Marketing, Compliance or Sales?!
We live in a digital age. Marketing has changed drastically in the last two decades providing fantastic new opportunities, as well as new challenges. Marketing successfully to different generations can be difficult. Even more challenging, is selling successfully to different generations while maintaining requirements for strict compliance. Banks and other financial institutions face an uphill battle. As the baby boomer generation begins to need banking services less, the millennials are just beginning. For banks to bridge the gap between the losses of dedicated customers to obtaining new ones is critical to experience continued success.
However, as the times have changed, so has the way to target effectively and entice this new audience. Banks and financial institutions must let go of the tried and true methods of marketing that have worked well in the past, and embrace and understand the new digital marketing world. Unlike other businesses, banks have another issue to contend with. They must ensure that they are meeting compliance requirements as well. This can be a complex balance between saying the right thing, to the right person, in the right way, and saying it in a way that is not in violation of required standards.