Nov 13, 2014
There are few industries left using marketing software than can now be labeled as transformative as a result of digital media – from retail to government, marketers within these vertical markets have taken the marketing software technologies offered by vendors to bring full digital experiences to their prospective customers. However, in industries where more importance is placed on securing sensitive customer information there are greater hurdles to overcome in offering prospective customers a truly valuable experience. One such vertical that is driving the transformation of marketing is the financial services industry. Research completed by InfoTrends in this market and a recent eBook published by the Digital Marketing for Financial Services Summit, show just how marketers in financial services are taking these roadblocks around data security and creating a digital experience for their customers.
Financial is Multimedia and Omni-channel: Like most industries, financial services are driving customer experiences across multiple channels and giving them options on how they interact with financial institutions. Nathaniel Halsey, SVP of Digital Services Marketing & Infrastructure, at Citi Bank notes, “With this multi-channel world customers may start an action on one device and finish it on another. It is up to the marketers to develop cross channel marketing capabilities where you can provide a differentiated experience for the customer irrespective of the channel.” The introduction of omni-channel/multimedia customer experiences is indicative of how marketers in the industry are choosing to spend their media dollars. According to InfoTrends, mobile is the single fastest growing channel at 17.5% CAGR closely followed by increased media spend in online (5.0%) and video (3.1%).
Relevancy is Driving Customer Communications: The increased focus on customer communications management and providing relevant content with digital marketing is driving spending in financial services. One aspect of this means using personalization to drive more relevant experiences for the customer. Some of the ways in which financial services are doing this are through incorporating personalization into transactional statements, investor publications, and reports. Since transactional information such as these represents the second highest (behind sales) communication type for financial services, it is understandable why this is the next logical move for marketers. Outside of customer communications, it is important to note that marketers in financial services across the board are driving more relevant and customized experiences to their current and prospective customers – giving them the best experience for their communication channel of choice.
Data is Value: Michele Elrod, EVP and Head of Marketing, for the Regionals Financial Corporation had this to say about the value of using data and analytics with her customers, “…the data and timeliness of that data gathered through the digital marketplace now enable marketers to create a customer conversation which is relevant, timely and productive for both the marketer and the customer.” While marketers in the financial industry do have to abide by compliances for using some types of customer data, the data that is not handled under financial regulatory standards is considered especially important to marketing communications. According to InfoTrends, 51% of marketers in the financial industry have invested in data management and analytics software within the last 12 months – and this demand is only expected to rise as marketers work together to improve customer experiences with better data.
The few trends highlighted reflect just the tip of the iceberg of what marketers in financial services are doing to improve the customer experience. Interested parties, who want to learn more about these trends, and the marketers defining them, should plan on attending the Digital Marketing Financial Services Summit, being held from December 9 to 10 at the Hilton, Midtown in New York City. This year, I will be heading down to the summit to attend sessions, meet with vendors, and talk with marketers working in financial services. If you see me, please say hello!
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