An eye opener - if you consider yourself a modern wealth manager

Author: Aditi Syal | Categories: Customer Experience, Digital Marketing, Marketing Automation, Financial Services

If you think that digital innovation has raised the bar in terms of customer experience and expectation across the banking and wealth management industry, if you think that trending social, email and mobile channels have transformed the banking and wealth management space, particularly in corporate and retail sectors, then you would wholeheartedly agree that these changes have further created opportunities to provide a broader, more innovative, customer-centric set of products and services and market these effectively.

In line with digitalization in wealth management, companies looking to increase marketing operations efficiency and ROIs are beginning adoption of marketing automation to automate, streamline and measure marketing tasks and workflows. However, there is much more to marketing automation, especially in the context of marketing in wealth management and the industry has a lot of catching up to do in this area.

“Digitization has transformed much of the financial-services industry during the past several years, yet Wealth Management and Private Banking (WMPB) have remained largely on the sidelines. However, the shift to digitization is inevitable, and it will transform the industry in the coming decade.” Strategy and Taking Wealth Management Digital, PwC"

Every WMPB company marketer we have talked to lately is thinking of capitalizing on marketing automation technology — yet only a handful have acted upon it.

banking interaction

Marketing automation links multiple touchpoints and media including social, email marketing and content marketing. If your goals stand enterprising and are beyond just direct sales, then marketing automation can help formulate processes that otherwise would have required manual intervention. Marketing automation makes it easier to send personalized, 1:1 targeted messages and can provide valuable insight into customer behavior.

In our technology-driven world, there's a way how wealth advisors can successfully attract new customers and retain existing ones with CRM. Customer data is the key to personalization and vice versa. Using CRM in combination with marketing automation, wealth advisors and their marketers can pinpoint particular interests of their contacts, branch this audience and target them with relevant content.

A survey of approximately 140 wealth managers around the world, released in conjunction with BCG’s Global Wealth report last year, found that approximately 75 percent of wealth management customers indicated that they would like more interactive multi-channel offerings. (Riding a Wave of Growth, BCG report, June 2014.)

Marketing messages have been as most potent when the information pertains to the recipient, opposed to “spraying and praying” tactics that are usually less effective. In fact, personalized content leave customers feeling sheltered from their advisors, leading to a better brand perception of the company by the customer.

It is time for marketers in wealth management companies to embrace automation and act before it is too late.