Google Trends allows you to delve into a variety of topics from the spread of flu, to the latest blog on virtual reality. It’s a powerful tool for any marketer to understand what’s resonating.
What should financial services marketers be looking out for?
Few trends have been so widely discussed in the financial services industry than that of Fintech.
As with so many new, potentially disruptive ideas, Fintech is yet to fully emerge in the industry. What is clear from the Google Trends results is that this is certainly being closely monitored by all those in the industry.
GAFA Banking Models
Many industry pundits are attempting to predict what would happen if Google, Apple, Facebook or Amazon (GAFA) decided to enter the retail banking space. Having already disrupted several spaces, many wonder how traditional players would respond to these newcomers.
Google and Facebook seem to be the most likely contenders. Over recent years, many more financial service stakeholders are keeping an eye on these companies.
Marketers are universally looking at methods to improve customer experience, looking at UX and customer journey trends online to find the latest tip or trick.
The trend of customer experience in the marketing context is not restricted to the financial services. Over recent years, we’ve witnessed how increasingly the role of customer experience manager has naturally been managed by the marketing department or completely incorporated into the marketing function.
The new roles work together seamlessly as both work to represent the ‘voice of the customer’.
You can’t talk to a marketer these days without them spilling out words like “digital transformation”, “artificial intelligence” or “big data”.
Big data has been a trend for years and many hold it responsible for the shift in marketing to incorporate a more scientific approach to activities.
As The Financial Brand identifies, the need to ramp up your data skills is not stopping anytime soon! If anything, it’s becoming a vital skill for any marketer. Having these skills is a great way of setting yourself apart from the crowd when applying for jobs.
Shift to Digital Marketing
Following retail, travel, and now healthcare, the financial services are the next on the precipice of digital transformation. As always, the marketing function is leading the way with the move from traditional advertising to digital marketing tactics.
This industry has fallen behind many others. The race to catch-up is now on!
Compare the two charts below. Clear indications that more and more financial services marketers are leaning towards digital tools.
Similarly to the retail industry, there has been a significant decline in foot traffic at brick-and-mortar financial establishments. Oddly, searches for “nearest branch” are on the increase.
Why are people searching for physical locations, but don’t visit them?
Certainly, a bizarre trend to witness.
Just like other retailers, banks and credit unions need to look at their in-store experience. Retail is looking to virtual reality as a potential technology to boost customer experience in-store and encourage online shoppers back to the high street.
Whether or not this sort of technology is appropriate for the financial industry is yet to be seen. What is clear is that financial marketers need to be aware of geo-location technology, ensuring brand finders are embedded effectively on websites and in apps.
Republicans and Democrats love to argue. And the health of the economy is a regular debate topic. Google trends data indicates that consumer confidence is building with fewer searches for terms like “unemployment” and increase in terms like “salary raise”.
This trend is indicative that consumers are more confident, which typically means more consumers are likely to take on more debt, i.e. take on mortgages, or get a new credit card.
FSI Transformation Assembly
For the latest in financial services, attend FSI Transformation Assembly in September.
Following on from the success of our February edition with Keynote speaker – Lisa Shalett, Retired Partner and COO of Global Compliance, Legal & Internal Audit, Goldman Sachs, the FSI Transformation Assembly will bring together North America’s from all major financial services and insurance organizations.
While financial services and insurance CIOs will have to deal with many challenges in the coming year as the industry makes the final leap into digital transformation. C-level IT leaders need to understand the convergence of mobile, social, and cloud to stay ahead of the competition. One technological challenge remains prominent in the mind of CIOs everywhere – dealing with the complexity of data. This is something challenging all digital transformative industries.
With digital enhancement comes a massive explosion in data, which is creating unprecedented manageability issues for firms around the world that can be linked to the following factors: expanding customer touch points, emerging types of structured and unstructured data, new customer engagement and social media platforms, rising data security, and controlling the overall data volume.
PAST FSI TRANSFORMATION ASSEMBLY ATTENDEES INCLUDE:
Ally Financial CIO
Credit Suisse Managing Director and Technology Controller
Fannie Mae SVP & CIO
HSBC SEVP & COO
MasterCard President, Global Technology & Operations
Morgan Stanley MD & CIO
PwC Vice Chair, Global Chief Information Officer
US Bank EVP & CTO
This is not just another “Financial Services” event. Check out the website here >