The Customer Effect

Challenge Board Confessions: Financial institutions get real about marketing challenges

  • We asked participants at the Tradestreaming Money Conference to share their biggest difficulties.
  • Innovation, marketing, and organizational friction all ranked high on the Tradestreaming Challenge Board.
close

Email a Friend

Challenge Board Confessions: Financial institutions get real about marketing challenges

Being a financial institution in today’s market is grueling. Not only do you have to keep up with the rising level of compliance and regulatory burden, but customers are becoming increasingly demanding of the expectations they have from their FIs. Add to that pesky fintech upstarts that, while not winning away a lot of new business, are at least winning the PR wars, and you’ve got a challenging environment.

At last week’s Tradestreaming Money Conference in New York City, we asked participants to share their biggest challenges, giving them anonymity in exchange for their feedback. Here’s what they told us:

the difficulties of embracing risk at financial institutions

Embracing risk

“Banks don’t want to try new things in this environment. We have lots of discussions about finding ways to innovate but at the end of the day, most senior leaders are caught in a CYA mindset and nothing really gets done. Innovation gets increasingly harder as organizations get bigger. People and teams tasked with trying to maintain competitiveness in the financial industry frequently push up against organizational boundaries when they try to change things. How do we embrace the unknown if we just cling to accepted practices?”

the challenge of marketing to millennials

Marketing to millennials

“Incumbents have done a good job marketing to the previous generation. We got pretty damn good at it. But it’s like the Innovator’s Dilemma. We’re doing an awful job making our institutions and products relevant to millennials. We need to look to other firms, like Google and Apple, as examples of brands embraced by the younger generation.”

user-experience-challenge

Making silky smooth experiences

“If there’s anything B2C fintech firms have taught us is that there’s a ton of runway to improve the way we deliver our services. The challenge is only partly regulatory. The other challenge is getting the right talent into our organizations and giving them the room to do things differently than we’re accustomed to.”

marketing challenges for FIs

Marketing bang for the bucks

“It’s still surprisingly hard to understand the full marketing lifecycle and how well our funnels work. The difficulty is compounded because of all the channels we now maintain. It’s not just an analytics problem. How come we still can’t measure the ROI of our marketing initiatives across all our channels?!”

the challenges of legacy fintech

Legacy systems

“Our reliance on our legacy systems is a big challenge for us. Systems have been built upon systems for decades. Now, when we want to make a change, we’re forced to think and work through all the contingencies and dependencies of our platform. It’s just really hard to be nimble if making seemingly small changes takes month at a time.”

 

0 comments on “Challenge Board Confessions: Financial institutions get real about marketing challenges”

Member Exclusive, The Customer Effect

‘New, different, and easy to say’: How fintechs go about choosing their names

  • Standing out as a company in an industry as fast-growing as fintech is no easy task.
  • Finding the right brand name can be a make-or-break for a lot of aspiring startups.
Rivka Abramson | December 02, 2021
The Customer Effect

How local culture is shaping retail investment platforms globally

  • Retail investment apps may serve the same purpose, but no two are alike.
  • Depending on a country's culture and financial literacy, investment products are designed quite differently from another.
Subboh Jaffery | November 30, 2021
Sponsored, The Customer Effect

The Publicis Sapient Digital Life Index: Learnings from people’s choices and purchase decisions

  • Frictionless, personalized digital experiences are no longer nice -- they’re a must-have
  • While digital financial services still have ways to go, the financial industry is beating retail, travel, auto, and health in consumer satisfaction
Publicis Sapient | November 29, 2021
Sponsored, The Customer Effect

Digital engagement with Gen Z

  • Finance continues to evolve and build sustainable relationships with Gen Z
  • Regardless of age, trust and security remain the most important factors for choosing a financial provider
MX | November 23, 2021
The Customer Effect

Fintech claims 88% of US consumers versus 95% by traditional banking: new Plaid report

  • Fintech is becoming increasingly central to American lives, helping people reach goals, improving inclusivity, and contributing to consumers' overall financial well-being.
  • At 40%, fintech adoption among boomers grew the most of all age groups over the last year.
Subboh Jaffery | November 12, 2021
More Articles