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.
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.