Data snack: Defining the role of the Bank CMO
- With banks shifting towards more personalized services, the CMO’s role in the industry is becoming increasingly complicated.
- But banks’ legacy systems and internal structures could pose a challenge for CMOs up for the job.
Incumbents are striving to show they, too, can offer customers personalized services. Their attention towards marketing, therefore, continues to increase. And that’s being reflected through the increased expectations banks have of their chief marketing officers.
According to recent data from Capgemini's World Retail Banking Report 2022, CMOs are seeing a whole lot of responsibilities as of late. Core marketing remains very much a significant portion of the chief marketing officer’s job description. Over 70% have direct responsibility for brand management and marketing strategy and planning, for example.
The thing is, to be able to offer customer-centric services, marketers need to know their customers. It turns out that may be a tricky thing to do when you work at a bank. A lot of banks’ data remains locked away in legacy systems, which means CMOs don’t have a lot of material to work with. Meanwhile, only 34% of the CMOs surveyed have direct responsibility for gathering customer intelligence. Only 22% manage end-to-end CX.
On the other end of things, over 60% of CMOs have direct responsibility in the development of new products, but only about a third of those surveyed manage marketing analytics.
As banks continue to shift towards being more consumer centric, they may need to rethink their internal structures, including thein connection with their marketing and outreach efforts.