Top 5 FinServ Marketing Trends for 2018

Filed in Marketing Ideas on February 20, 2018 by

Recently, Amazon announced they are dipping a single toe into the US healthcare market, not even a public offering, just healthcare management for their employees. Two hours later, the industry’s leaders saw $30 billion in market value evaporate.

The financial services market is facing a similar assault by innovative FinTech companies who have adopted the Amazon approach of putting customers directly in the driver’s seat. It was only a matter of time.

2018 is going to be a wild year for venerable sectors like financial services and healthcare. Let’s look at some other trends in FinServ for the coming year:

Consumers Take It Personally

If the consumer comes first, he or she deserves be to courted on a personal level. Nobody would want a Valentine addressed to Whom it May Concern, and financial services prospects are no different. They have personal needs, fears and goals concerning their finances that services should be able to speak to directly. The Power of Personalization in Banking provides a roadmap for how FinServ companies can implement digital personalization initiatives. It also clarifies what consumers value. Key takeaways from the report include:

  • Consumers who are concerned about their finances look to their primary financial institution for personalized solutions and advice.
  • Financial institutions overestimate how consumers view their relationship with banking.
  • While the relationship between the consumer and their banking organization is still strong, new FinTech players and non-financial firms have changed the game with their customized, targeted digital solutions.
  • Alternative financial providers are perceived as a threat to traditional organizations because they excel at digital personalization.
  • A personalized touch at every stage of the consumer journey is rapidly becoming the important element of financial marketing.
  • Financial institutions are not ready to provide personalized advice, messaging or offers.

Embrace Your FinServ Maestro From the Inside Out

It takes a village to get behind the mammoth task of zeroing in on the needs and desires of your different customers, not to mention prospects. CMOs working in the financial sector need to learn to embrace the change and rethink their org charts. Departmental silos, by default, can’t serve a holistic point of view. While the average bank still has yet to hire a Chief Experience Officer, CMOs can fill the gap.

According to the 2017 Digital Trends in Financial Services and Insurance report, the FinServ sector has historically lagged slightly behind other sectors in terms of digital capabilities.

But given the growing popularity of omnichannel marketing, that is perhaps not as much a sticking point as a pivot towards success. The same report also noted that: ‘the Financial Services Industry is no different from the wider marketing community when it comes to prioritizing customer experience: targeting, personalization, and customer journey management are the highest priorities for FSI marketers in 2017, with 55% planning to increase investment in personalization in 2017.’

FinServ marketing is unique in that in never really dropped direct-mail marketing in favor of digital efforts. And, as marketers and consumers today both face an almost dizzying, and growing, number of media channels to monitor, Finserv companies are poised to use their traditional ways to their advantage — if they can embrace the change.

The Data Decides

Today’s more sophisticated marketing platforms can not only help you automate your marketing outreach, but bring home your exact results in real time too. The highest-performing marketers not only need to be empowered by data, but they will need to take it the extra distance to take it all and put it into a cohesive narrative. That narrative is the customer’s journey. In a data-driven marketing team, the customer journey informs the marketing strategies that follow, knowing what messaging works best, when and where marketing dollars should be invested for maximum impact.

Content is (Still) King

The talent crisis isn’t limited to the tech world. Marketers today cannot get enough of quality, creative content, be that in the form of videos, infographics, blog posts, educational materials and beyond. Content marketing has come a long way and is now a cornerstone of the financial marketer’s mix. What are you going to share on your social media channels after all?

Content consistency supports brand consistency, and ultimately trust. Seventy percent of the respondents to the  2017 Digital Trends in Financial Services and Insurance report said that content consistency is “very important” to their digital marketing efforts over the next few years. Financial services are going to have to loosen those budget belts to hire quality writers to support their efforts, so expect a wave of FinServ digital storytellers to follow.

Gen Zers Are Landing Their First Jobs

While it’s taken the FinServ industry the better part of two decades to understand Millennials, the next generation is entering financial independence.

They’re also hitting the workforce and will make up 40% of the consumer landscape within the next decade, so now is the time to think ahead rather than repeat mistakes. This generation, which values altruism and a has a strong sense of social responsibility, only knows a life dependent on digital communication. Social media and YouTube are how they share and what they watch. They also have, on average, an eight-second attention span so moving fast is a smart move to win this emerging demographic.

So how does a FinServ company take a giant leap forward to not only catch up to today, but embrace the future? There are several tech solutions out there that can address the different, moving parts of the challenge: software to help orchestrate digital outreach, data solutions, print and direct mail services, and recruiters to help them find the right content creators. But what if there was a single arrow in a Finserve marketer’s quiver that could bring content coordination, direct-mail, data and perfectly orchestrated communication to hit the target of any type of lead or prospect at any point of their journey? PFL’s Personal Marketing Center® (PMC®) does just that, and it even keeps communication compliant and on brand too. Want to learn more about how PMC can help your corporate communication reach new levels and achieve unprecedented results? Learn more about our sales and marketing solutions here.

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