Bank and Financial Services Marketing in 2022

When consumers think of banks and financial services, they don't necessarily think of friendly, warm, or trendy places that are easy to navigate. However, the banking and finance worlds aren't the same anymore. Like all things, the last few years have proved to be a game-changing force. 

For banks and financial services, this is especially true. In crises and times of need, people want to feel supported. While this can be challenging for marketers, it also provides an opportunity to rise to the occasion. For marketers in this industry, it can be hard to balance friendliness when there are regulations to adhere to. McKinsey recommended using data to personalize consumer journeys creatively, stating

"At-scale personalization needs more than great analytics. It needs an integrated infrastructure with clear mission alignment around high-priority opportunities, use cases that cover the whole customer value lifecycle, an asset library equipped with ready-to-deploy case code, and a uniform set of practices to guide teaming and execution."

The report went on to say, "Best-in-class organizations let value dictate their spend. They align martech resources around their highest-priority use cases and tease apart the data, design, decisioning, distribution, and measurement dimensions they'll need to meet their customer goals. This approach creates a martech road map based on value capture, which is more effective and sustainable. Given the expertise required to navigate the often-fluid martech environment, some companies find it helpful to collaborate with specialists, particularly when first building out their stack."

The resources below provide insight into how banks and financial services can successfully market. 

  • ABA Survey: Three Trends Driving Change in Bank Marketing. ABA Banking Journal, July 2022.
    An ABA survey of bank marketing leaders revealed several important organizational shifts are underway within bank marketing departments:
    • First, it's clear that banking is following in the footsteps of other industries in terms of broadening its marketing focus from its historical brand communications origins to also include data and technology-driven campaigns to drive revenue. And the role marketing is playing is shifting to accommodate this focus on performance.
    • Second, most marketers are relying on a cadre of specialized outside resources to augment their internal resources and 'supercharge' their efforts.
    • And third, the vast majority of organizations have centralized their marketing functions.
      This article explores each of these three trends to better understand where marketing is headed, and what organizations hope to accomplish.
  • The 6 Pillars of Digital Marketing for Banks and Credit Unions. The Financial Brand, July 2022.
    The shifting economy is on everyone's mind. As banks and credit unions reevaluate their marketing efforts, focusing on foundational areas of digital marketing can help financial brands weather difficult economic times — and put them in the best position when the forecast clears.

    In essence, banks and credit unions need six foundational pillars to establish their brand and digital marketing. Financial brands that excel in these core areas should be able to reach their full potential and deliver a quality experience for their customers:
    • Brand Storytelling
    • Measurement and Attribution
    • Smart SEO
    • Strategic SEM
    • Up-to-Speed Website UX
    • Optimized Organic Social
    • Performance-Driven Influencer Marketing
    • Ultramodern Paid Media
  • Getting Personal: How Banks Can Win with Consumers. McKinsey, July 2022.
    Despite significant investment in AI, only 8 percent of banks are able to apply predictive insights from their machine-learning (ML) models to inform campaigns. And although banks know that time to insight matters, just 16 percent have standard protocols for algorithm development.

    By codifying, unifying, and centralizing key analytics and supporting processes, these organizations generate 5 to 15 percent higher revenue from their campaigns and launch them two-to-four times faster. The secret to at-scale personalization isn't just the analytics. It's the ecosystem organizations set up to use the analytics well.

  • The Finfluence: Top Trends Influencing Financial Services Marketing. LinkedIn, May 2022.
    LinkedIn partnered with future trends forecasting house The Future Laboratory, to understand the key trends that are influencing financial services marketing today that will shape the future. The report features "Finfluencers," trends setters and spotters who are bringing new perspectives to the industry.

    Alongside these Finfluencers, LinkedIn spoke with their financial services clients, marketing leaders around the world whose job it is to think about the next, and to understand the topics on their minds. Whether you are interested in how virtual reality will play out in the metaverse, how to create human connections in a digital world, or how to find your brand identity in a post-purpose world, the report aims to combine insight with inspiration and action.

  • 13 Unconventional Bank Marketing Campaigns for 2022. The Financial Brand, March 2022.
    Financial marketers want to be creative, but they also don't want to run the risk of upsetting regulators, customers, or senior management. Unfortunately that approach puts these institutions at a disadvantage to newer competitors — digital-savvy fintech and neo-banks that don't care if their ideas push the envelope. They aren't regulated as closely (if at all) and have significantly more freedom to get creative.

    Additionally, they're marketing mainly to younger consumers, who are naturally more open to new ideas. Regardless of the constraints, some banks and credit unions have released truly innovative campaigns. This presents not only these, but a selection of efforts from the digital-only crowd who have been leading the way with clever and original ideas — sometimes even a little crazy.

The views and opinions expressed in Marketing Futures Pulse are solely those of the contributor and do not necessarily reflect the official position of the ANA or imply endorsement from the ANA.

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