Unleashing the Power of Digital Marketing in Financial Services.
The digital revolution is transforming financial services. Customers are more demanding, new competitors are threatening to disrupt the market and switching from one financial services provider to another is becoming easier and more common.
Across the banking, capital markets and insurance sectors, these rapidly evolving shifts are making institutions’ digital distribution and marketing efforts a central focus. From retail banks, consumers expect personalized and integrated services at the branch, on the go or online. They want their banks to go beyond transactions and provide relevant insight into their everyday financial and non-financial lives
Capital markets, facing a vast transfer of intergenerational wealth on the near horizon, are also pressured to adjust for emerging digital and social trends challenging their relevance. Within insurance, the digital revolution is upending both customer expectations and insurers response.
Competition is intensifying in digital financial services as digital start-ups and digitized incumbents are undercutting traditional financial services businesses in such areas as loans, payments and insurance, and are able to outmaneuver many of their slower competitors. Mobility of consumer financial services is a high priority, as companies respond to hundreds of new mobile-first or mobile-only competitors. Consumer banks and brokers must also embrace new intermediaries, integrating with new methods of payment that many customers favor, such as Bitcoin, Square and mobile payment methods. Services, sales and advertising are rapidly moving online, hollowing out the value of capital-intensive offline resources like branch banks and ATMs.
All the while, new regulations impose demanding financial and consumer protections and require financial institutions to ensure thousands of pages of digitally published financial information—interest rates, loan durations, and so on—are correct and consistent across all channels, or litigation and penalties can result.
As financial services businesses face the digital revolution, many are strapped by inflexible systems, processes and operating models that make it hard to be responsive to emerging needs and enhance customer engagement while protecting margins and cost to serve. Embracing innovation requires a new approach to digital marketing—one supported by an optimized, data-driven, omni-channel marketing platform.