Data Snacks

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.
close

Email a Friend

Data snack: Defining the role of the Bank CMO

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.

0 comments on “Data snack: Defining the role of the Bank CMO”

Banking, Data Snacks

Data Snack: 65% of customers expect primary banks to be fully online in the next 5 years

  • Only 35% of customers expect primary banks to maintain offline channels and presence in the next 5 years.
  • Banking executives are drilling down on the areas they think are most important: integration and product offerings.
Rabab Ahsan | January 23, 2023
Data Snacks, Member Exclusive

Data Snack: Banks may have a ways to go to get more tech talent

  • Banks have been putting a whole lot of effort into getting tech talent onboard.
  • But the salary hikes aren’t doing the trick, it seems, with only 15% of banks’ workforce comprising IT roles.
Rivka Abramson | December 28, 2022
Data Snacks, Member Exclusive

Data Snack: This year, banks are less optimistic about their future

  • Banks have their work cut out for them with macroeconomic headwinds and rising competition from fintechs.
  • Confidence in the future is swaying due to structural and process-based issues. Could partnering with the right technology company be the answer to these bank woes?
Rabab Ahsan | December 12, 2022
Data Snacks, Member Exclusive

Data Snack: The dawn of bank branch 2.0?

  • The ‘death of the branch’ saga was all the rage back in 2020.
  • But now, with back-to-routine vibes emerging, it’s time to re-evaluate the role of a bank branch.
Rivka Abramson | December 05, 2022
Data Snacks, Member Exclusive

Data Snack: Millennial retail traders rise during the bear market

  • Millennials opened 46% of all new retail trading accounts in the first half of 2022, according to DriveWealth’s Global Investor Report.
  • The ability to invest with small dollar amounts was the most frequently cited motivator to start investing.
Lindi Miti | December 01, 2022
More Articles