4 digital challenges financial marketers must overcome immediately
Understanding the power of digital marketing and the need to personalize consumer experiences is a matter of survival for banks and credit unions today. There are challenges that weaken revenues and which could result in attrition if not addressed in the next 12-18 months. How many organizations are willing to make the changes necessary to satisfy an increasingly demanding consumer?
Over the past seven years, we have conducted global research on the state of financial marketing. Every year, we find new challenges and opportunities in this rapidly evolving field, and 2019 was no exception. What we found in the 2019 Financial Marketing Trends report, sponsored by Salesforce, was that digitalization of marketing is more prevalent than ever. In other words, banks and credit unions can’t rely on traditional marketing tactics that have dominated past efforts.
Digital marketing strategies are changing faster than ever, with new technology, apps, social media platforms, and search engine updates impacting the ways you can capture a larger portion of your target market. And while financial marketers are allocating more of their budgets to digital tools and innovation, most of those surveyed by the Digital Banking Report rated themselves as relatively low in digital marketing maturity … despite having high ambitions for their ability to reach the digital consumer.
For instance, while marketers we surveyed felt comfortable in meeting regulatory and basic marketing needs, just over half (56%) believe they have the data analytics capability to understand the consumer. More concerning, only 40% have the tools to provide “compelling, personalized, real-time experiences.”
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