If you’re in the financial services industry, your brand isn’t just feeling the impact of digital transformation - it’s undergoing a crisis of trust. According to eMarketer, financial services now range among the bottom five least-trusted industries.
And thanks to a new breed of digital-first providers like Chime and Simple, today’s consumers now have more options than ever to take their money elsewhere. Studies show that instead of speaking in-person to an advisor at a local bank branch, the majority of customers will prefer to interact remotely via digital channels. In fact, the average consumer will initiate up to 10 digital interactions with their bank per month.
So the million-dollar question is: How can financial services companies successfully market to today’s consumers in a way that generates trust and long-term dividends?
The good news is that traditional brands such as banks and credit unions are in a good position to maintain advantages that help keep them in the game. Their status as trusted stewards of consumer financial assets - both money and data - is one of their most potent branding weapons.
If offered by their primary bank, for example, over 75 percent of Gen Z US internet users would use the financial tech services offered. And with other new companies like Policy Genius, Robin Hood, and Betterment breaking into the insurance, investment, and financial planning services rings (respectively), it’s only a matter of time before traditional financial services brands have to radically change the way they advertise and sell products.
It’s high time for the industry to respond to the times. Right now the smart money is on a data-driven blend between personalization, prediction, and true omnichannel reach that delivers personal relevance at every touchpoint.
Selligent Marketing Cloud understands that every message matters, so we make it easy for marketers to ensure every communication is accurate and up to date – even after you “hit send. ” ISO certified for years, Selligent Marketing Cloud has also been tested by many of the world’s leading financial organizations.
Consumers hold financial services firms to a higher standard than other companies. And unlike other marketing automation platforms on the market, Selligent Marketing Cloud is uniquely positioned to provide the perfect balance of data security and personalized messaging. Find out how.