It can take 20 years to build up your reputation with customers and prospects. But it can take only 10 minutes to lose it.
Financial services marketers are well versed in this mantra, having faced multiple data breaches, government regulations, and evolving consumer sentiments over the past decade. Such events have caused a level of distrust across the industry that marketers now must learn to manage, along with increasing channels, policies, and competition.
Leading the way through that distrust was the subject of the European Executive Summit 2018: Leadership and Re-establishing Trust in Financial Services, which was held Sept. 23-25 in Nice, France. The annual event gathers its members, who are CEOs, marketing directors, strategy directors, customer experience directors and leaders from other industries, to discuss strategic issues in financial services marketing.
This year’s event was dedicated to helping Financial Services marketers discuss and develop strategies for managing any kind of distrust of their brand and across their industry.
Why trust is more important than ever
If your brand isn’t trusted, it can quickly gain a reputation for being a poorly managed brand. As a result it can take a huge hit in new and recurring revenue. And once you lose that trust, it is extremely difficult for it to be completely restore.
In financial services mistrust often results from data breaches or misuse of customer accounts. But it also can result from poor management of marketing.
For example, the General Data Protection Regulations (GDPR) came about because organizations were losing the trust of their customers and prospects that they would use their personal information appropriately. Further, FINRA, the ESFS, and other international financial regulations also stipulate that marketing content needs to be accurate and updated in an effort to not only ensure proper use of customer accounts, but also to help regain consumer trust of financial services brands after years of improper actions.
No matter if your brand was involved in any type of financial or personal information data misuse, these are just a few of the reasons why it’s more important than ever for financial services marketers have a single source of truth for all their content. You must have global visibility and security for all your marketing data to re-establish trust across an industry that’s had an overall brand reputation hit.
Establishing change management to earn trust
Attendees of this year’s European Executive Summit discussed that financial services brands should tackle the lack of trust in their industry from the top down, with change management strategies stemming from leadership.
Such ideas included:
Improving trust in leadership
Changing the role of leadership
Managing the gaps in change
Changing in a change-averse industry
Potential trust challenges resulting from Artificial Intelligence (AI)
But financial services marketers must also spearhead change management in their marketing to continually earn back and maintain customer trust of their overall brand. To do so, they first must establish a clear process for ensuring accurate, compliant marketing content for both regulatory audits and traditional campaign distribution.
They can achieve this by using technology solutions to automate compliance audits, as well as better track and update content used in their various campaigns. A Digital Asset Management (DAM) solution, for example, can enable marketers to more easily locate and retire expired content for old campaigns. It also can help them more quickly update new content and get into market faster.
And a Marketing Resource Management (MRM) solution can help financial services marketers ensure compliance audit submissions are completed accurately and on time. Both solutions ultimately can help automate and expedite their audit compliance process so they can free up resources to focus on other traditional marketing tasks.
Everyone at an organization is responsible for maintaining brand reputation. But when an entire industry takes a reputation hit, marketers must step up with new processes and automation to help regain consumer trust in not just their organization—but their entire industry.