CDs, Not the Only Item of Low Interest in the Financial Industry

In this digital age we live in, of ever-increasing data and analytics it’s no surprise that financial institutions (FI’s) and the financial industry overall are tracking analytics and using data to make informed decisions. However, what you may not expect is, the use of marketing automation platforms to assist in interpreting and making use of this data is extremely low.

According to The Financial Brand’s article, Achieving Advanced Financial Marketing Maturity, by Jim Marous, less than a quarter of FI’s surveyed in the 2017 Financial Marketing Trends survey said they use some type of marketing automation platform. More shockingly, more than half of respondents simply answered “No”, insinuating they had no plans of using any type of platform.

So the question is “why” – why do FI’s have such little interest in data analytics and general marketing automation platforms? Many FI’s, to their credit, have come a long way in “opening up” to the 21^st Century, from a time when they were typically thought of as a large, impenetrable brick building full of “suits”, to today where many customers now stop by to meet with their local advisor to have a conversation rather than for a business transaction.

FI’s are making great strides in becoming human and personable again; perhaps this is a reason why they lag so far behind when it comes to the use of data and automation? Whatever the answer may be, times are changing. While cash is still king, that king is getting younger – if your FI isn’t using some type of platform to interpret data, they will continue to fall behind.