Post on 12-Apr-2017
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?
Rachel McNeil-ThoMpsoN, AVP, Marketing and Communications Group Retirement Services,Sun Life Financial
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.
3Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 1
How do you think digital marketing is transforming Financial Services?
MeaghaN paffVP, Strategy & Research - Direct Marketing,State Street Global Advisors
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.
Michele elRod,EVP, Head of Marketing,Regions Financial Corporation
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.
4Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 1
How do you think digital marketing is transforming Financial Services?
JaMie depeau,SVP, Chief Marketing Officer,Lincoln Financial Group
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.
NaThaNiel halsey, SVP, Digital Services Marketing & Infrastructure,Citi
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.
5Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 2
How are you overcoming legal and compliance issues related to digital within your FI?
Rachel McNeil-ThoMpsoN, AVP, Marketing and Communications Group Retirement Services,Sun Life Financial
NaoMi haMeRsley, Sr. Marketing and Communications ConsultantGroup Retirement Services,Sun Life Financial
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.
6Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 2
How are you overcoming legal and compliance issues related to digital within your FI?
MeaghaN paffVP, Strategy & Research - Direct Marketing,State Street Global Advisors
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.
Michele elRod,EVP, Head of Marketing,Regions Financial Corporation
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.
7Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 2
How are you overcoming legal and compliance issues related to digital within your FI?
JaMie depeau,SVP, Chief Marketing Officer,Lincoln Financial Group
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.
NaThaNiel halsey, SVP, Digital Services Marketing & Infrastructure,Citi
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.
8Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 3
How does digital marketing fit into your omni-channel strategy?
Rachel McNeil-ThoMpsoN, AVP, Marketing and Communications Group Retirement Services,Sun Life Financial
NaoMi haMeRsley, Sr. Marketing and Communications ConsultantGroup Retirement Services,Sun Life Financial
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.
9Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 3
How does digital marketing fit into your omni-channel strategy?
MeaghaN paffVP, Strategy & Research - Direct Marketing,State Street Global Advisors
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.
Michele elRod,EVP, Head of Marketing,Regions Financial Corporation
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.
10Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 3
How does digital marketing fit into your omni-channel strategy?
JaMie depeau,SVP, Chief Marketing Officer,Lincoln Financial Group
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.
NaThaNiel halsey, SVP, Digital Services Marketing & Infrastructure,Citi
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.
11Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 4
What are the top 3 channels you are investing in and why? What’s next?
Rachel McNeil-ThoMpsoN, AVP, Marketing and Communications Group Retirement Services,Sun Life Financial
NaoMi haMeRsley, Sr. Marketing and Communications ConsultantGroup Retirement Services,Sun Life Financial
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.
12Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 4
How does digital marketing fit into your omni-channel strategy?
MeaghaN paffVP, Strategy & Research - Direct Marketing,State Street Global Advisors
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.
Michele elRod,EVP, Head of Marketing,Regions Financial Corporation
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.
13Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
Question - 4
How does digital marketing fit into your omni-channel strategy?
JaMie depeau,SVP, Chief Marketing Officer,Lincoln Financial Group
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.
14Digital Marketing for Financial Services SummitDecember 9th - 10th 2014 | New York, Hilton Midtown
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Andrew Artemenko,SVP, Digital Marketing & Content Strategy,Bank of America
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Bennett,VP, Digital Strategy - Brand and Content Strategy GroupGoldman Sachs
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