The financial industry’s spending on marketing technology has been rising in recent years. Currently, marketing technology comprises about 22% of the average bank’s budget, according to the ABA. Marketing technology enables retail banks to track the customer journey and gain insights into their ROI. Retail banks are also starting to put more marketing technology dollars behind one particularly essential consumer population: Generation Z. Ages 6 to 23 in 2018, tech-savvy Gen Z’ers are starting to graduate, manage finances, earn disposable incomes and, by 2020, will account for 1/3 of the US. Given this, it makes sense that the major retail bank marketing trends we’re seeing right now involve progressive technology tools that align with Gen Z sensibilities.
Large banks have been at the forefront of marketing technology trends, but community banks are catching up and the gap is narrowing. The Financial Brand predicts that the “intersection of data and digital marketing will continue to surge” and banks and credit unions that focus on these areas will find it easier to grow.
Here are 5 important marketing trends among today’s retail banks:
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