New research: Marketing Mindset is key to successful digital transformation for banks

Between the months of April and May, we surveyed 500 senior financial marketers to better understand how banks and credit unions have adapted to the requirements of rapid digital transformation brought on by COVID-19.

As the pandemic continues, we’re finding that organizations which re-emphasize their values to remain relevant and authentic are more likely to prosper. This was confirmed among banks, where our research has found those which apply a marketing mindset to their digital transformation have not only weathered the pandemic shock better, but are better prepared for the ‘new normal’ that lies ahead.

To determine the companies which have a marketing mindset, we asked: “How involved was the marketing function in defining your institution’s overall digital transformation strategy?” Of the financial marketers surveyed, 38% said they were active decision makers when it came to digital transformation within their organization. Using this starting point we have been able to separate how these 38% and their organizations, differ to the remaining 62%.

When it comes to changing how they deliver and communicate during the pandemic, those with a marketing mindset are finding it easier to adapt to rapidly changing consumer demands and government requirements. Based on current systems, processes and culture, 30% of those applying a marketing mindset are finding it easy to pivot overall customer experience, compared to only 19% of other institutions.

Looking beyond the pandemic and towards the ‘new normal’ is front and center for many marketers. It may be no surprise that those which are more prepared to face the pandemic are also those looking to deliver a better experience on the other side.

We’re increasingly seeing that organizations which are unwavering in their comms and advertising will be the ones to take charge of their sectors and survive not only the ‘new normal’ but any impending recession. When respondents were asked how they thought their marketing activities will change in the next three to six months, those in organizations applying a marketing mindset again appear to have an advantage:

• 60% of those applying a marketing mindset to digital transformation said their brand communication/advertising will increase significantly
• 57% of those applying a marketing mindset to digital transformation said their product communication/advertising will increase significantly

Later this week  I will be presenting the rest of the data from this research and will explain why marketers hold the keys to creating meaningful digital experiences in a post COVID-19 world. Banks and credit unions which approach digital transformation with a marketing mindset will come out on top. I hope our research (and next week’s webinar) will help you accelerate digital transformation in your organization and discover your marketing mindset.

Remember, think like a brand, not like a bank – Thursday 4^th June. Click here to register or find out more information.

We’ll publish the full report shortly, if you want to reserve a copy confirm your details below.