The adobe report on financial institutions
Posted: Wed Jan 22, 2025 8:13 am
Adobe's report on digital trends in the financial services sector in 2023 is loaded with innovation, customer experience, multichannel, data-driven decision-making and content distribution based on the above points.
Conducted in conjunction with Econsultancy, the 13th edition of this report is based on a survey of 381 digital marketing professionals in executive positions, heads of departments and industry professionals across North America, Europe and Asia Pacific.
“Adobe’s Digital Trends Report points out the direction in which digital banking is headed and highlights the pillars of the sector’s digital transformation. It also highlights the pains and problems that the sector faces in terms of data management and customer experience.”
Boris Fernandois, current head of UX and metrics at Fusiona and former project manager at Banco de Chile.
In this note we summarize some essential insights from the document.
Data management in financial institutions according to the Adobe Report
Despite being one of the sectors that has been storing customer japan whatsapp lead data for the longest time, the report indicates that financial services continue to have great difficulties in efficiently managing data.
The main problem is the ocean of data they possess, which is expensive to store and manage. This issue, among other things, makes it difficult to train generative AI.
In this regard, the McKinsey consultancy points to one of the main problems in the sector: “Financial institutions see personalization as a marketing or analytics initiative, when it should be managed as an integrated initiative across the entire company.”
Integrating and centralizing data management eliminates silos, improves data access, and develops a greater culture of collaboration.
A separate mention must be made of a fact that has become a major obstacle to data quality and collection. We are talking about the iOS tracking update , which allowed Apple users to block app tracking.
This has certainly been a blow to marketers who target customers based on their in-app activity. The Report also warns of the impending expiration of cookies, which will also impact the ability of all businesses (not just financial firms) to track and target customers.
The multi-channel experience
94% of respondents believe that consistent and personalized content should be distributed across more channels. There is awareness that industry communication should meet the customer wherever they are.
And this applies to both the digital and physical realms. Because no matter how innovative some solutions are and how much they prioritize digital, not all customers will want to use them.
According to the report, 42% disagree that customers want full self-service without human interaction. That's why the way financial institutions develop, guide and integrate physical experiences for their customers remains key.
The goal for companies is to understand which customer segments value physical locations, at which stages of their journey, and for which specific products and services.
The problems of content strategy in banking
Most financial institutions are complex organizations and suffer from the same problem most large companies face when publishing content:
an inefficient publishing cycle, riddled with regulatory compliance and bureaucratic approvals that delay distribution.
Clearly a debt of the industry, in light of certain indicators shown in the report:
42% still can't measure or understand the performance of their content.
36% expect to improve the content cycle process and approvals to distribute content in a timely manner.
Only 28% plan content annually and quarterly, allocating the necessary resources.
27% consider it essential to create a content strategy to produce and distribute material adapted to customer journeys.
Full customization
If financial institutions are struggling to understand the data they manage or understand the effectiveness of their content marketing strategy, another insight from the report is surprising: the ability to personalize is also in danger.
The data in this regard are clear:
12% of financial institutions personalize little or nothing.
43% struggle to go beyond basic personalization (name or interests).
Given this reality, the report warns traditional banks that disruptive players can gain an unexpected advantage over incumbents. They should not expect Amazon to overtake them in this game.
Conducted in conjunction with Econsultancy, the 13th edition of this report is based on a survey of 381 digital marketing professionals in executive positions, heads of departments and industry professionals across North America, Europe and Asia Pacific.
“Adobe’s Digital Trends Report points out the direction in which digital banking is headed and highlights the pillars of the sector’s digital transformation. It also highlights the pains and problems that the sector faces in terms of data management and customer experience.”
Boris Fernandois, current head of UX and metrics at Fusiona and former project manager at Banco de Chile.
In this note we summarize some essential insights from the document.
Data management in financial institutions according to the Adobe Report
Despite being one of the sectors that has been storing customer japan whatsapp lead data for the longest time, the report indicates that financial services continue to have great difficulties in efficiently managing data.
The main problem is the ocean of data they possess, which is expensive to store and manage. This issue, among other things, makes it difficult to train generative AI.
In this regard, the McKinsey consultancy points to one of the main problems in the sector: “Financial institutions see personalization as a marketing or analytics initiative, when it should be managed as an integrated initiative across the entire company.”
Integrating and centralizing data management eliminates silos, improves data access, and develops a greater culture of collaboration.
A separate mention must be made of a fact that has become a major obstacle to data quality and collection. We are talking about the iOS tracking update , which allowed Apple users to block app tracking.
This has certainly been a blow to marketers who target customers based on their in-app activity. The Report also warns of the impending expiration of cookies, which will also impact the ability of all businesses (not just financial firms) to track and target customers.
The multi-channel experience
94% of respondents believe that consistent and personalized content should be distributed across more channels. There is awareness that industry communication should meet the customer wherever they are.
And this applies to both the digital and physical realms. Because no matter how innovative some solutions are and how much they prioritize digital, not all customers will want to use them.
According to the report, 42% disagree that customers want full self-service without human interaction. That's why the way financial institutions develop, guide and integrate physical experiences for their customers remains key.
The goal for companies is to understand which customer segments value physical locations, at which stages of their journey, and for which specific products and services.
The problems of content strategy in banking
Most financial institutions are complex organizations and suffer from the same problem most large companies face when publishing content:
an inefficient publishing cycle, riddled with regulatory compliance and bureaucratic approvals that delay distribution.
Clearly a debt of the industry, in light of certain indicators shown in the report:
42% still can't measure or understand the performance of their content.
36% expect to improve the content cycle process and approvals to distribute content in a timely manner.
Only 28% plan content annually and quarterly, allocating the necessary resources.
27% consider it essential to create a content strategy to produce and distribute material adapted to customer journeys.
Full customization
If financial institutions are struggling to understand the data they manage or understand the effectiveness of their content marketing strategy, another insight from the report is surprising: the ability to personalize is also in danger.
The data in this regard are clear:
12% of financial institutions personalize little or nothing.
43% struggle to go beyond basic personalization (name or interests).
Given this reality, the report warns traditional banks that disruptive players can gain an unexpected advantage over incumbents. They should not expect Amazon to overtake them in this game.