Why Marketing for Financial Services has to Change

Don’t get me wrong – I DO really like my bank. I trust them with my money – to safeguard it, to alert me if they suspect fraud, to correct a situation on my behalf when they should, to provide mobile capabilities for letting me see and stay on top of my accounts. But when it comes to trusting that they understand my life and how my money supports what I want to do – I can’t say we’re connected.

At least a few times a month I’ll receive paper solicitations from my bank about credit cards, or mortgage refinance, or home equity lines of credit. The same ones I received the month before and the one before that. They now wind up unopened in the trash. And more than that, it makes me wish my bank wouldn’t spend their (and my) money on marketing methods that are far beyond any use to me, and therefore of no use to them.

The Impact of the Digital Revolution

For banks and all financial services firms around the world, the way consumers run their lives is more digital. It is more mobile. It is structured more around our plans, our hopes, our need to respond to changing events. This is forcing a change in how banks need to communicate and market. It’s shocking to see banks’ purely product-oriented marketing with low take-up rates and no perceived value continue to consume precious marketing spend.

In every consumer space, from transportation to entertainment to travel and more, new entrants are leveraging technology to rewrite the rules on customer value, convenience and ease of doing business. They contrast themselves with the powerful perception that banks are conservative, slow moving and not customer focused.

This means banks must find more effective channels for brand awareness, employ stronger value propositions, and stake a unique claim in what many view as a commoditized industry. Marketing and the front-line bankers and advisors must join together to finding and win over new customers – to grow assets under management, new deposit and loan volumes and a deeper relationship with customers.

Aligning Marketing and Sales for Success

In today’s banks, marketing and sales alignment is critical to success, but these two teams will only work well together when they’re pursuing the same goals and have access to the same actionable information. Marketing automation is designed to bridge the gap between marketing and sales by working with your CRM to create a single source of truth for your organization. It may sound daunting – but it’s not. Integrating marketing and sales means adding data and precision to your campaigns – and connecting sales directly into the nurturing and follow up. It means that rich content is provided in an efficient structured and meaningful way. It means there isn’t just a blind, product driven campaign disconnected from customer needs or life or market events. And it means that banks can scale an experience that is differentiated from a sea of sameness.

At Salesforce, we’re delivering powerful but easy to use platforms that are integrating marketing and sales in financial services in remarkable ways. That’s why we’ve created a new e-book to help banks and financial services firms adapt to changing buyer demands and and make the leap forward. Access it below to learn more.


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