4 Digital Marketing Trends Impacting Retail Banking in 2018
A synopsis of a Jeffry Pilcher article on The Financial Brand
A study from Adobe and eConsultancy reveals that senior-level decision makes in banking have become aware that the fintech industry presents a threat, and all factors from marketing to customer experience revolve around digital.
Customer Experience
28% of all institution believe that customer experience optimization is the most exciting place for an opportunity in 2018. Making the experience easier, more fun, and more valuable for customers is a primary avenue for differentiation in the next five years.
Personalizing the Customer Journey
The experience must focus on the needs of the customer, customer journey mapping can both optimize opportunity interactions and smooth any issues with the customer experience; issues which can disenfranchise customers and cost the financial institution revenue.
Integrating AI into marketing decisions is a new avenue for innovation, Data-driven marketing was identified as the next top opportunity following customer experience optimization. While 61% claim to already be using or planning to use AI within the next year, which is ahead of other industries, they are not being utilized effectively. Challenges exist identifying effective uses, building internal resource and knowledge are top obstacles that are seen to prevent them from maximizing the use of AI.
The Adobe survey notes financial brands ignore the importance of content in a compelling customer experience. They ignore the creation and management of content, particularly video, and this does not look to be something which is planned to be improved.
Data-Driven Marketing Insights
Having not invested in the required technology, that is a current barrier to the improvement in digital capacities. Adobe believes it will be vital for them to improve their legacy technology, something which they may have issues making a short-term business case for when it is a longer-term play. Investment while not wide-spread does pay off; top performers are 2x as likely to invest in digital skills and employee education.
Financial institutions have the data, have the funding, can they pivot to meet customer expectations and maximize digital?
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