The Financial Brand

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64% of marketers are already using AI in their daily strategies. These digital companions are saving their human counterparts an average of 2.5 hours per day, allowing creativity to flourish where once tedium reigned in the days of not automating the monotonous. But this tale isn't just about artificial intelligence. It's about the delicate balance between technology and humanity. While AI powers efficiency, it's the human touch that drives connection. These findings — which stem from Hubspot's latest report — reveals that 96% of marketers say personalization leads to repeat business, a testament to the enduring power of understanding and responding to individual needs. This wasn't all the Hubspot report found. Check out our breakdown of the report here:

Apple, once a player with its own BNPL service, has pivoted to become a facilitator. Meanwhile, traditional financial giants are stepping into the arena, challenging the fintech upstarts who pioneered the space. But here's the plot twist: It's not just about BNPL anymore. Companies like Affirm are dreaming bigger, aiming to become full-fledged payment networks. As Affirm's CEO, Max Levchin, boldly declared, "Five years from now, we have no intention of being the leader in BNPL. We intend to be the leader in payments." The numbers tell a compelling tale. Adobe Analytics reports that BNPL-financed ecommerce in the U.S. hit $25.9 billion in just the first four months of 2024, up 11.8% year-over-year. The projected total for 2024? A staggering $84.8 billion. From Klarna's potential IPO to PayPal's strategic shifts, from Afterpay's integration challenges to Zip's global focus, the BNPL narrative is far from over. Each player is writing its own chapter, adapting to consumer needs and market dynamics. Read Steve's full breakdown.

The future of banking is instant, integrated and intelligent, but how many institutions can say the same of their own organization? When over three-quarters of consumers cite instant payments as the most important feature for banks to offer in the next 3 years, the use of composable architectures, data, AI and machine learning will be essential to meeting these demands. Is your bank ready for the future? Download EPAM's annual report to learn more.

Explore how generative AI is transforming the banking industry This insightful article highlights the latest advancements and the path forward for financial institutions embracing this technology. Stay ahead with innovative solutions and enhance your banking experience #GenAI #BankingInnovation #FinTech #ArtificialIntelligence #DataAnalytics Read more about the Citi report at The Financial Brand https://lnkd.in/dvKEC5wt

Can your customers walk into your bank branches, sit down with a friendly advisor, and receive financial guidance that is tailor-made specifically for them? Or do they get pre-prepared, scripted advice that's offered to almost everyone? According to recent research from J.D. Power, your customers crave the former -- but all too often are offered the other. And when they get generic advice, it typically goes in one ear and out the other. While 76% of customers act on personalized advice, only 42% recall receiving any guidance at all. It seems the one-size-fits-all approach is falling flat. Jennifer White from J.D. Power paints the ideal scenario: "What they really want is to have a banker review their specific behaviors. They want to review and set their financial goals and then look at their savings habits and spending habits and their debts." Imagine the impact if every financial institution could deliver this level of personalization. Learn how to deliver it yourself.

Last month. Wells Fargo fired a dozen remote employees for pretending to be working when they weren't. Did Wells overreact? How do you know that you are getting best from your own remote teams? Should you (like Wells) deploy monitoring software to be sure? "Don't expect your people to be loyal to you when you treat them like children," says Amy Thomas, an HR consultant. Instead of surveillance, focus on: - Clear performance objectives - Regular check-ins and feedback - Training managers in effective leadership - Building a culture of trust and accountability Remember: Engaged employees are 68% less likely to feel burnout and 55% less likely to job hunt. What are better alternatives to full monitoring softwares that ensure employees remain productive? Read the article to learn more. https://lnkd.in/eNtuCTfA

Bank of America is redefining "local banking" on a national scale. With a presence in 97 U.S. markets, they're aiming for the #1 or #2 spot everywhere they operate. Key strategies: - Expanding into new markets like Pittsburgh, Cincinnati and Salt Lake City - Leveraging digital tools alongside physical branches - Focusing on cross-business referrals and synergies T- he results? Impressive. As Dean Athanasia, president of regional banking, puts it: "We can compete against the regional banks because we're local and we have all those resources... And then we compete with our peers because of that coordination within those markets." But it's not just about branches. BofA's virtual assistant Erica now boasts 19 million users and 2 billion interactions since launch. "Once we get a presence in a market, digital sales double."

As hard as it is to believe, marketing budget season for 2025 is just around the corner. Cuts to the marketing department could not be more dangerous. In 2023, the largest and smallest banks increased their marketing budgets the most and saw superior growth as well. These findings, from Capital Performance Group's latest report, underscore how critical marketing can be to the industry's top performers. CPG's data, exclusive to The Financial Brand, underlines just how important the financial marketing budget is. But, it's not just about spending more. The challenge for financial marketers in 2024 and beyond is to prioritize revenue growth opportunities and contribute to their institution's growth goals through targeted customer acquisition and retention initiatives. 🔮 Looking ahead as 2025 budget season conversation kick off: - Marketing budgets need to be strategically allocated to compete with larger regional and national bank brands. - Financial marketers must focus on initiatives that drive both customer growth and relationship-deepening. - Institutions should benchmark their marketing spend against peers with similar business models to ensure competitiveness.

The attention span is growing shorter, making a well-crafted slogan stand out against a backdrop of cheesy and ineffective taglines. Martha Bartlett Piland, CFMP, President & CEO of Banktastic®, puts it perfectly: "A good slogan supports the overall brand promise, and over time, becomes shorthand for the financial institutions' story." Josh Fleming, Marketing Director for Bank Iowa, emphasizes the broader impact: "For a community financial institution like Bank Iowa, a brand promise must speak to our clients, communities, and culture (The 3 C's)." Creating an effective tagline isn't just about creativity — it's a strategic process involving research, collaboration, and testing. And once launched, measuring its effectiveness through brand awareness studies and perception tracking is crucial. And more importantly, as Xavier E. of Supermix wisely notes, "The best slogan is the one the bank lives up to." What makes an effective quick and snappy tagline? (The answer is in the article.)