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Case Study: Making the Financial Industry Engaging to People
Marketing communications in the financial industry is a continuous challenge because of the interconnection of four industry specific dynamics:
• The conservative nature of the financial industry
• The importance of trust and relationships in financial transactions
• The ever increasing watchful eye of the regulators and policy makers
• The lingering distrust of financial institutions caused by the aftermath of the financial crisis.
These pressure points create a unique and challenging marketing environment to communication professionals where they are challenged to be creative and engaging but are traditionally not able to do so. In order to continue to market their products successfully, financial institutions need to avoid the complexity and jargonthat often comes with their services.
If the financial industry can engage better with their audiences they will see improved outcomes for consumers as clear information will lead to better financial choices and this will be reflected into higher sales, retention and profitability.
Engaging with consumers resonates, and increases the value that they place on the financial institutions offering.