Marketing technology leaders in the complex, heavily-regulated financial services industry are facing increasing challenges. More than ever, banking and wealth management institutions are struggling to put out more offers, faster, with less errors. Those poised to gain ground in this competitive space are rising in the ranks by finding and deploying ways to solve their biggest challenges. To this end, digital transformation and automation are helping to drive growth. Just as we have in developing our Resource Center, our team is committed to sharing trends and tech tools with those who spend their days, and likely nights, navigating the complexities of marketing, regulations and disclosures. To that end, this overview provides actionable insights from consulting partners with whom we collaborate, and global experts in customer experience.
Addressing Pain Points with Automated SolutionsWhen it comes to disclosure management, we find most martech teams typically deal with a handful of common problems: low efficiency, high cycle times, no scalability, compliance risk, disclosure errors and inconsistent channels. Increasingly, the solution appears to be found in automation. Disclosure automation solves these pain points. Now more than ever, the need for speed and accuracy, in communicating with customers and in meeting regulatory compliance requirements, tops all priority lists. With innovative industry solutions emerging in recent years to address these needs, banks, wealth management firms and fintech startups are improving their disclosure management processes.
Clearly, customers’ growing, post-pandemic demands to have a seamless digital experience is driving the industry digital. Platform technology, purposely-built for financial services, allowing teams to automate and accelerate growth, is critical to digital transformation.That said, not all players in the finserv arena are equipped to be competitive in this space. With a clear directive to meet the customer where they are, how they want to be reached, and with easy access, the race for resources that meet these needs is on.
Deep Dive into Digital TransformationThere’s no doubt that there is growing interest in digital transformation by financial service leaders. It’s easy to see why, considering the long list of marketing musts they handle: managing an increased number of offers, with speed to market top of mind, establishing more efficient operations, getting compliance and disclosures done right, while prioritizing personalization to drive relationships and revenue. It’s a daunting but doable set of goals. As many of the leading institutions have experienced, leveraging technology to improve the disclosure management process is key to achieving better results in highly-regulated, complex industries. Finding solutions that disclosure automation delivers can drive results across the enterprise. Cloud-based platforms are increasingly answering the call of financial service leaders, and providing a competitive edge. A webinar that our CEO, Rab Govil, facilitated with representatives from Adobe and Capgemini, served as a deep dive discussion into top priorities for finserv to optimize outcomes. Not all systems are created equal. Even top banks are challenged with the complexities of disclosures and offer management. It’s why so many at all levels are tuned into where to seek and find answers. For those with legacy systems, the struggle is very real. Institutions contend with a myriad of pitfalls and risks associated with error-prone, manual processes. The enterprise-wide impact on marketing, operations, legal, risk and compliance teams is significant. Yet, so, too, are the benefits realized with solutions that free their time, lead to greater accuracy and reduce risk.
There continues to be a collective, clarion call for financial service providers to enhance their digital offerings. Engaging with technology partners is proving critical for finserv marketers looking to gain a competitive edge. For offers, disclosures, risk management, workflow and personalization, automation is the key to acceleration and growth.One particular, highly-praised summary of strategies was published in a recent McKinsey & Co. report (issued February 16, 2022), “US wealth management: A growth agenda for the coming decade,” which offered these valuable insights: “While the pandemic challenged the performance of the US wealth management industry for much of 2020, the last 12 months have given rise to optimism that the conditions for a significant wave of innovation and experimentation across the wealth management ecosystem are in place. The conditions include rapid technological advancements, fast-evolving consumer needs and behaviors (accelerated by the pandemic), and an environment of economic stimulus. To thrive in this dynamic environment, firms must prioritize growth, adopt an innovation mindset, and be prepared to reallocate resources rapidly in response to the changing context. New customer needs provide an opening to differentiate. Investors are increasingly looking for institutions that can provide them with omnichannel access, integration of banking and wealth management services, and personalized offerings. Notably, 50% of clients think their primary wealth manager should improve their digital capabilities. Omnichannel access is no longer just ‘nice to have.’ One of the clearest disruptions triggered by the pandemic has been the sharp acceleration of digital adoption across consumer segments—including wealthier and older clients who were previously less digitally inclined with respect to financial advice. As a result, according to McKinsey’s latest Affluent and High-Net-Worth Consumer Insights Survey, digital is now the most preferred channel for clients, closely followed by remote.”
Partnerships: Finding Solutions to Leverage TechnologyModern, centralized platforms are built purposely with financial services companies in mind. Their primary purposes are clear: managing, accelerating, and fulfilling customer experiences. In the competitive industry, with regulations and customer demands as top priorities, the leaders are leveraging platform solutions to help them achieve meaningful outcomes:
- Accelerate time to market
- Increase response and conversion rates
- Reduce costs
- Eliminate compliance errors