Financial Institutions: It’s Time to Challenge Perceptions and Embrace a New Brand.
The financial industry is often perceived as being slow to effectively keep pace with technology. 2014 can be the year you turn that perception on its head. Simplify, integrate, and above all, listen to your customer.
Today’s connected consumer wants and expects to engage easily with the brands they choose. For many financial institutions this means even more focus on making digital channels accessible and intuitive. It may also mean reconsidering your brand story.
Banks and other financial institutions can look outside their industry to best practices of online retailers to model customer experience. Aside from simplification and making the process more accessible, use relevant data to personalize customer interactions. This data-driven marketing should be cross-channel, embracing the digital focus of “Generation Connected” through mobile and social media communications as well as more traditional email and direct mail components.
Jim Marous, in his Bank Marketing Strategy blog, quotes Danny Tang, worldwide financial transformation leader at IBM:
“The leaders in the industry will eliminate silos, starting the convergence of mobile and online banking and building a linkage between the digital and physical channels. Conversely, the laggers will unfortunately realize that a siloed mentality and the lack of multi-channel platform is an inhibitor to success.”
Data + A Strong Brand = Success
77% of higher performing “Brand Champions” report that marketing analytics contribute to their marketing performance, compared to just 38% of “Brand Laggards”
Marous also suggests that those financial institutions that most effectively address their customer experience and use the data at their fingertips to segment and target their messages will achieve something else: Differentiation. In an industry whose products are often viewed as a commodity, differentiation is gold. Stepping outside the box and focusing on experience and data-driven marketing can raise brand perception and increase customer loyalty. The Financial Brand offers some great examples and tips on how bank brands can (and should) differentiate.
More Financial Marketing Resources
Here are two websites focused on financial and bank marketing:
- Bank Marketing Strategy, a blog by Jim Marous
- The Financial Brand, “Ideas and Insights for Financial Marketers,” which also provides these resource roundups: