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Research Outline
Prepared for Carter B. | Delivered June 24, 2020
Key Challenges for Financial Services Marketers
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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.
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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
s
e
r
v
i
c
e
s
industry face at present are:
compliance
, legal aspects & strict regulations;
lost trust
and
disruptions
created in the market by the
f
i
n
t
e
c
h
start-ups.
According to a report published by Ernst and Young,
chief marketing officers or
C
M
O
s
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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