Digital Marketing for Financial Services Summit - 2014 speaker ebook

Question - 1How do you think digital marketing is transforming Financial Services?

Question - 2How are you overcoming legal and compliance issues related to digital within your FI?

Question - 3How does digital marketing fit into your omni-channel strategy?

Question - 4What are the top 3 channels you are investing in and why? What’s next?

Expert Insights From

Leaders - 2014

ANSWERS FROM

Rachel McNeil-ThoMpsoN, AVP, Marketing and Communications Group Retirement Services,Sun Life Financial

NaoMi haMeRsley, Sr. Marketing and Communications Consultant Group Retirement Services,Sun Life Financial

MeaghaN paffVP, Strategy & Research - Direct Marketing,State Street Global Advisors

Michele elRod,EVP, Head of Marketing,Regions Financial Corporation

JaMie depeau,SVP, Chief Marketing Officer,Lincoln Financial Group

NaThaNiel halsey, SVP, Digital Services Marketing & Infrastructure,Citi

2Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown

Question - 1

How do you think digital marketing is transforming Financial Services?


NaoMi haMeRsley, Sr. Marketing and Communications ConsultantGroup Retirement Services,Sun Life Financial

The digital expectations and the interaction that people want to have with companies have

evolved to the point that financial services companies have to examine every customer

touchpoint and ensure we can engage those customers on their terms. Financial services has

been a fairly traditional industry but increasingly, companies are looking outside of the industry

and taking inspiration from other forward-looking brands that are at the top of their game when

it comes to engaging, educating and increasing loyalty among their customers.

The fact that most customers use a laptop, tablet, or mobile device to consume content today

has presented an opportunity for innovation and brand differentiation in new channels, including

responsive websites, social networks, videos, and blogs to connect directly with customers.


Question - 1



Digital (data driven) marketing coupled with marketing automation, allows marketers to

create a much more relevant customer experience. We are able to better match content to

an advisors needs, interests and business model. Given the complexities and wide range of

varying needs in the advisor space and volume of marketing noise they experience on a daily

basis, this becomes critically important for driving engagement. Their clients also have access

to information from various sources at their fingertips and the onus is more and more on the

advisor to keep up and be prepared to both answer questions and more actively manage their

practice.


In the not distant past, digital technology changed annually and a marketer could expect

new opportunities and to have to learn how to market differently each year. Now, digital

transformations are taking place regularly and it forces marketers to stay abreast of

opportunities - whether it is working with product and technology partners to transform the

customer experience or capturing the vast amount of digital data to develop means of turning

nonaddressable digital prospects to addressable prospects. Addressable and nonaddressable

digital opportunities abound in targeted marketing and remarketing. And, the data and

timeliness of that data gathered through the digital marketplace now enable marketers to

create a customer conversation which is relevant, timely and productive for both the marketer

and the customer.


Question - 1



There are multiple ways that digital marketing is transforming Financial Services and it is

because of how the customer now wants to interact with Financial Institutions. It is no longer

a one-way conversation where financial institutions push out products and fund performance

charts, now customers want to explore their options, be able to talk about these options and

their future, and digital is the tool they use to facilitate this experience. Customers can leverage

the content and tools on our websites to begin to understand their financial needs. Some

organizations allow conversations to occur directly through their digital platforms, but that isn’t

the only place where customers will get information. They will reach out through social media,

blogs, and third party vendors to increase their understanding. It will be the marketer’s job

to be part of those conversations, if possible, but throughout the whole research process to

begin to build loyalty. The Sales Process has changed with our access to information. Brand

loyalty and advocacy are now no longer the last two stages of Sales Process, with increased

accessibility to information and ease of sharing opinions, due to the increased utilization of

mobile, marketers now have to build relationships before the sale. The sales process is now

no longer just across an advisors desk, it is on every street corner, every bus stop, every time

a question is raised by an article or event, digital gives the marketer instant access to the

customer and the customer expects the brand to be there.


The combination of more data, new technologies and real time campaign metrics allow for

greater personalization and a more customer centric experience whether we are acquiring or

engaging customers. Today we have the ability to reach customers almost anywhere and build

a 360 view of their behaviors whether they are in a branch at an ATM, at home using a tablet

device to check their balances or in line at the grocery store making a bill payment from an app.

