Modern Marketing, Podcasts

The evolution of financial marketing as seen through the Financial Communications Society Portfolio Awards

  • The 25th anniversary FCS Portfolio awards are coming up.
  • Marketing and communications has evolved a lot over that time.
close

Email a Friend

The evolution of financial marketing as seen through the Financial Communications Society Portfolio Awards

Financial marketing is an art as much as it is a science. And like with every form of art, it requires its own flavor of society to support its practitioners with leveling up and recognizing talent. The Financial Communications Society has been doing just that since 1967. It’s a not for profit trade association for financial marketers.

This year marks the 25th anniversary of the FCS Portfolio Awards which recognize the work of top financial marketers across twenty different categories. FCS CEO Kevin Windorf joins me on the program to discuss the evolution of advertising, marketing, and communications and to give us a preview of the upcoming awards. To register and enter, head on over to the society’s dedicated site.

SubscribeiTunes I SoundCloud I Spotify
The following excerpts were edited for clarity.

Why financial marketing requires its own society

Financial marketing is a highly specialized small world. We exist inside a greater world of advertising and communications professionals. But because of the highly specialized, niche market requirements for financial marketers — like regulations, accompanying disclaimers in communications — it leads to the development of a specialized marketing professional.

We have to bring creativity to our work as well as business sense that can deal with a highly regulated environment.

We talk about our three-pronged mission for the Financial Communications Society: community, education and philanthropy. But there really is a fourth area and that’s recognition. We have two major award shows every year. At the end of the year, we do a financial marketer of the year, which recognizes a single company and its CMO.

We also run the FCS Portfolio Awards, which we’re celebrating our 25th year anniversary this year. It started out as an awards show to recognize financial marketing. It’s evolved over the years. Now we have more than twenty categories of awards in marketing and communications, including PR, event marketing, collateral and traditional media. Digital media now makes up 40 to 50 percent of the awards we hand out each year.

How marketing has evolved over the past 25 years

As tools evolve, professional marketers stay in step with the development of new tools for their arsenal. The industry is being driven by new technology. It’s interesting — I was going through the 24 years of archives for the Portfolio Awards. It wasn’t until 1997 that we had our first interactive category. The next year they changed the name to ‘new media’. What struck me was that we didn’t receive any entries and didn’t give out any rewards in that category until 2004 when we partnered with Yahoo Finance to create a best in show around interactive.

From an evolution point of view, the most interesting year was 2013 when we created seven specific categories under the umbrella of digital media. It was at this point that financial marketers had completely embraced digital media, including social.

The industry now fully uses social media to enhance the brand but also in more practical ways like driving traffic to the corporate website and to promote videos.

The evolution of the financial marketer

It’s always critical for a chief marketing officer to speak the industry’s language. Those people who come up through the ranks who work closely with the financial business will succeed. They are still challenged with building the skillset of fundamental branding and marketing and communications abilities.

It isn’t a sexy business. We’re almost handcuffed with regulations. We have this huge challenge of getting people to trust us with their money. Financial products are mainly commoditized and that puts tremendous emphasis on the quality of branding.

0 comments on “The evolution of financial marketing as seen through the Financial Communications Society Portfolio Awards”

Podcasts

‘It’s not just about a QuickBooks integration — you have to look at the business problem’: Codat’s Peter Lord

  • Codat zeroes in on small business financial data, which is a very different problem to solve than aggregating consumer data.
  • Peter Lord, CEO of Codat, joins us on the podcast to discuss the evolution of use cases for SMB financial data that he’s seen over the past 5 years of running Codat.
Zachary Miller | October 05, 2022
The Green Finance Podcast

The Green Finance Podcast Ep. 10: Tangible steps banks can take to help their customers lower their carbon footprint

  • The majority of people want to know more about the environmental impact of how they spend their money and want their banks to help them take action and reduce their environmental impact.
  • I'm talking about this today with my guest Emma Kisby, UK & Europe CEO of Cogo - a company that provides carbon footprint management products.
Iulia Ciutina | September 30, 2022
Where Credit's Due Podcast

Where Credit’s Due Ep. 10: Getting capital without dilution or debt through recurring revenue financing, with Pipe and Anthemis

  • Today we're talking about another way of accessing capital: recurring revenue financing. If there's cash flow coming in, this recurring revenue is made into a tradable asset that can be sold to investors.
  • It's a dilution-free and debt-free form of financing, which we explore in detail with Michal Cieplinski, Chief Business Officer at Pipe, and Farhan Lalji, Investor at Anthemis.
Iulia Ciutina | September 28, 2022
Podcasts

Behind Amex’s use of Kabbage as ‘the heartbeat’ of its strategy to help SMBs with cash flow

  • Two years after American Express bought small business lender Kabbage, the products are integrated and growing.
  • Tearsheet sat down with Kabbage's head of marketing to get insight on where the growth is coming from and where the company is headed.
Zachary Miller | September 27, 2022
Payments, Power of Payments Podcast

Power of Payments Ep. 14: JPMorgan vs Stripe and Block, CFPB is coming for BNPL, and is LTO a viable BNPL alternative?

  • This week, we talk about JPMorgan’s acquisition of payments firms Renovite, and the CFPB’s recent report on BNPL firms, which suggests that regulation is coming for the sector.
  • We also discuss why lease-to-own, which is another type of installment payment option, has been gaining popularity in recent months.
Ismail Umar | September 23, 2022
More Articles