DAM for the Banking and Insurance sector
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.
Find out how Wedia’s DAM solution can meet the challenges and marketing needs of the banking and insurance sector. Learn more about DAM for the banking and insurance industry.
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Marketers using tools that are sometimes outdated and often not very user-friendly struggle to streamline their strategies and boost efficiency when producing, validating or distributing content.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.
Why should large banking and insurance companies be interested in DAM?
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.
Some examples of fintech companies by category
|Paytech||Payment optimization solution||Venmo, Leetchi, Lydia, Pumpkin, IbanFirst, Obvy etc.|
|Robo Advisor||Digital investment consulting and portfolio management||Nutmeg, Yomoni, Advize, WeSave, Wealthfront etc.|
|Insurtech||Insurtech Innovation in the insurance sector||Gusto, Luko, Oscar, Alan, Shift Technology, etc.|
|Regtech||Innovation designed to simplify regulatory monitoring||Amfine, Scaled Risk, Neuroprofiler, Fortia etc.|
|Néo Banque||Online banks with innovative and cost-effective banking services||Revolut, N26, Monzo, Orange Bank, Qonto, Shine, etc.|
|Cash management||A digital solution for managing personal expenses or a company’s cash flow||Linxo, Bankin, Yolt, YNAB|
|Crowdfunding||A platform for raising money involving a large number of people||Kickstarter, Indiegogo, KissKissBankBank, Patreon, GoFundMe|
|Comparateur||Financial product comparison solution||NerdWallet, Credit Karma, Bankrate.com, WalletHub|
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.
DAM as a Single Source of Truth in your company
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.
DAM as a support for distributed marketing
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.
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.