While a few years back lead generation was the base of every single marketing effort, now 81% of financial services firms say that optimizing the customer journey is “very important” to them over the next few years.
According to Adobe’s 2017 Digital Marketing Study, more than a quarter (28%) of all financial institutions rank optimizing the customer experience as the “single most exciting opportunity” in 2018, and one in three say that “making the experience easy, fun and valuable” will be the primary way they seek to differentiate themselves over the next five years.
It is now common understanding that the experience that financial services must deliver need to be as seamless and intuitive as the best e-commerce, ride sharing or food delivery app out there.
According to Chris Young, who leads Adobe’s financial services division, “In financial services, brands are no longer competing with each other. They are up against the best-in-breed for digital.”
A Ferrari without a driver
The proportion of financial services companies that viewed themselves as advanced in terms of digital maturity nearly tripled from 7% in 2016 to 19% last year. That’s an enormous improvement, but there’s still much work to do.
Regardless of the advance in AI, automated marketing and other platforms out there, when implementing the strategies financial services seem to be forgetting a key driver: content.
Adobe says financial brands are neglecting the role content plays in the recipe for creating engaging experiences. According to the study, banking providers struggle to see the value and importance of a content marketing strategy versus their peers in other sectors.
The creation and management of content — particularly video content — isn’t something that’s on the radar for the vast majority of financial marketers when compared with those outside of the industry.
And that’s like having the car ready to race… and leaving the driver behind.