In a world based on access, not ownership, the duration, value, cost and extent of financial services is distinctly different.
- Lisa Gansky
Financial institutions have always been alert to the need to differentiate themselves from the competition. With products that are very similar across different institutions, they need to find other ways to capture mindshare. The financial institutions that are quick to adapt and adopt digital marketing technologies find success in engaging their customers in the way they want to be engaged. However, there are still many conservative institutions that been slow to embrace new digital technologies.
Here are six major current digital marketing trends in the financial services industry that impact both the early adopters as well as those still hesitant to commit fully.
According to a report from Gartner, 64% of companies are currently implementing or have plans for big data initiatives. Shifting demographics and socioeconomics from seniors to baby boomers to millennials to the Generation Z has forced companies to think not just about big data but the right data for their marketers. The institutions that are able to use the right data to drive actionable customer insights will thrive, while the others will be left behind.
With a database of over 95 million and 31 proprietary online publications across 16 industries, DECK 7 data engineers capture the ‘right’ data and signals to provide marketers with the customer insights and market intelligence they need to drive their growth strategy.
Social media is widely used, specially more so by younger audiences, to find information and discover brands. Most brands already have a presence on social media. But beyond broadcasting messages, the true value of social media lies in using it to create and engage audiences in conversation. Moreover, using social media as a the only channel is limiting. Companies need to use several channels like email, retargeting, organic search, and the like to reinforce the touchpoints initiated through social media.
With 7 channels of engagement that are the core of DECK 7’s Framework for Digital, DECK 7 provides marketers with the ability to use the right mix of channels to engage with their audiences in ways that they want to be reached.
We’ve all seen our bank advertise their mobile app. Marketers are quickly learning to leverage the mobile platform to use it to deepen their relationships with existing customers. The mobile platform, with its ability to localize and personalize messages, can be used by marketers to attract new customers as well – making it a driving force for any institution’s marketing strategy.
With 300+ marketing specialists and engineers, DECK 7 provides the resources, systems, processes, and integration for marketers to successfully execute sophisticated and deeply engaging “mobile-first” programs.
While financial services have become almost entirely virtual in the way customers perceive them, several companies still seem heavily dependent on retail marketing and distribution through massive branch networks. By focusing more on real customer experience than on managing relationships the traditional way, other innovative marketers are using digital technologies to avoid these costs and increase profits.
With almost two decades of experience, DECK 7 helps marketers implement digital marketing strategies that will reinforce customer loyalty and brand awareness by creating digital customer experiences across multiple devices and platforms.
Financial service marketers, according to Laura Berger at BNY Mellon, “need to wake up to the opportunities afforded them through deep data analysis on digital channels, to yield greater levels of personalization and automation.” The best technologies will allow companies to use a mix of “analytics, content management, social listening, automation, personalization” to move far beyond traditional B2B marketing methods and practices. We couldn’t be in more agreement with Laura.
With 9 service areas that encompass these technologies, large databases of business decision makers, and proprietary online publications, DECK 7 works with marketers to executeinnovative and highly successful B2B marketing strategies.
CUSTOMER INSIGHTS & MARKET INTELLIGENCE
DECK 7 provides solutions that help marketers leverage account-based customer insights and market intelligence information on substitute products, new entrants, partners, and direct competitors. The solutions are employed by financial services companies to access customers across several industries and markets, and by companies in other industries to gain access to banks, credit unions and other financial institutions as potential customers.
We invite you to visit our industry publication (above). Decision makers and influencers use these industry and product specific communities for news, events, market information, and as a library of resources.