Marketing and communications departments at financial firms are typically associated with performing work such as public relations, advertising, running events and promotions. But they should be involved much more strategically across the enterprise. Indeed, it is vital for businesses growth, writes Shelly Loftin in the ABA Banking Journal.
One of the critical areas where financial marketers can demonstrate value is in the customer experience. In fact, they can act as an “information gatherers” of a sort, helping to connect internal and external customers and providing analysis and insights from every customer touchpoint and delivery channel.
“For example, in exploring a new digital product or service, it is common for a product and/or technology team to be leading the charge,” Loftin writes. “When they make key functional decisions about how the product will work, it can adjust the experience the customer will have without anyone acknowledging the options or that there might have been a better way. If marketing has a seat at that table, the decisions can be made every step of the way with a balanced view of customer experience and operational efficiency. The traditional banking view is to build the offering how it works best for the bank and then hope the customers like it enough to deal with it. The modern marketer needs to listen to customers more and become more assertive on customers’ behalf in the boardroom.”
Financial communicators are increasingly getting a “seat at the table” at the board and c-suite level, and being able to demonstrate business value in a strategic manner continues to be a vital skill to have.