Not long after the emergence of the digital advertising channel, most industries had jumped on board, embracing this new medium and realizing the myriad of benefits.
Digital advertising can be a highly cost effective way to target prospective clients based on very specific traits, deliver highly customized messages and collect real-time performance metrics.
Banks and other financial institutions, however, have been slow to adapt digital marketing tactics, mostly due to “the existing perspectives of how things should be done and the long time-scales required for their operations. This makes them rather conservative and unwilling to experiment with new and possibly unsafe technologies.” In fact, fewer than 15% of banks have mature digital marketing strategies – much lower than other industries.
Digital Adaptation is No Longer ‘Optional’
Advancing technologies, including digital marketing and social media, are having a significant impact on consumer behavior and how we do business. It could be fair to say that any organization that does not adapt to the new era of marketing and communications is in danger of losing market share.