Adapt at the speed of AI
5 November 2020
2020 has been an interesting year in the world of finance.
Despite strong third quarter profits on Wall Street buoyed by market volatility, many in finance are urging caution as 2021 draws near. We’ve got growing social unrest, an uncertain COVID-19 outlook, and the most contentious election in… well… maybe ever. These have combined to create a finance industry landscape unlike any we’ve seen before.
The digital-first future pundits have been predicting for years has arrived. It has been pushed to humanity’s collective front-of-mind by the only true mother of invention: necessity.
Finance brands have made great strides in the crucial quest to adopt digital technologies and interfaces. However, opportunities (and opportunity costs) remain. The way brands in the finance game market themselves to consumers is changing rapidly. Those which fail to adapt to the unprecedented times in which we find ourselves will most certainly lose ground to those that do.
Make no mistake: marketing will set the bar for finance brand performance in 2021 and beyond. In fact, it already has. A full 38% of Financial Institutions now include their marketing departments in key decisions pertaining to their ongoing digital transformations. This important change reflects a larger understanding of a crucial fact the finance world is coming to understand: marketing is now the driver of financial brand success.
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As the globe’s financial consumers rapidly shift toward digital channels, the opportunity to generate and retain new customers is very real.
But how best to leverage this amazing opportunity through more effective digital marketing?
As most financial brands are discovering, the “same old, same old” simply isn’t going to cut it with today’s savvy consumer. The way finance brands communicate with consumers needs to change and change quickly. Advanced marketing technology – specifically AI – may well hold the keys to the digital marketing kingdom.
It’s a digital-first world. Delivering an adaptive, personalized brand experience matters. Connecting with consumers where they live is the most important challenge marketers will face in the days to come. AI possesses an amazing ability to sift through the data and generate actionable marketing insights into what language resonates – and what doesn’t – with any brand’s audience. Such insights can (and should) be the keystones of modern brand messaging strategies. This important marketing truth will make artificial intelligence an indispensable marketing tool moving forward.
That’s why 83% of banking and finance marketers report that they plan to invest in AI in the next 18 months. It’s also why every brand in the finance world should seriously consider doing the same.