The pandemic forced financial services organizations to shift from relying on in-person customer communication to embracing digital processes. While marketers face the challenge of adapting to this new environment, there is also ample opportunity to innovate by developing new tools and strategies.
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Yet even where they have the full support of the C-suite, marketers aren't moving fast enough. The shift to a comprehensive digital-first strategy requires serious spending on new analytics software, AI and other technology as they race to the finish.
This study from Arizent — the parent company of American Banker — includes these key findings:
- Initially, the pandemic had an adverse effect on most financial service marketers. While it will be a slow road back, many organizations who embraced digital strategies and tools are seeing early positive results.
- Many financial marketers are using outdated methods to connect and engage with customers, focusing too heavily on outdated tactics like email marketing campaigns. This messaging fails to address important topics such as diversity, equity and inclusion, corporate responsibility and navigating the post-pandemic world.
- Many organizations plan to increase marketing spending in 2021. Areas ripe for additional investment include virtual marketing, social media, content marketing and digital/online advertising.
- Relatively few financial marketers have sustainable data-driven approaches or artificial intelligence strategies in place despite prioritizing technology investment and leveraging digital channels.
- Marketers urgently need to modernize customer acquisition, onboarding and customer service processes and deploy artificial intelligence and machine learning to personalize communications and engage prospects throughout the customer journey.
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