Marketing Briefing: Deloitte’s recent insights for bank marketers
- When money is tight, it can be tough to relinquish funds into marketing – but boy, is it important.
- In other news, our Gen Z Readiness Guide is out – and yes, you’ll definitely want to be adding it to your reading list.
As banks struggle amidst the current economic downturn, the justification to keep up with marketing costs is harder to make.
But as more consumers demand personalization and a seamless experience from their financial providers, putting special emphasis on marketing may very well be the golden ticket to keeping consumers faithful to ye olde incumbents.
In a recent report by Deloitte, researchers dive into the growing importance of marketing for banks.
Below are some key takeaways outlined in the study:
Going from omnichannel to optichannel
Today, most firms’ best practices involve meeting consumers through tons of different channels. But this might not be the way to go. Rather, banks may be better off opting to meet consumers where they are – in other words, focusing on the optimal channel for each consumer. This involves understanding each customer’s journey from product interest to purchase.
Harnessing available data
Banks are sitting on a goldmine of data. But the great big tragedy is that they have no idea how to access it.
Obstacles they need to overcome before they can see results include (but are definitely not limited to):
- Inconsistent storing of data across different channels
- Slow and disconnected decision-making
- Lack of analytics capabilities
Creating a customer-first experience with marketing technology
Marketing tech could potentially come to banks’ aid as a way to store data within one platform and allow marketers to get a clearer picture of customer segments.
YouTube socializing with social commerce
Here’s some news: With YouTube hitting a downturn concerning ad spend, the division of Alphabet is moving towards shopping by introducing shopping features within its videos.
The shopping option will be embedded into YouTube Shorts, a short-form video offering that was launched in 2020 to compete with companies like TikTok. Users now will be able to buy products directly as they scroll through these videos.
Why does this matter?
It’s the intersection between marketing and finance at its finest.
Social commerce is climbing in popularity, and that’s changing the face of payments and advertising alike. YouTube’s update speaks to a new dependency on this recent trend, especially as the global advertising industry takes a hit in response to the economic downturn.
Download our Gen Z Readiness Guide
Today, the oldest Gen Zer on the planet is twenty-six years old.
Slowly but surely, more Gen Zers are entering adulthood, and subsequently, the workforce.
Here’s why this matters:
As consumers, Gen Zers are proving themselves to be quite different from previous generations – and that doesn’t just have to do with being digital-first.
As it is now, most financial institutions haven’t fully caught on to what it means to serve the Gen Z consumer. But with these newly minted adults continuing to flock into the workforce, time is literally money, and if FIs can’t get their act together, they’ll miss out on the next generation of adults – and maybe even their future relevance as institutions.
Enter Steez.
Steez is a collaborative project we’re launching with our friends at Publicis Sapient.
Short for 'style and ease', Steez marks our dive into truly understanding the unique needs, demands, and preferences of this emerging generation of adults, including in-depth research into consumer behavior and conversations with some of the leading experts in the field.
Available for download now, Steez is your opportunity to get a leg up in the competition and understand just what it is that Gen Zers are all about.
Ready to learn more? Click here to download the full guide.
What we’re consuming
Happy new year?
From budget cuts to getting content marketing to sound just right, here are the big obstacles bank marketers are facing ahead of the new year. (The Financial Brand)
Musk you be so annoying?
Elon Musk says the Twitter mess shouldn't have consequences for marketers. Marketers, on the other hand, beg to differ. (Fortune)
‘Beware of the greenwashed marketer’
The Global Alliance for Banking on Values wants the financial sector to be less talk, more action regarding environmental concerns. That means putting an end to greenwashing. (The Fintech Times)
Trans Pride initiatives coming through!
More European fintechs are adopting Mastercard’s true name feature, which allows customers to put the name they identify with, rather than the name found on legal documents. (The Fintech Times)