The challenge: As banks and financial institutions become increasingly digital, maintaining an accurate, fair, and compliant presence online is growing more challenging for marketing teams. Bank and FI CMOs not only must think strategically about how to attract customers and build credibility by marketing personalized products and services—they also must ensure their messaging meets regulatory standards.
Marketing and compliance trends: An entry in The American Bankers Association’s (ABA) Banking Journal highlights two trends unfolding in the banking and financial industry that are shaping the way these institutions approach marketing.
What can banks and FIs do? Here are some tactics that firms can use to ensure their marketing content is both meaningful and compliant.
Facilitate clear communication between compliance and marketing teams.
Invest in tech tools to manage and monitor compliance-related matters and keep track of changes.
Educate employees and promote knowledge sharing.
The bottom line: CMOs are now charged with not only bringing new customers through the door, but keeping them engaged with and loyal to the company’s brand. This gives added importance to compliance, as a content compliance breach could potentially ruin a firm’s reputation and destroy customer trust.
Continue reading: To learn more about how the bank CMO role is changing and what CMOs are doing to deal with economic uncertainty, check out our report, Bank CMOs and Personalization.