Hurdles to building a world-class marketing organization (hint: it’s all about data)

Building a world-class marketing organization is the goal for any financial institution, but it isn’t easy to achieve, especially now. As consumer expectations rise and the financial landscape itself shifts in the wake of all the new martech available to us, financial institutions need to take a long, careful look at their marketing teams to determine if they have the budget, resources, technology, and data to compete at a high level.

While traditional marketing roles remain relevant, the explosive growth of digital channels and data analytics is changing the game. Plainly put, marketers need a higher level and greater variety of skills in data and analytics if their organizations are going to thrive. To say data analysis is a pain point for the banking industry is an extreme understatement.

Data analysis pain

A staggering number of financial institutions, 89 percent, cited data analysis as a problem, according to the 2017 State of Financial Marketing report from Digital Banking Report. In addition, another 90 percent felt that insufficient internal resources or manpower were a challenge. This is a dangerous combination in such a competitive marketplace.

 

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