globally, but at this time not all countries are eligible for Google certifications.
Is This The First Time Google Has Restricted Financial Products From Advertising?
This policy update isn’t the first time Google has attempted to mitigate the influence of bad actors in the financial lending business. In 2016, according to The New York Times, Google moved to “ban all advertisements for payday loans and related products on its website.” Among the banned advertisers were those lenders who required repayment in 60 days or offered loans that carried APRs of more than 36%. As recently as October 2019, Google put similar restrictions on Play Store Apps that contain or promote financial products and services.
Why Are These Advertising Policy Changes For Financial Products And Services Important For Marketers?
The latest Google financial products and services policy changes could present problems for marketers of certain financial products, but as with any business, diversification of media channels is the most effective way to stay agile amongst the ongoing shifts in policy from big tech. If a marketing strategy relies too heavily on one media channel, it can be difficult to adapt when changes like Google’s financial products and services update pop up. In the Google blog, Google indicates that the new policy will also apply to lead generators, making it equally important that marketers ensure their third-party media distribution is also diversified across media channels.
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