Analysing marketing in the banking industry

The financial crisis in 2007 had a profound impact on banking. A once stable industry changed dramatically as a result of regulations, which enticed a wave of disruptive new entrants. They capitalised on the agility that new technologies provided, as well as an ability to adapt to the growing needs of consumers. Their influence has transformed it into an industry today full of innovation, with all players clamouring to win the hearts and minds of consumers.

We’ve comprehensively researched the market to provide crucial insight for any marketer, entrepreneur, or investor.

Market understanding

Consumer’s now expect to be able to access their money at a moment’s notice, yet it is easy to forget this has only recently been possible. The 2007 financial crisis hampered incumbents with legislation and tarnished their reputations. Incumbents were also slow to keep up with the desires of a younger generation increasingly empowered by technology.

In stepped a wave of new entrants that capitalised on the latest technologies to develop innovative business structures and business offerings. The high-street players were also slow to react, overstretched with high-street presences now surplus to requirements and hampered by legacy systems no longer fit for purpose. Fast-forward to today, and the gap has closed. Incumbents are now leaner than ever, while the disruptors wrestle to scale beyond their niches.

Marketing strategy

Despite their recent challenges, several incumbents still control the majority of the market. The shock of the crisis has largely been absorbed, leading to profits across the board. The future looks less rosy, however, as projections point to restricted growth as a result of reduced brand equity and political uncertainty. By contrast, emerging players have risen to prominence in record time.

In an industry once characterised by loyalty, a variety of marketing techniques have been employed to disrupt it. Both incumbents and disruptors have fought for new customers in a move which has empowered consumers and consumer expectations. The resulting battle for awareness has covered almost every channel. Disruptors that started with a digital presence have also moved to traditional channels to provide a real-world recognition and stimulate broader awareness.

Marketing activation

The banking industry is known for its marketing sophistication, which is reflected in the tools and techniques that both incumbents and disruptors now use. There has been a trend for both to develop their in-house capabilities to keep track of the consumer journey across digital platforms and the rise of online marketing channels. They have been supported in this pursuit by a catalogue of marketing tools and services.

Despite in house preferences, both incumbents and disruptors elicit the help of outside agencies for unfamiliar activities. These include creative campaigns that draw on the creative talent of larger agencies. Many of the incumbents have relationships with creative agencies stemming to decades for this exact purpose. These campaigns have not always been successful, but those that have, have generated a lasting impression.

This research includes

• 9 pages of analysis (3,500 words).

• Evidence-based approach.

• Case study examples and success stories.

• Main tools/services/agencies.

• References for additional reading.

• Published February 2020.

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