Bank marketing departments are spending just 12% of their budgets on digital channels. While that number’s been trending up, it’s not good enough. What should marketers, as the hyper-coordinators across the bank, do to spruce up their digital toolboxes?
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Good to see this being discussed as our research has found that only around 12% of banks and credit unions have the digital marketing budget needed for growth. Before getting that budget up, it’s important to ensure the FI has the appropriate marketing budget as a whole required for growth.
Once that’s been taken care of, then we recommend allocating 30%+ to digital marketing channels. This can be invested into both content production AND distribution as well as asset building activities like building a website that sells on top of a marketing automation platform.
The opportunity for FIs is digital provides insights into what’s working and what’s not while allowing them to make optimizations that will result in an increase of leads and conversions.