Data Snack: Are banks making the most of marketing?
- As banks become more of an option among many in consumers’ eyes, banks are paying more attention to how to better market themselves.
- But gaining insight from the marketing data collected may still be a challenge for a lot of incumbents.
Banks are in a period of transition, going from staple institutions to just another bunch of competitors in the space. That means that while in the past marketing may not have been as important for banks’ survival, it’s playing a much bigger role now.
Banks are definitely taking into account the importance of marketing in their business strategies. Almost every bank surveyed said they hire people for advertising roles, according to a survey by the American Bankers Association. Meanwhile, over 90% of these banks seem to be hiring for other roles, as well – including social media management, marketing strategy, and PR, among others.
But marketing isn’t just about getting more users – it’s about keeping those users, as well.
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