- Chapter summaries
- Marketing In The Financial Services Industry
- The Advisors to the Advisor
- 2) Digital Banking
The best thing marketers can do is to allow actual consumer behavior to drive predictions. Take a lot of stats classes and data analytics classes. This is the foundation for solid learning and understanding. Gellert : In the past, there were marketing teams and there were technology teams. Today, marketing teams are technology teams — using dozens of technology tools to more effectively do their jobs. Marketers need to understand, for each marketing channel, which technologies can help them the most.
For example,. There is a village of technology that can enable marketers to solve specific problems, and marketers need to partner with the internal technology and security teams to vet potential vendors and to help integrate the solutions into the system. This means that for marketers to do their jobs well they have to embrace their inner technology nerd. Whitler : What advice would you give to marketers who need to bone up on statistics?
Gellert : There are a lot of classes and virtual ways to gain skill. There are also virtual classes from great schools all over the country that can be made to fit into your lifestyle. I also think that spending time with those who have key expertise is invaluable.
Aug 29, Law and Finance , Marketing 0 comments. Having a well thought out strategy is vital for marketing to be effective.
Marketing In The Financial Services Industry
The best thing you can do is know your client and understand their needs to cater to them adequately. There are a few different things you can do to diversify the way you reach current and future clients which are outlined below:. The use of blogs allows potential clients to learn about the service your company provides.
It is one of the fastest ways to increase your ranking on Google search. The use of anchor words or tag words helps these blogs appear online in searches. It is the preferred way to explain detailed information on a specific subject, for example, financial planning or investments.
The Advisors to the Advisor
Often this is the first thing someone will do when becoming interested in a new idea and blogs can provide a thorough or in-depth view depending on the length. Understanding your client is one of the best things you can achieve.
You surely have an ample variety of customers, but more than likely have a type of client that you spend more time with than others. Beyond simply accessing your account online, digital banks are increasing in both legitimacy as well as availability. Digital banks exist solely online with no or few brick and mortar locations. Believe it or not, both have been around for nearly a decade. Finn by Chase marks the first foray into the digital-only banking landscape by a major US provider.
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- Quiet Introspection.
- Build stronger, long-term relationships with clients, agents, and advisors.
- Financial Services Marketing that Actually Works – Marketo.
No doubt, competitors will be paying close attention to how it performs. There may indeed be a digital banking revolution on the horizon. Even if Finn is ultimately unsuccessful it will most certainly not be the last venture by a major financial institution into the digital-only banking sector. Combined with the increased focus towards mobile banking, even traditional banks are re-thinking the standard brick and mortar paradigm.
2) Digital Banking
In a world where everything from deposits to loan applications can be accomplished through a mobile phone, is it even necessary to have a physical branch? Paul Donofrio, CFO of Bank of America still sees a need for physical branches, even in the transformative digital age:. There may still be a need for physical branches.
There is no shortage of digital disruptors in Fintech. Payment technologies such as PayPal took the industry by storm. Others, such as ApplePay and Venmo have followed suit and are increasingly shifting more transactions to a digital environment. Stripe is a payment processor which allows websites to process online transactions; lowering the barrier of entry for small ecommerce stores and startups alike. Bypassing the need for expensive processors, lengthy loan procedures, or extensive footwork; Fintech disruptors come in all shapes and sizes.
There can be little doubt that the world of AI and machine learning will leave an indelible mark on the financial industry. In fact, it already has. These technologies are being pioneered by several Fintech startups, employed by large corporations, and benefitting customer service as well as experience. As mentioned earlier, suspicious activity may at one time elicited a phone call from your bank or insurance company.