More than 10 years since the start of the economic crisis, the financial services sector is still facing several major challenges.
Firstly, technological advances and their widespread adoption, from bitcoins to social media. Secondly, a growing number of fintech companies that are shaking up the market offering new services, such as new ways of managing money, transfers between friends and even investments. Finally, significant changes in consumer demand and habits, changes that are constantly accelerating.
Banking and insurance marketing experts face other challenges too, such as the emergence of new local or international regulations and the need to comply with multiple legal requirements.
Can technological solutions, particularly DAM (Digital Asset Management) help the banking and insurance sector? We’ll try to answer this question in this article.
- How do you facilitate the process of producing content and marketing visuals and organize the work of teams spread around the world?
- How can you ensure technical and regulatory compliance for all the content created for each market?
- How can you ensure optimal content distribution all over the world?
- How can you create more personalized marketing messages for new customers, especially the new generations that make up this cohort?
Marketers using tools that are sometimes outdated and often not very user-friendly struggle to streamline their strategies and boost efficiency when producing, validating or distributing content. These difficulties can quickly translate into a loss in competitiveness, an inability to adapt as well as a negative brand image.
Neobanks, fintech or insurtech startups... Established players in the financial services markets have their work cut out for them with new entrants. All the more so as newcomers are playing the digital card to the full and have no "legacy" systems to manage. The Payment Services Directive No. 2 (PSD2) which opened up the era of open banking and stimulated competition only adds to this. As a result, acquiring new customers is becoming even more competitive while the risk of churn is increasing.
Whether old or new, the players in these markets have no choice but to work hard to make their brands attractive. Through innovative services, of course, but also through fully mastered brand expression. This isn’t always simple when it comes to expressing the brand in an omnichannel context through a large volume of documents. From the description of the products to signing contracts and all the legal notices...
Unsurprisingly, in these markets, no document can be submitted to the public without getting approval from various departments: product management, legal department, ethics department, etc. DAM has to carry out precise validation circuits, but also keep a record of all revisions to guarantee the traceability of exchanges, in accordance with the various regulations.
The DAM for banking and insurance performs the key function of "Single Source of Truth". In other words, the DAM references assets that teams can work with in confidence. Images, videos, marketing documents whose modification rights are finely modulated to facilitate localization without distorting the brand.
This ensures that all your teams are working with the most up-to-date versions of your digital assets and that the consistency of your group's communication is maintained.
The use of artificial intelligence allows you to easily generate content variations, especially to test their impact on the different stages of the purchase path, from an emailing to a product page. Integrated into the information system, the enterprise DAM also becomes the "media referent" for the various solutions such as CMS, CDP, CRM, Automation, etc., which coexist in large numbers within large organizations.
More than in any other sector, the DAM's key role as "Single Source of Truth" makes sense here, as the integrity of each piece of content must be ensured. DAM is essential to ensure rigorous content lifecycle management, but also agile to help control time-to-market.
For brands in the banking and insurance sector, equipping Distributed Marketing is another key reason to invest in a DAM. It is indeed difficult to supply partner and subsidiary networks without relying on a solution capable of providing them with customizable material (print or digital). For international companies, it is indeed essential to be able to customize their communication according to the audience and the market they are addressing.
This solution also allows brands to understand how their teams use the different content made available to them and keep control of your brand image, while supporting local initiatives. The same content can be adapted by entering specific metadata for each brand, business unit or country of your group.
This is why DAM is a must in these markets. It’s thanks to DAM that true distributed marketing can be obtained to enable each subsidiary, branch or entity to use the right brand content for its own activities. For a specialist in employee savings plans, nearly 100,000 documents are produced in a way that is consistent with both branding and regulations.
More than 70% of consumers state that they would switch to a financial services provider that offers a better digital experience that their current institution. As such, the focus on putting out the right digital content must be carefully considered and the link between physical and digital should be as seamless as possible.
With tools such as Media Delivery, how content is distributed becomes enhanced, thanks to optionsvthat allow you to automatically adjust content depending on the device or language and switch the quality of videos depending on the strength of a user’s network.
Offering content that is as adapted to a mobile as for your website and in physical locations is key to the customer experience, creating a unified journey.
What’s more, many consumers now want to be as independent as possible, with mobile-friendly solutions and digital self-service options. Having content that is perfectly adapted for these digital experiences is of the utmost important. Add to this, the need to have this content in multiple languages, targeted at different markets and the assets required can be substantial. Having a centralized hub for this content is going to prove to be important for not only maintaining brand consistency but ensuring that teams are using the right assets and are able to find them quickly and efficiently.
As with other industries, banking consumers are increasingly looking for personalized experiences which respond to their specific needs. Instead of targeting a universal audience, it is now more and more called on to individualize your communications.
By using data and Artificial Intelligence (AI) the banking industry can move beyond one-size fits all communications and build content that adapts to each individual.
Wedia, the leading Digital Asset Management (DAM) vendor, offers cloud-based, content-centric marketing software that enables banking and insurance companies to unleash the full potential of their assets and provide the best possible customer experience across all channels.
Wedia helps global brands to enhance their marketing content from creation to distribution, with the primary objectives of increasing visibility and ultimately boosting sales.