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Key Challenges for Financial Services Marketers

Delivered June 24, 2020. Contributor: Agnidip M.

Goals

To identify a list of key challenges that financial services marketers face at present. To also provide an overview of each of the challenges identified along with an explanation of why it is considered to be a key one.

Early Findings

  • According to a survey report published by the PriceWaterhouseCoopers, 40 percent of the U.S. leaders in banking and capital markets expect a decrease in customer confidence as one of their top three business concerns following the advent of COVID-19.
  • For companies that focus on consumers alone, the percentage is as high as 66 percent.
  • When it comes to marketing financial services to millennials, the challenges are even higher as it has been found that 92 percent of the millennials do not trust their financial institutions.
  • The millennial population is also 2.5 times more likely to change their financial institution when compared to the baby boomers.
  •  53 percent of the millennial population think that their bank does not offer anything different from other banks.
  • Another three challenges that marketers in the financial services industry face at present are: compliance, legal aspects & strict regulations; lost trust and disruptions created in the market by the fintech start-ups.
  • According to a report published by Ernst and Young, chief marketing officers or CMOs are expected to play a key role in determining the future of financial services.
  • The report highlights how digital demands have changed the role of the CMO in financial services companies to encompass a renewed focus on the experience of the customer along with responsibilities and challenges centered on continuous change and invention.
  • As opined by marketing transformation leader Pamela J. Delaney, financial services marketers get only 30 seconds to make a first impression on the customer with their digital storefront.
  • Therefore, marketers continuously face the challenge of creating connective online and offline engagement.

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