Financial services marketers are well aware of the impacts of data-driven marketing, but how advanced are they with the use of it in marketing today?
Empowered consumers and the digital era is demanding significant change, particularly for finance firms competing with agile Fintechs. In order to generate a meaningful relationship with customers, finance marketers need to improve the maturity of their data-driven marketing across all channels, from personalising messages across the channel mix, to accurately measuring ROI and attribution across online and offline channels.
While most finance marketers recognise the immense value of data, with 96% saying data management is a priority for their organisation, our recent research also shows that most have barely scratched the surface of what’s possible. With only 3% saying they apply full cross-channel personalisation and only two in 10 marketers using advanced attribution techniques, there are clear opportunities for finance brands to get ahead of competition.
Marketers that transform data into value will open up exciting opportunities to better serve customers and measure return on investment. However, transforming data into value and turning insight into action isn’t straightforward. Most financial firms are challenged with a data skills gap, with 46% of finance marketers saying this is the top challenge to improving data management. But overcoming these challenges is well worth it.