Finance

Disruption of technology in Finance – With the advent of the internet, smartphones & other forms of technology penetration in finance, certain brands following still stereotypical marketing approach are left behind in the industry with lesser perceptibility. Automated marketing makes it easier for brands to push out targeted ad campaigns, but finance has been slow to adopt this.

Lack of consumer trust – In the last decade, after the 2008 financial debacle, the trust of customers in a financial organisation has reduced by 50%. Especially in india, after the banking giants reported major losses in the last 3 quarters, trust factor has decreased to an all-time low. Customer retention – Keeping a balance between existing customers & fetching new customers is also a challenge for the brands.

Intangible Offerings –Financial marketing has been more of selling an idea like wealth growth, than selling a tangible product. This poses a risk which is longevity of the business. Young business owners want to see actual testimonial / results, rather than thin-air boasting.

Fighting the regulations – Financial services / products marketing never goes alone without talking about regulations. Strict rules govern about what finance advertisements can & cannot contain, which oversees financial ads. These guidelines have sometimes failed brands to create better customer experiences.