Digital technologies have changed almost every aspect of business today. From employee communication to connecting with your customers – technology has shifted the behavioural landscape and the result – an online marketing strategy has never been more important.
The truth of the matter is that businesses without dedicated digital marketing campaigns are already behind the curve and this is especially true in financial sectors whose participants have traditionally been slow to change. This is potentially due to the ‘how things should be done’ perspective and the long time scales required for their operations. This makes them rather conservative and unwilling to experiment with new and possibly unsafe technologies.
In fact, a recent survey of more than 3,000 banks put out by Wipro Technologies found that fewer than 15% of banks have mature digital marketing policies. This is clearly much lower than other industries.
Top Concerns In Adopting Digital Marketing Tactics
46% – Lack of experience with new platforms.
46% – Inability to prove ROI.
35% – Regulatory Issues.
14% – Loss of brand control.
11% – Senior management pushback.
7% – Other.
The main obstacle to a digital transformative process for financial institutions seems to be simply a state of mind – most respondents of a separate study conducted by MarketBridge and SourceMedia on digital marketing for financial services said that they believe social networks to be marketing tools whose effectiveness has yet to be proven. Additionally, they are concerned about a lack of experience with these technologies, and would rather spend their time and money on what they are already familiar with.
This shows that financial institutions are holding themselves back by being unwilling to change with the times. They, more than most companies, need to make a concentrated effort to ‘digitize’ and integrate new markets into their strategies through platforms such as marketing automation and social media.