Last week in bank marketing, Joe Day talked about the importance of a digital strategy in Credit Union Magazine. The take-away for bank and credit union marketers was that consumer expectations are being shaped by what are becoming everyday digital experiences. A digital strategy can help make sure that your bank or credit union is on the right side of consumer expectations. That may sound like daunting advice, but other articles last week discussed some of the options available. For example, Al Dominick shared results from a survey revealing the types of technology that banks have invested in over time. While Matt Deaton from Codigo, shared survey results on how banks and credit unions are using advertising agencies to assist them. Lastly, the Economist Group shared footage of a recent interview with the National Basketball Association’s CMO, Pamela El, where she talks about incorporating digital tools to help her team with all that is needed.
We’re excited about the connection between these ideas, and hope to see and talk with you at the Financial Brand Forum 2015 this week in Las Vegas.
Who Needs a Digital Strategy?
“Every organization needs a digital strategy regardless of asset size or membership. That was the message delivered at the ‘Evolving a Digital Strategy in your Organization’ panel discussion during the 2015 National Association of Credit Union Service Organizations Conference in Orlando April 13-16.”
How Do Banks Use Technology?
“Last October, Richard Fairbank, the Chairman and CEO of Capital One, expressed the following opinion on an earnings call: “Ultimately, the winners in banking will have the capabilities of a world-class software company. Most of the leverage and most of our investment is in building the foundational underpinnings and talent model of a great digital company. To succeed in a digital world (you) can’t just bolt digital capabilities onto the side of an analog business.” Read More
Anatomy of the Marketing Department — Biggest Challenge
“Codigo’s recent report surveyed over 250 banks and credit unions to get an in-depth look at how recent banking trends have affected today’s financial marketing department. Among the many topics addressed by the report, a look at the biggest challenges marketing departments are facing today was an interesting one. 70% claimed their biggest challenge was attributed to a lack of people or budget — 42% said they faced a lack of departmental resources, while 28% said budget constraints would be the thing to overcome this year.” Read More
The CMO’s DNA is changing, from The Big Rethink
“It’s not how large are your budgets… it’s what you’re willing to do with what you have,” said Pamela El, chief marketing officer of the National Basketball Association. The availability of marketing technology tools is helping, but it’s not a cure-all, said El.”