Financial marketers see pros and cons in marketing’s changed role
Marketing has a higher profile at many banks and credit unions these days. But with increased visibility there's also a greater demand to demonstrate ROI. Other challenges include mastering the vast oceans of data, deciphering new marketing tools and managing budget constraints.
Banking is undergoing some of the most sweeping changes in its history and financial marketers are in the thick of it. The challenges their institutions face from fast-moving, tech-savvy competitors are putting enormous pressure on Marketing.
At the same time, technology is providing greatly enhanced marketing tools and many more options. Used effectively, these can enable bank and credit union marketing executives to accomplish more and be far more precise and accountable in what they deliver. This is helping to raise the profile of a discipline that used to be considered more art than science.
“Marketing is completely different now,” says Steve Hildebrand, SVP Marketing, Freedom First Credit Union, Roanoke, Va. “Marketers have to be scientists, innovators and creators. We need to be well versed in psychology and technology. We need a mathematics degree and an English degree. We need to innovate and cultivate.”
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