Digital marketing is still falling short, but how to do better is clear
Digital marketing in banking is not as far along as it should be. The goal is to try to increase customer engagement and sales with higher levels of personalization driven by data and analytics. Our research provides insight into where the trouble spots are (regulatory compliance, legacy technology and lack of expertise) and what banks and credit unions can do to overcome the challenges and make more progress.
Financial institutions that are digitally mature are better able to leverage data, analytics, digital channels and technology to drive business growth, improve customer experience and satisfaction, and achieve competitive advantage. But many are not as far as long as they need to be to see those kinds of results.
Numerous digital marketing tools and platforms are available to help banks and credit unions automate and streamline their marketing efforts. For example, marketing automation tools can help manage multiple marketing channels, track campaigns, and analyze data to optimize the messaging.
In addition to investing in technology, banking organizations need to focus on fostering a culture of innovation and experimentation. This means encouraging employees to take risks and try new ideas, sharing data and insights that can make decision-making better and customer engagement stronger. Banks and credit unions that embrace a culture of innovation can better adapt to changes in the market and stay ahead of competitors during times of economic uncertainty.
Most importantly, financial institutions need to focus on delivering a seamless and consistent customer experience across both online and offline channels. This means ensuring that all marketing efforts are aligned with the customer journey and that customers receive the same level of service and experience, regardless of the channel they use.
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