These are the top 3 concerns keeping bank marketers up at night

Chief marketing officers have gotten used to living — and working — through rapid change. From the emergence of generative AI technologies like ChatGPT and Gemini, to President Joe Biden’s unprecedented exit from the presidential race, CMOs at banks and credit unions are facing a lot of uncertainty heading into the second half of 2024 and into 2025.

The rapid pace of change is also familiar to most Americans, yet CMOs face an added challenge. They must develop marketing messaging for financial institutions that will resonate during a time when inflation rates are rising and customers are struggling to afford basic necessities like housing.

“All banks are really concerned about housing; about affordable housing and helping our customers as they’re trying to navigate this interest rate market,” says Teri Williams, president and chief operating officer of OneUnited Bank, the nation’s largest Black-owned bank. “There really is an opportunity and a challenge to help our customers navigate this housing market, because it’s really tough. Especially for first time homebuyers.”

One thing is for certain: CMOs have a lot on their mind right now. The Financial Brand asked marketing leaders from financial institutions across the United States about their biggest concerns for the remainder of 2024 and looking to the new year. Some common themes emerged: including a focus on adding new technologies, tightening budgets, and finding ways to engage new customers of all generations. Here’s what they said.

 

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