There is a convergence of rising pressure on banks—external demands from new consumer behaviors and internal calls for operational efficiencies. A recent Forbes article noted that while responding to the financial crisis and new regulations, “Banks haven’t re-engineered their businesses to improve efficiency and they’ve under-invested in technology.” Financial institutions are slow to change. More importantly, they are slower to change than their customers, and the customer experience is falling behind new entrants with more digitally centered business models. Financial services marketers need to bring efficiency to their work while also capitalizing on digital solutions to improve marketing performance and customer experience. Agile for Marketing fits the bill.
Key Trends Drive Need for Agility
Most industries are facing major technological and digital changes, but financial services may be among the most complex. Because recent years have been spent on recovery and regulation activity, the financial services sector finds itself a bit behind the rest of the retail services world. They need to transform quickly. The sector is only getting more complicated with more options available to consumers and new providers for banking, insurance, and investing.
- The customer is changing
- The marketplace is changing
- Marketing is not keeping up
Read the full article…