Last week I was asked to moderate a panel discussion on trends across the world of digital marketing in financial services, especially considering recent regulatory changes, and new ways in which data is being used more effectively. A fantastic conversation held with Tealium and Capgemini experts, and I wanted to share some of the key insights from this event.
- Develop a closer alignment between bank priorities and customer expectations on service. Creating more contextual customer journeys that drive more digital interaction, as well as being lower cost
- As revenue generation in banking continues to be challenged, with low interest rates and expectations that there will be more delinquencies across the market, focus needs to re-pivot to attracting more customers. The brand promise here is key, as well as the ability to deliver better ROI on marketing spend
- Creating more agile operating models is key to driving a more effective organisation; this is about talent, simple operational processes, and relevant technology. Additionally, leveraging data to improve decision making and helping to power real-time customer experience is vital, especially as customers move from channel to channel. Designing these insights into customer journeys for core points of interaction, as well as having a measurement framework in place to demonstrate value
- “Respectful Personalisation” at the hub of all marketing engagement, creating highly personalised and tailored experiences based on being informative not invasive. There is also the requirement to free-up data that maybe sitting in organisational silos to drive better insights across all segments whether it is retail, personal, commercial, corporate, wealth or investment banking
- With the world headed for a cookie-less future, banks and other financial institutions need to realign focus on creating long term value, and move away from 3rd party cookies (Chrome, iOS etc) and shift attention to more 1st and 2nd party data. This requires a radical re-think of the data strategy in play, and requires examination of not only the operating model, but also the Martech e.g. revamping tag management infrastructure and assess Customer Data Platforms