Most know the financial industry is dynamic and constantly evolving, and for a financial marketer it’s no different. Keeping up with the change of pace is no easy feat.
Financial marketers are consistently swimming in a stream of news, changing regulations and complicated compliance guidelines. As the industry shifts their focus to become more customer-friendly, the role of marketing is becoming increasingly more integrated with wider business objectives, duties and processes. So how does a marketer stay afloat in a sea of continuous change?
Staying Relevant in a Competitive Market
For financial marketers it’s becoming progressively more difficult to gain the attention of their clients and prospects. The abundance of information paired with the number of resources and services available, especially in a highly competitive industry, only makes it harder to stand out from the crowd.
The mindset of the customer is also changing. As they adopt new technology, they want more control, ease of use and convenience. Moreover, even after getting noticed you need to meet high expectations regarding quality, timeliness and relevancy.
Understanding the Next Generation of Investors
With the Baby Boomer generation ageing, the financial services industry must start to target the next wave of investors – Millennials. Millennials have yet to really adopt to the financial services industry as a result of growing up during a major financial crisis. In fact, many Millennials prioritise spending today over saving for the future, according to research conducted by BNY Mellon. Moreover, they found that in most countries 20 to 25 percent of Millennials do not trust financial services providers with their money. All signs point to an uphill battle to convey value to and establish a relationship with the newest generation of investors.
Their different approach to the industry, investments, and savings, provides an opportunity for a clean slate for marketers to inform and impress. If marketers are not adapting their efforts to Millennial preferences, and understanding their goals, then they will fall behind those that are.
Financial marketers now have a vital task of determining how to attract and target the next generation of investors.
Adapting to Consumers Interests Through Technology
Marketing and consumer technology continues to rapidly advance, however the financial world has been slow to adapt. AI is just now starting to catch-on in the financial industry and marketers are now learning the importance of automation to help generate leads and retain existing customers. Many have already adopted Email Marketing Automation solutions, offering better efficiency, personalisation, segmentation and timeliness.
Based on StoneShot’s Digital Marketing Survey, many advisors desire more personalized communications. Marketing Automation can be a solution to tackle these issue and has become a key tool in improving user journeys.
The Financial Services industry is tightly controlled – with many laws and regulations. Being compliant has always been important, but it’s always been difficult for financial marketer, especially now that the new General Data Protection Regulation (GDPR) for the EU, is just around the corner.
Marketers within the finacial industry must team up with compliance, legal, IT and other departments to make sure they are ready for the change. GDPR brings many challenges to the businesses, including data mapping, new rules defining customer consent and much more. Marketers not only have to understand and follow all the new requirements while still generating user-friendly content, but in turn, review and most likely adjust many of the internal processes. We have prepared several guides to help you achieve GDPR compliance.
Keeping Existing Clients Engaged
Clients are important. But how do you keep them? Well we suggest, you need to keep it simple.
The content you provide continues to be important and marketing communications should be easy to understand and have a clear call-to-action. However, it’s time for financial marketers to think outside the box.
Many financial firms are starting to host live streaming events and broadcasts allowing clients and prospects to engage in a different way and ask questions from the comfort of their own home or office. Companies are also using social media more to relay breaking news, market insights and product offerings for investors.
Moreover, there are also many businesses in the industry that are investigating the potentials of the Artificial Intelligence and Machine Learning.
According to The Financial Stability Board, AI is already being utilised to assess credit quality, find signals for more optimised trading execution and better returns, help with compliance and assessment of data quality, fraud detection and much more. With the help of AI and Machine Learning, financial marketers will find new efficient ways to automate client interaction with client-facing chatbots being one of them.
Remaining Agile. Change is Inevitable.
With the fast-evolving industry financial marketers must continuously seek for new ways to stay ahead of their competition – remaining relevant and compliant, keeping a digital-first mindset, and utilizing the emerging technology available to them to better engage their clients.
This requires the businesses to invest in training and education for marketers to keep up with the quickly changing financial marketing landscape and regulations, and in turn to be able to deliver the desired results.
Want to learn more about how to continuously evolve with the changes in the financial industry, or interested in exploring our agency services and/or marketing platform? Contact us, we’d love to chat.