Digital transformation in financial services demands a new approach to content
- For financial services companies, customers expect you to meet them where they are: online.
- That means not only providing digitalized products and services, but also giving customers guidance through content.
- Going forward, the face of your brand will be the stories you tell. These stories may take the form of financial advice or thought leadership. Either way, successful stories will be determined through a proactive, data-driven approach.
We all talk about digital transformation—especially in financial services. But is everyone speaking the same language?
When people say transformation, they’re often referring to disruption or adoption. They’re thinking about the latest AI bot that can sell insurance, or the machine learning algorithm that can master knowledge-based tasks, like recognizing investment opportunities and analyzing risk. Or they’re thinking about how these new tools will change their business models and workflows for the better.
But here’s what they’re missing: digital transformation is a big-picture shift in how companies work, as well as what customers want. In short, it’s how innovation is changing the entire landscape, from the front desk to the backend.
It’s not just technology and business functions that are evolving—customer expectations are evolving too
We know that online products, financial services apps, and personalized customer experiences are now the baseline. With digital transformation in financial services comes increased pressure to give customers what they want—and companies that ignore this are going to pay for it in the not-so-distant future. Fewer clients are banking or seeking advice at their local branches because it’s easier for them to find the services they need online. And if they can’t find it on your website, this can often lead to them considering more convenient options—like those digitally savvy fintech companies that everyone’s been talking about.
So you need to provide tools. You need to allow users to set up the accounts they want. But you also have to become a digital advisor, and provide them with the knowledge to take make informed decisions and meet their own needs.
And that means taking a new approach to marketing.
With the right content strategy, you can provide valuable advice to millions of people
Your content is your voice as your customers’ virtual advisor; it’s also the megaphone that will help you amplify your brand message and values.
And customers are counting on it. In a world of information overload, they’re looking to you to be a trustworthy, professional source of knowledge. Authentic, accessible, verifiable knowledge. They want interesting, high-quality content that addresses timely issues, speaking to their needs in the present while helping them prepare for the future.
Your content is your voice as your customers’ virtual advisor; it’s also the megaphone that will help you amplify your brand message and values.
There are a few directions you can take with this. One is actionable advice for day-to-day wealth management. “Have questions about mortgage payments or student loans? Check out these top tips and FAQs.” You’re providing content that simulates the personalized, one-on-one interactions you used to have at the customer service counter, while also including a call to action that will inspire customers to send you an email, pick up the phone, or come see you in person.
Another direction is executive thought leadership. This is one of the backbones of the financial services industry, particularly for larger investment banks and wealth management firms. Your job is to help clients navigate opportunities, regulations, and risks, in order to bring home the biggest return possible. By producing content that targets these critical topics—featuring your own well-respected experts—you can prove your worth and set yourself apart in a crowded competitive landscape.
If you want to create great content, you’ve got to create a content marketing mindset
As the industry moves faster, insights and foresight have a shorter shelf life. The good news is digital content is nimble and agile by design. When your business clients are being disrupted by a new technology, produce a piece that motivates them to adapt or adopt; when your customers want to know more about today’s financial headlines, from the stock market to blockchain, educate them. You’re no longer bound by long planning cycles of paid advertising—digital content can deliver value in real-time.
You’re no longer bound by long planning cycles of paid advertising — content-led campaigns deliver a lot more value in real-time.
A data-driven approach to content marketing helps you uncover trends in the queries customers are making and the keywords they’re using. Basing content decisions on this type of solid, measurable evidence means you can anticipate what customers will need to know, and determine the most effective ways to deliver this information.
Another benefit: by creating evergreen content that explains complex financial concepts or answers your customers’ FAQs, you’ll accrue a library of resources that you can link back to as you engage your customers through other channels, such as online banking or email campaigns. It also means that whenever a financial topic is trending in the news or on social media, you can weigh in quickly with an asset that refers readers to your own channels for further information.
Digital transformation in financial services brings new networks and collaborations
We’re seeing the emergence of a more varied and interconnected corporate ecosystem as companies modernize, mature, and evolve. Many organizations are establishing partnerships with smaller agencies and startups whose innovative approaches help them keep up with fast-moving fintech disruptors. Partnering with agencies that produce custom content can bring an outside-in perspective, surface data-driven recommendations, remove subjectivity from the creative process, and ensure the impact of every published asset is measured. Sometimes the best way to embrace transformation is to join forces with businesses who have digital built into their DNA.
Digital transformation is moving more of your customer base online, while accelerating innovation and increased competition is shortening your marketing cycles. Having a data-driven content strategy addresses both these challenges, with campaigns that can be developed much quicker and deliver value to customers through a trustworthy, accessible, human voice.
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