With all of the advancements in technology there is an expectation from the consumer that

marketers anticipate their needs and demonstrate that they know them and understand how

they want to be served.


Question - 2

How are you overcoming legal and compliance issues related to digital within your FI?



Digital can be a double-edged sword; the potential for providing ease and convenience for your

customers must be balanced with protecting their privacy and financial security. For any digital

innovation that we want to introduce for our customers, we work very closely with our legal

and compliance teams to ensure we identify and address those risks. For us, our legal and

compliance teams are a critical partner in anything we do in the digital space; the stakes for our

customers are just too high if we don’t get this balance right.


Question - 2



Slowly. We are a very conservative company and getting our legal and compliance teams

comfortable with certain types of digital campaigns (gamification for example) and social media

has been a challenge. Even utilizing cloud based technology for marketing automation and CRM

systems has been a challenge due to customer data privacy concerns. The key has been to

meet, over-communicate and not accept the answer no without further discussion and follow-

up. Eventually we get to a place through compromise and implementing additional checkpoints,

security and tracking mechanisms that we are allowed to move forward with these critical

initiatives.


Education. We have used vendor partners and actual communication with digital powerhouses

like Facebook to create a conversation with our legal, our vendors legal and digital entities’

legal groups. It is important that legal and compliance have confidence in the marketer’s

approach and integrity. The marketer must demonstrate a knowledge of regulations relevant to

their industry, a willingness to collaborate with legal and compliance and make them a partner

in this new journey.


Question - 2



We collaborate with compliance to make sure that we are keeping up with Regulatory

Standards, and they are responsive to our needs. The larger issue lies with the Regulatory

Standards not being able keep up with the tempo of the altering technology. Our compliance

team is willing to test new technologies and digital marketing initiatives but we all move with

caution as the Regulatory Organizations try to comprehend how to best monitor digital activity.

It is not only the compliance team that works with Regulatory Organizations, but all employees

that work on digital marketing initiatives, are educated annually on changes to the Regulatory

environment. Each year we have members come in from organizations like LIMRA and FINRA

to discuss how their organizations view digital marketing efforts. What they are currently

allowing and what they are investigating for proper future procedures. By informing the

employees about the current restrictions, Lincoln has allowed our teams to reduce bottlenecks

while thinking innovatively about how to engage with possible customers and current clients.


Through strong collaboration with our Legal and Compliance teams and a recognition that we

share interests with our regulators – to ensure responsible, transparent and equitable practices

across the industry. Conforming to regulations on how banks advertise to and target customers

can certainly be challenging, but it is important and something we take very seriously. We work

with our legal and compliance officers to ensure we are protecting our customer’s privacy

and financial security. We are subject to fair lending practices in our marketing campaigns. If

we incorporate data from external sources, we have a responsibility to ensure that we are in

compliance with industry, regulatory and our own legal standards.


Question - 3

How does digital marketing fit into your omni-channel strategy?



The traditional channels we use – our call centres, our web, direct mail etc. – are still important

channels for many of our customers. Many of our customers will reach out to us in a variety of

ways depending on what they need. Our channels need to be integrated and seamless so that

the customer can reach out in whatever channel they choose.

There is a need to integrate and connect distribution channels to optimize efficiencies, reduce

costs and serve customers and prospects in a consistent way and digital is playing a huge role.


Question - 3



Right now we are focused on Marketing Automation programs (email marketing),

social media and web based advisor education. The mandate of our group is to

drive engagement and these are all very strong engagement programs that can

be integrated with each other and utilized to communicate a consistent

message from our firm. We are beginning to dabble in gamification as a tool

for advisor learning/education and have found a good appetite for this

approach as it brings out the competitive nature of the advisor.


We define channels and media differently - channels are our internal channels - we are

investing in .com, mobile and our branches. Media we are moving investments into digital and

direct marketing mediums.


Question - 3



Social Media, Content Development, and Native Advertising are future focuses for Lincoln.

