The digital world is forcing change in many areas of banking…including marketing. Customer analytics and new electronic delivery channels mean that there are more ways to reach out to customers now than ever before. However, marketing professionals also face a new level of complexity and analytical rigor in their profession.
Take for instance the brick and mortar bank branch which is sadly becoming extinct. The increasing pace of digital banking has made the bank branch unnecessary. In fact, a July 6, 2015 Wall Street Journal article “Is This a Coffee Shop or a Bank?” highlights the different approaches that banks are taking with regards to their branch locations. They are eliminating tellers and adding business development professionals as part of their bank transformation strategy. They will now have Relationship Bankers who can help customers navigate the high-tech ATMS and smartphone banking products. And in some instances, this new transformation is in the form of a coffee shop!
Yes, marketing professionals in the banking industry have their work cut out for them. They are dealing with the older generation who balk at change and the younger ones who thrive on it and trying to meet in the middle is a challenge. That being said, it is a very exciting time for the banking industry and we will continue to see how analytics and marketing go hand in hand.