WHY MARTECH IS A KEY PLAYER IN THE FUTURE OF THE FINANCIAL SERVICES INDUSTRY
According to Gartner, marketing technology now represents the largest portion of marketing spend at 29% of budget across industries1. In financial services, that portion is increasing as organisations shift to meet the burgeoning digital commands of today’s customers.
But what role does MarTech have to play specific to financial services?
If you read my previous blog on MarTech, you’ll know that at ENGINE we see it as the key to executing on customer insight at scale. As in most industries today, data is seen as a tool for future growth in financial services; Forrester claim, that financial organisations who leverage their customer data are 1.5x more likely to exceed profitability expectations2.
This makes sense: in a highly disruptive sector, one where digital-borne upstarts like Monzo have used data to power some very slick customer experiences, it’s no surprise that the legacy giants are wanting a piece of the same pie. MarTech, then, represents a tool to help them achieve this.
To achieve your goals, MarTech provides you with the necessary approach. MarTech can deliver highly personalised campaigns to insurance customers in an effort to cross-sell different elements of the product portfolio. It can help deliver predictive insights that mean banks can offer the right products, at the right time in a customer’s life stage, and it can power more meaningful day-to-day experiences that help to build brand loyalty and trust in the service.
MARTECH IS A WAY FINANCIAL ORGANISATIONS DELIVER BETTER DIGITAL EXPERIENCES
For example, services that let customers know when they are behind on their budget, or those that offer financial help in the form of loans or low-interest overdrafts in times of need; all require marketing technology to deliver that message in a timely and relevant manner. MarTech isn’t just a means of selling more, it’s also a way financial organisations deliver better digital experiences.
Perhaps most importantly, MarTech can aid in regulatory compliance, particularly when it comes to the management and use of customer data. There now exist Customer Data Platforms that have finance-specific identity and consent management functionalities, and by bringing highly sensitive customer data into one platform it can be easier to create more secure environments that minimise the risk of GDPR infringement.
Across the financial services industry people are waking up to the potential in vast amounts of customer data held by banks, insurers and housing societies. Mining that data for insight is key to success in the future but being able to execute on it is just as important. The right investment in MarTech should be a core pillar of any financial services organisation’s strategy.
The largest leaps in women’s equality have come after periods of global distress and major upheaval. So what action are we going to take?