Banner ads are still effective, but they are still the traditional method of push. Digital allows for

a two way conversation, and by investing in these channels you can grow platforms that allow

these conversations or become the thought start for the conversation. We can no longer sound

our own trumpets, we must be willing to listen and provide something for customers to talk to

us about.


Digital marketing continues to grow in importance via online, mobile and social. These touch

points are all cost effective ways for us to reach and engage our customers. However our

legacy channels of direct mail, phones email, branch and ATM continue be important channels

as well. With this multi-channel world customers may start an action on one device and finish

it on another. It is up to the marketers to develop cross channel marketing capabilities where

you can provide a differentiated experience for the customer irrespective of the channel.


Question - 4

What are the top 3 channels you are investing in and why? What’s next?



We just launched a gamification program, called money UP, which uses game-inspired

techniques to increase the financial literacy of our plan members and nudge them to take

advantage of their workplace retirement and savings plan. This is our central platform for our

retirement education program, and we will continue to invest in developing and expanding our

money UP program.

We are also adding more functionality to our mobile app to increase the transaction capabilities

and enable members to interact with us through their smartphone. The statistics are clear –

there has been a 5% growth in mobile subscribers in Canada year over year, and smartphones

are now reaching 3 out of every 4 mobile users in Canada.

Our secure website continues to be an important vehicle for our customers so we continue to

invest in better functionality and usability to ensure we are constantly improving the member

experience.


Question - 4



Out budget allocation to digital marketing has steadily increased each year.

On the direct marketing side, 80% of our budget it spent on digital and only

20% on direct mail (which remains an important channel for lead gen

purposes). From a broader marketing perspective, on the advertising side

there has been a gradual shift in budget from print to digital over the last

3-5 years. In both cases, we seek to integrate response based digital

elements (calls to action to a URL) to all print efforts and ensure a

consistent story between each touch point.


It is critical to the omni-channel strategy. It is the most flexible, fluid set of channels - internally

and externally. Adoption of digital channels is high across all demographic groups, but critical to

the digital natives.


Question - 4



Digital marketing is what has allowed omni-channel strategies to finally become efficient.

Digital marketing allows all omni-channel strategies to become more than just awareness but

now focused on engagement; it is the hub that connects all the channels beyond a common

logo and tag line. The digital platforms and programs that Lincoln has created to support our

omni-channel strategy have allowed us to further develop the impression of the brand among

our visitors. Our Brand Tracking Studies do show that when potential customers see our

advertisement on multiple platforms it increases awareness of our company as well as other

key brand attributes. The same study shows that when they interact with one of our digital

platforms, developed as a backend for our advertising efforts, that awareness, favorability, and

other key brand attributes increases even more. Digital platforms and their content, paired with

the growing accessibility to interaction through mobile, allows a visitor that sees our billboard

in O’Hare, explore our content during their layover, and then remember our brand and that

experience when our ad runs on 60 minutes later that Sunday night. The difference caused by

digital marketing is the interaction they had during their layover was something that was truly

value-added, and that makes the omni-channel strategy more efficient.


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Digital Marketing for Financial Services SummitDecember 9th & 10th 2014 New York, Hilton Midtown

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• Bank of America

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• Visa

• Goldman Sachs

• MasterCard

• Morgan Stanley

• Farmers Insurance

• M&T Bank

• Sears Holdings

• Sun Life Financial

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• Lincoln Financial Group

• Regions Financial

• Brown Brothers Harriman

• State Street Global Advisors

• BBVA Compass

• Curian Capital

Andrew Artemenko,SVP, Digital Marketing & Content Strategy,Bank of America

Jamie DePeau,SVP, Chief Marketing Officer,Lincoln Financial Group

Shiv Singh,SVP, Global Brand & Marketing Transformation,Visa Kaydee

Bennett,VP, Digital Strategy - Brand and Content Strategy GroupGoldman Sachs

Michele Elrod,EVP, Head of Marketing,Regions Financial Corporation

Bryan VanDyke,Executive Director, Head of Digital Strategy, Morgan Stanley

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Digital Marketing for Financial Services Summit - 2014 speaker ebook