COVID-19 has drastically changed consumer behavior and financial marketing.
But how much of what we are seeing now is crisis-based, and how much of it will be long-term in nature?
We’ll delve into this important question as we take you through results of the 8th Annual State of Financial Marketing survey, which revealed new paradoxes, shifting priorities, and some significant differences between institutions based on their asset size. We’ll also share what banks and credit unions are doing right now to adapt to pandemic-driven changes.
Topic areas include:
- Data continues to plague some institutions. More than ever, customer data combined with machine learning can anticipate offers and solutions that enhance a customer’s journey, yet more than 75% of all banks and credit unions said they were “Not Adept” at using AI for marketing.
- Lending becomes top priority -- While the PPP program moved lending to the top of the marketing priority list for 2020, will institutions maintain their focus on lending in 2021? If so, will they focus on new acquisition, or mine existing portfolios for opportunities?
- The customer journey goes fully digital – Customers expect a great customer experience that includes 100% digital account opening, digital onboarding, and digital offers that accurately anticipate their needs over time.
- The need for data to drive customer experiences – While respondents said “creating a great customer experience” and “using data and advanced analytics” were their top two opportunities, the top two challenges were the “ability to capture data” and “use data analytic tools.”
- Jim Marous, an internationally recognized financial marketing strategist and researcher, co-publisher of The Financial Brand, and owner and publisher of the Digital Banking Report
- Kathryn Turnoff, digital marketing strategist from Deluxe