Before I began my journey into personal finance, I was working as a high level marketing executive in a major bank. I understand the inner workings of banks, insurance companies and many other financial institutions. I loved being part of the financial institution, but I did not enjoy being just a cog in a machine and left after a while. But I do still keep in touch with colleagues in the financial industry, and am always interested in the coming trends. Here are some of the more important marketing trends that I expect to see in the coming year.
Creating Quality Content
Regardless of the industry you are in, people expect content. This is no different in the financial industry where consumers are showing an insatiable appetite for high quality content. But quality content does not come easy or cheap. Writers will be much sought after by banks, insurance companies and other financial institutions so that they can keep up with the ever-growing demand for quality content. These writers need to not only understand the financial industry, but also be able to create content for multiple platforms and social networks.
Multi-Channel Analytics & Emphasis on Returns-on-Investment
One of the most difficult questions for chief marketing officers to answer is also the most important – what is the return-on-investment on all of our marketing initiatives? It may seem simple on the surface, but trust me, for major enterprises such as banks, that is a very difficult question to answer.
John Wanamaker famously said:
I know that I waste half my budget on advertising. I just don’t know which half
Marketing at that level is not easy nor cheap. Buying billboards, TV advertisements, radio spots and ad space in major newspapers and magazines come with a hefty price tag.
But where traditional marketing channels struggle, digital marketing excels. Ever since digital marketing became popular, CEOs and CFOs have started asked even more pointed questions about returns, making their marketing counterparts more accountable.
For modern marketing professionals, they need to be able to recreate what is known as the ‘customer journey’. This measures and tracks the entire process a customer has from being a stranger to a customer. When you know this, you can know which piece of marketing works best and what to invest in to bring in even better results.
Increasing Use of Chatbots & AI
Ever since they were launched a few years ago, chatbots and artificial intelligence have become increasingly popular. For banks looking to engage millennials, chatbot technology is a must have. As AI becomes more complex and are able to gather data from disparate sources to present a complete picture, chatbots will become increasingly complex and useful. It won’t be long before you won’t know whether you’re chatting with a bot or with a human customer service officer. The important thing to realise is that bank customers just want excellent customer service – they don’t care if it is given by a bot or by a human being as long as their needs are met.
Towards the Digitisation of Banks
All the trends point towards further digitisation of banks. What do you think will be the more interesting trends affecting the financial sector coming into 2019? Share with me in the comments below!