U.S. FIs must do more with less, improve demand conversion, and measure marketing impacts.
Boston, March 12, 2014 – By some measures, 2013 was a good year for the U.S. banking industry, but the industry's overall return on average equity is still low, and generating non-interest income remains a challenge for many FIs. Faced with accelerating profitable growth and finding new revenue sources, FIs are looking to their marketing departments for solutions. To increase wallet share and deepen customer relationships, marketing departments must up the ante, doing more with less, improving demand conversion through digital channels, and measuring the impact of their investments.
Based on a Q1 2014 Financial Brand survey of senior marketing executives at 233 U.S.-based financial institutions, this report identifies and evaluates trends in banks' and credit unions' marketing priorities: the products they will market; the channels, tools, and techniques they will use; the challenges they face; and the metrics they will use to measure their results.
This 28-page Impact Note contains 17 figures and 15 tables. Clients of Aite Group's Retail Banking service can download this report.