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Finding the Right Financial Services Marketing Automation Solution

Loni Luna

Alkami Product Marketing Manager

Financial services marketing automation can be the solution to financial marketers’ typical pain points. Marketing automation purpose-built for financial institutions not only provides easy access to the data marketers need, but it also helps manage compliance. 

By surveying a group of financial marketers, Alkami found the top four common challenges for marketing today. 

1. Frequent List Pulls for Campaigns. Financial marketers have to tap IT to pull lists for their campaigns, and it might take weeks to get one list for one campaign.

“Banks own a tremendous amount of customer information but are historically terrible at leveraging that data to sell more bank products/services.” – Survey respondent

2. Unable To Use All of the Technology. Financial services marketing automation software offers a way to simplify and take the manual tasks out of running digital marketing campaigns. But these systems can be complex and difficult to manage. A recent Gartner survey found marketers report only using one-third of their martech stack’s full functionality. 

“We’ve made the mistake of adopting a very powerful tool that was complex, difficult to use, and had zero support offered. We couldn’t get it to do what we wanted and ended up terminating that relationship, and I got raked over the coals with management.” – Survey respondent
3. Difficult to Ensure Compliance. Marketers at banks and credit unions have to ensure their targeting methodology does not use demographics for segmentation.
“Our compliance department is very risk-averse and doesn’t like us using demographics for segmenting.” – Survey respondent
4. Lack One Source of Truth for Marketing ResultsLastly, marketers have to manually track results from multiple sources, making ROI attribution nearly impossible.
With marketing automation purpose-built for financial services, you can overcome these obstacles and ensure your marketing hits the right mark in 2024.
Circle chart of the top four financial service marketing automation challenges and technology-enabled solutions
Unlock Data

Gone are the days of requesting list pull after list pull from IT, delaying the launch of your campaign. With financial services marketing automation, financial marketers can generate their own lists and launch their campaigns within minutes.

Make It Easy

A purpose-built marketing automation system for financial institutions must be easy to use and provide hands-on support when you need it. When looking to upgrade your martech stack, be sure that it integrates with your existing technology investments. And to be able to use all of the capabilities, pick a low-code or no-code platform, so any level marketing employee can be up and running on the system quickly and easily. Make sure to ask about the support provided after onboarding. A dedicated support partner can help set you up for success.

Help Manage Compliance

Financial institutions cannot use personally identifiable information (PII) for their marketing segmentation. To help manage compliance, select a marketing automation platform that uses PII-free segmentation. Assigning a unique customer identifier is a smart way to get all the benefits of personalized marketing without the demographics.

Prove ROI

Marketing automation for financial institutions must be able to provide one source of truth. It should automatically track digital campaign performance with full-cycle reporting, empowering you to provide results to your leadership team.

Financial Services Marketing Automation Made Easy with Alkami

Financial services marketing automation can be the key to your marketing department’s success in 2024 with the right technology partner. Alkami hosted a webinar featuring financial institution marketing leaders to discuss these top four challenges and how they solve them with Alkami’s Data & Marketing Solutions. Watch their conversation here.

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