Jonathan Fiur, Director of Financial Services Solutions at Aprimo, explored how marketers in the financial services segment can discover the optimal balance between agility and compliance in his presentation to Argyle’s CFO membership at the 2017 Financial Services Forum: Marketing & Technology Innovation in San Francisco on September 14. In his presentation, “Compliance at the Speed of Digital: Balancing Agile and Compliant Marketing,” Fiur provided insights into how financial services marketers can manage compliance at the speed of digital.
According to Fiur, financial services marketers face a unique challenge. On the one hand, these marketers are tasked with promoting a wide range of products and services to prospects and customers. Comparatively, financial services marketers often struggle to leverage state-of-the-art marketing tools and maintain compliance with various regulations at the same time.
“Compliance at the speed of digital is really about the challenge we have as marketers with running the business of marketing,” Fiur stated. “We need to be able to deal with the explosion of channels, customer control and lots of other things.”
Today’s financial services customers have access to a wealth of information at their fingertips. In fact, mobile devices make it easy for financial services customers to obtain information from any location, at any time.
“The customer is everywhere. Customers are in control, and they want to be able to make purchases at any time and on any device.”
Meanwhile, financial services marketers are responsible for engaging customers via the latest and greatest technologies. If financial services marketers fail to embrace best-in-class technologies, they risk falling behind business rivals in a highly competitive global marketplace.
“The customer is everywhere. Customers are in control, and they want to be able to make purchases at any time and on any device,” Fiur said. “And customers want to be able to do things from wherever they are.”
Financial services marketers must be able to differentiate their respective brands from the competition. With unprecedented agility, financial services marketers may be better equipped than ever before to help their respective companies stand out from rivals.
“Customers are surrounded by noise, and we’re struggling to differentiate and create a signal as financial services marketers that helps customers understand why we’re different,” Fiur noted.
An agile approach often requires financial services marketers to look closely at the data available to them. By leveraging all of the information at their disposal, financial services marketers can learn about customers’ needs. Then, financial services marketers can use this information to drive meaningful business improvements that may lead to enhanced customer partnerships.
However, financial services marketers also are tasked with analyzing large collections of structured and unstructured data. These marketers must deploy technologies to streamline their data retrieval and analysis efforts, or risk data overload.
“We’re managing complex ecosystems of information, and we’re trying to get data back from lots of different points and make sense of [these data points],” Fiur indicated.
Financial services marketers must be able to interact with customers across multiple channels, at all times.
“Customers are surrounded by noise, and we’re struggling to differentiate and create a signal as financial services marketers that helps customers understand why we’re different.”
In many instances, financial services marketers launch websites or use social networks to build trust with customers. Although these channels deliver immense value, financial services marketers must provide timely, relevant and informative content to foster customer engagement.
Fiur pointed out that financial services marketers need to look beyond “traditional” customer engagement channels as well. For example, financial services marketers can use mobile apps to engage customers like never before. And if financial services marketers constantly explore innovative ways to connect with their target audiences, they may be able to foster engagement at all stages of the customer journey.
“As marketers, we can’t use the traditional resource models,” Fiur said. “We have to feed multiple content channels. We have to deliver throughout the customer journey, and we have to create these consistent experiences.”
There is no quick-fix solution to help financial services marketers accomplish their goals, either. Conversely, financial services marketers must remain diligent and frequently search for innovative technologies to help identify and address myriad challenges.
“I’d love to tell you to go buy software, and that will solve your problem. But it won’t solve your problem,” Fiur noted. “There’s more to [the problem] than that. The problem is more complex than that.”
To become agile, financial services marketers must deploy the right technology solution, drive well-defined and understood business processes and enable a culture that drives success more than budget, Fiur stated. In addition, Fiur indicated financial services marketers must define best practices and partner with compliance and legal teams.
A comprehensive approach to financial services marketing can make a world of difference for financial services firms of all sizes. If financial services marketers understand what it takes to balance agility and compliance, they can increase the likelihood of driving consistent business growth.
Jonathan helps Financial Services customers sharpen their focus on and unlock the value of strategic, technology-enabled and compliant Marketing solutions that deliver measurable results in a regulated environment. With deep experience in planning and executing customer workshops, Jonathan has delivered numerous engagements for Aprimo customers across the globe. Jonathan has worked many Financial Services firms including Citi, Wells Fargo, Bank of America, Santander, TD Ameritrade, Charles Schwab, SunTrust and PNC.
Having designed and led the marketing technology function for a Fortune 100 Professional and Financial Services company, Jonathan brings considerable enterprise campaign management and operational marketing experience to every engagement.
Jonathan has operated at the intersection of Marketing, CRM and IT for 18+ years. Prior to joining Aprimo, he served as the global marketing technology leader for Mercer, the HR consultancy, and early in his career worked at Sapient.