Digital Transformation in the Financial Services Industry

Published on 16th July 2020

Over the past several years, there has been a dynamic change in how digital marketers are building systematic action-driving programs in the financial services industry. 

Worldcom partners Bliss Integrated Communication examine what’s driving digital transformation in this highly regulated field

Innovation that attracts and retains: Intimacy of scale

Today, consumers expect “intimacy of scale” and targeted personalization. Artificial intelligence and data automation are making tailor-made consumer experiences easier and more common and as a result, more expected. Financial services industry marketers have to learn how to create long-lasting relationships with their clients in the digital world. 

Harnessing data to drive loyalty: 

There are two major challenges financial service companies face when leveraging their data: failing to update their legacy systems and pushing too many products. 

Many firms are still using old infrastructure to operate, which makes the data they sift through difficult to customize. For those who do have new systems in place, they are still pushing out product and service offerings more than personalized content that can benefit their clients. This approach is especially true in the wealth management space. 

Democratizing wealth management: Personalize or perish

Wealth management firms have to step up and offer personalized interactions over service offers before they start to lose clients.

Financial advisors should be using integrated CRM systems that will allow them to store and manage their data on each client. Having this available in one space can allow an advisor to pursue a more personalized approach. 

Provide easier-to-digest information to your clients through the “30-second exchange.” While understanding financial plans tend to be in-depth lengthy proposals, many consumers want it provided in snippets. 

Invest in the content you’re pushing out to clients. Take advantage of the data you have and send out personalized content that will provide value to your clients. 

Three key takeaways:

  1. Manage data successfully
  2. Twitter-ize wealth management
  3. Invest in content

Bliss Integrated Communication is an award-winning strategic marketing and communication firm based out of New York. They have expertise in public relations and marketing strategy and execution, social media management, and content development.

Find our more about the Financial Communications expertise of Worldom partners and get insights on Technology in Public Relations and Communications.

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