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.
As the impacts of artificial intelligence and machine learning creep their way into every corner of the financial industry, banking providers are finding new ways to transform their approach to creating, producing and distributing their marketing materials. Advanced data analytics can help you build an omniscient system that automatically knows what to send, to whom and when, and do so without raising any compliance red flags.
Just over 27% of Adobe's valuation can be attributed to its marketing cloud initiative. According to Adobe's SEC filings, it generated over $1.63 billion revenues from its marketing cloud initiatives in 2016. The primary reason for this growth is the comprehensive marketing offering includes a complete set of analytics, social media optimization, consumer targeting, web experience management and cross-channel campaign management solutions. In addition to traditional capabilities in digital marketing, the company also has rolled out digital marketing and advertising services for Over The Top video TV content through its Primetime services. In the most recent move, it acquired TubeMogul, a programmatic ad tech company that can run campaigns across digital screens, television and out-of-home channels.
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.