The evolution of banking marketing teams: from traditional to tech-savvy
See how marketing and digital teams are not only keeping pace with the digital age but are also leading the charge in the industry's evolution.
Today, the role of marketers and digital leaders in the financial services industry is undergoing a thrilling transformation. Gone are the days when banks were perceived as the epitome of buttoned-up and boring.
What was once an industry defined by traditional channels like TV, radio, and print is now becoming a dynamic, tech-driven vertical. Marketers in banks and fintech companies are shedding their old-school reputations and embracing cutting-edge technologies, turning their roles into powerful engines of personalization and customer engagement.
We’re going to explore how these marketing and digital teams are not only keeping pace with the digital age but are also leading the charge in the industry's evolution.
The shift: from traditional to tech-savvy marketers
The financial services industry, which has historically been viewed as antiquated, is witnessing an exciting revolution in marketing strategies. Traditionally, banking marketers relied heavily on broad-reach channels such as TV and radio to communicate their messages.
These channels, which were once state-of-the-art for banking institutions, now lack the necessary functionality for personalization and engagement. Marketers and digital leaders in traditional consumer banks are now expected to be as tech-savvy as those in fintech startups and digital-only banks.
Adoption of the latest technologies has shifted from being a competitive advantage to table stakes. According to Accenture’s latest Global Banking Consumer Study, banks invested $124 billion globally in new IT in 2021—a 24% increase compared to 2019.
This shift isn't merely about adopting new tools or keeping pace with trends; it's about staying relevant and competitive in an industry that is rapidly transforming. But what exactly is fueling this transformation, and how are marketers adapting to this new landscape?
The role of data: the marketer's new best friend
Data has become one of the most valuable assets for marketers in the financial sector. Unlike traditional methods that offered limited customer insights, today's digital channels allow marketers to capture and analyze enormous amounts of customer actions and behaviors.
This data, when used effectively, can transform marketing strategies from generic to hyper-personalized – and ultimately translate into positive bankwide implications.
For instance, data analytics enables marketers to accurately segment their audience, predict customer behavior, and deliver personalized content and offers that resonate on an individual level. This level of personalization is not just a competitive advantage—it has a direct impact on the bottom line. A study by Boston Consulting Group found that mastering personalization at scale can lead to a 10% increase in annual revenue for banks.
Moreover, according to Deloitte, “customers who received advice and felt it met their needs were more likely to reward the bank accordingly: about half opened a new account with that institution”. This trend underscores the importance of trust and relevance as key drivers of customer loyalty in banking.
Marketers and digital leaders in the banking sector are now leveraging advanced marketing technology (martech) to integrate this data and create more personalized campaigns. Tools like customer relationship management (CRM) systems and content management platforms (CMS) allow for seamless data integration, enabling marketers to craft personalized experiences across multiple touchpoints. AI and machine learning further enhance these capabilities by predicting customer needs, streamlining the content creation and automating the delivery of personalized touchpoints.
Personalization: the new standard in the banking industry
If data is the marketer’s new best friend, personalization is the new standard in the banking industry. Customers today expect every interaction with their bank to be tailored to their specific needs and preferences.
According to a study, 66% of consumers expect their financial institution to know their unique needs. This expectation is driving a shift in how marketing teams operate, moving from a one-size-fits-all approach to one that is highly personalized and data-driven.
For example, Greater Bank uses AI-powered Optimizely platform to deliver real-time content recommendations to users, offering customers a personalized journey as they navigate through the website or mobile app. Similarly, Bank of America's "Erica", an AI-driven virtual assistant, offers personalized financial guidance based on the user's account activity, further demonstrating how personalization can enhance the customer experience.
As banks continue to develop their personalization strategies, the role of marketers and digital leaders is evolving. Today's marketers must be proficient at leveraging data to understand customer needs, using technology to deliver personalized experiences and adapting to evolving consumer behavior.
The future of banking marketing: AI, automation, and beyond
It's clear that AI and automation will play increasingly significant roles in banking marketing strategies. These technologies are not only enhancing personalization efforts but also streamlining operations, allowing marketing teams to focus on more strategic initiatives.
For example, AI-driven algorithms can analyze customer data to drive personalized product recommendations, ensuring that each customer sees offers and content tailored to their specific needs and behaviors. Additionally, AI can be used to write content, generating personalized email campaigns or even blog posts that resonate with individual customers.
Automation is also streamlining repetitive tasks, such as managing social media posts or segmenting audiences, freeing up marketers to focus on higher-level planning and creativity. By automating these processes, banks can deliver consistent, timely, and relevant communications across multiple channels, improving customer engagement and satisfaction.
The rise of AI and automation also underscores the importance of continuous learning and adaptation. Marketers in the banking industry must stay ahead of technological advancements and be prepared to integrate new tools and techniques into their strategies. The future of banking marketing is one of constant innovation, and those who embrace this mindset will lead the way.
The future of marketing is bright
The evolution of marketing and digital teams in the financial services industry is a testament to the power of digital transformation. What was once a traditional, slow-moving sector is now a hub of innovation, driven by data, technology, and a relentless focus on personalization. As marketers in banks and fintech companies continue to embrace these changes, they are redefining what it means to engage with customers in the digital age.
The future of banking marketing is bright, filled with opportunities for those who are willing to adapt and evolve. By learning from fintech and digital-only banks, leveraging data and AI, and staying agile, banking marketers can not only keep pace with the digital age but also shape the future of the industry.
