That was a key finding of Brand New Media's "Digital Marketing of Financial Services 2017" report, which identified the organizational structures, budgets, processes, and metrics that financial companies in the U.S. are using. Following are the biggest trends identified in the comprehensive study. "Seeing as though mobile and website are the top priorities, the mobile-optimized website becomes something that financial marketers need to nail," said Frank Dudley, president and CEO of Brand New Media (BNM) and a professor at Northwestern University. "We've seen a shift from apps, as they are more utilitarian and focused around a discrete set of activities. People really want to go to a firm's site on their mobile device for a wider range of things."
Financial Marketers in recent years, have been actively leveraging all types of traditional and new-age marketing channels to engage customers on their digital and mobile journeys. However, customers still expect Financial Institutions to know their preferences and provide a much richer personalized experience. In this era of hyper-personalization, data about users is paramount. Even with all the digital transformation in progress, data is largely available in silos among different departments such as Marketing, Sales, Operations, and Customer Care. Users visit financial websites and mobile applications at different times and on different devices and these visits could often be mistaken as different users.
Banking organizations need to understand where they are in terms of advanced marketing maturity, an approach that allows them to assess progress and identify necessary initiatives. Right now, most institutions are in the early stages of development. Many financial services organizations are in the process of trying to increase the level of digital engagement with their customers. They hope to use this enhanced digital engagement to deepen the understanding of their customers, thereby improving service, strengthening relationships and increasing retention. The foundation of this digital engagement is the collection and use of data from existing corporate systems, external insights and data associated with digital engagement.
Most financial marketers are ill-equipped to succeed in the new world of digital marketing. Never before has the ability to learn new skills and competencies been so important. A modern marketing model must be applied and an always-on approach to learning must be embraced by marketers at all levels. Subscribe to The Financial Brand via email for FREE!Over the past several years, the dynamics of financial marketing have changed dramatically. While the past was a combination of mass media and some direct channels, the addition of new channels and technologies has impacted not only the tools available, but also the skills required to be successful.
AI and machine learning are making the customer experience more personalized and contextual than ever before. Banks and credit unions are using advanced technology to make websites, emails, digital advertising, social media and other content more efficient and effective. This is increasing marketing ROI as well as customer satisfaction. Subscribe to The Financial Brand via email for FREE!There is a great deal of discussion of the potential value of artificial intelligence, machine learning and robotics in banking. Unfortunately, much of the implementation of these technologies lags the potential by a significant margin.