It is a widespread opinion that the current state of financial services marketing is overwhelming, there is no longer a definitive model for effective marketing and today financial marketers can choose from multiple software and services providers.
Also, the environment in which they operate is constantly changing with new channels and emerging technologies.
But in this overwhelming situation, can you imagine if your company could streamline, automate, and measure marketing tasks and workflows?
Can you imagine if predictions, e-mail campaigns, social media platforms, customer retention programs, etc. could all be automated? Can you imagine being able to track the success of particular campaigns in terms of clicks and conversions?
Well, this is simply everything that marketing automation does. Actually, it's difficult to even imagine how to achieve all those tasks (and how to process the amount of data that they necessary implicate) without an automation platform! So why not taking the challenge?
There shouldn't be a real impediment for marketing in financial institutions to embrace new software dedicated to marketing automation solutions and get the benefits of it, but unfortunately the available information shows that there are two main outcomes for most bank marketers, neither of which is very optimistic:
- To remain stuck in the past using the same outdated data sources and worn out marketing methodologies turning a blind eye to new affordable and powerful tools available to create powerful omnichannel customer experience.
- To dispose of the right tools but remain unable to use them in an effective way.
Adopting a digital marketing tactic requires new skills and capabilities that many times are not properly understood or implemented. In most cases the reticence from financial institutions to take the challenge of adopting digital marketing tactics, comes from the lack of experience with new platforms
It is also a widespread opinion that financial institution have been always reticent to change:
“Roughly one in four organizations (24%) currently use some form of marketing automation, with another 29% indicating that they plan to use marketing automation software in the future. The percentage with ‘plans to’ implement marketing automation in the next 12-18 months increased by 8% since 2017. Of concern is the fact that 42% of organizations do not leverage marketing automation (and don’t plan to in the near future).” (Source: Digital Banking Report, 2018 Guide for Financial Marketing)
It is always challenging to transition from one paradigm to a new one. That same report points out that “responders to [the] 2018 Guide to Financial Marketing study indicated that the ability to personalize communication with automation and the accessibility of data were the biggest marketing challenges, with 46% of respondents seeing these as a major challenge” (Figure 2)
The ability to personalize communications with automation tools and the accessibility of data might be the biggest marketing challenges because of the paradox created by personalization between improving customer experience and trust. Use, sharing and protection of individual’s data is a very sensitive issue, as this information is needed to optimize the customer journey as is expected, it must also be transparent at all instances and accurate, according to privacy regulations. This is a delicate task, but not impossible, and highly rewarding in terms of ROI improvement for every financial institution that is taking the challenge.
Technology has reshaped the world in which we live and is forcing us to reshape the ways in which we think and do things. It brought a bit of chaos but it also brought many solutions.
If we take a look at the benefits of marketing automation:
- It increases operational efficiency,
- It makes it possible to gain an enhanced level of understanding, control, and effectiveness over every marketing campaign,
- It filters out the poorly performing content to maximize positive response rates from customers.
Automation tools are just the kind of technology that can really give you a hand. It’s only a matter of getting the right information and designing a strategy to pursue and you’ll be ready to take the challenge to improve.