Financial marketers must embrace AI to remain relevant
The transformation in banking includes the ability for financial marketers to embrace new technologies to maximize results. At the forefront of this transformation is the use of data and artificial intelligence (AI) to improve targeting, messaging and ROI.
Financial marketers are drowning in data. In fact they are drowning in an overwhelming 2.5 quintilian bytes of data which is collected every day at the same time that consumers are being bombarded by an increasing array of messages from an ever expanding number of channels. Data has turned from being gold dust to being a marketer’s nemesis. It has become too unwieldy to be properly scrutinized for meaning, and in some instances, it can even be misleading. Interpret it wrong, and financial marketers may end up distancing their brand from their target consumer. In fact they could even do damage to the consumer relationship and the brand overall.
Marketing analytics have changed tremendously over the last few years, moving from so-called soft metrics like page views and shares to more sophisticated measures of user behavior and engagement. Increasingly, financial marketers need to be able to approach their work the way other data-driven functions do, by identifying the right metrics, understanding the data they are collecting, and using content marketing analytics to answer business-critical questions and demonstrate ROI.
The goal of reaching more targeted customers has been driving many marketers in the financial sector to seek better solutions, and we are starting to see a definite shift in the way marketers are engaging with their future customers. This shift, empowered in large part by new generation AI, has placed astute marketers on the cusp of the next huge change in the digital ad tech industry.
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