With greater access to marketing gizmos and GenAI, fund marketing, sales, and IR teams are at risk of muddling up their target LP’s online experiences.
TL; DR: ensure every digital channel runs off of the same data.
The eyes of financial regulators are always looming. Although, many firms do not necessarily see this as an inhibitor for growth as much as other factors that have multiplied in the digital age.
In a new survey, conducted by HubSpot and its partner Mole Street, into 270 US financial services leaders (across banks, fintechs, investment firms and more), only 26% believed regulatory and compliance constraints were profound barriers.
30% found that proving ROI for marketing and technology spend was a larger detriment to managers, and the same number for poor-quality client data.
But the biggest offender of all? 78% believed disconnected systems and organisational siloes had the worst effect on their customer’s experiences.
Only half of the respondents have integrated their CRM with other systems to draw broader client data together. This provides IRs only a mere snapshot of the investor profiles they need to craft rewarding communications and personalise their buyer journeys.
To remedy this, AI is becoming a go-to tool for 97% that use it already, or plan to in future. Although, less than 50% has operationalised AI across more than one function.
The payoff for engaged AI adopters appears to be more meaningful client retention gains (for 68%) and alignment across their marketing, sales and client-experience teams (76%).
So, what does this mean for fund marketers?
This research was unveiled at the Digital Marketing for FInancial Services Midwest Summit in Chicago, and will again be presented at Money 20/20 USA in October. Clearly, technological issues remain a stark problem for the modern financial marketer, which needs fixing as soon as possible.
Luckily, fundamental fixes can be done in-house, where some attention paid to integrating your CRM, investor portals and email platforms helps them share the same data for more potent and accurate LP tracking, as well as weekly or monthly reporting.
Then, funds have the ability to drill down further and assess which data is generating regular outreach (and even what contributes to inflows over time) such as document downloads, subscription status and historical meetings.
GenAI tools can be incorporated later to assist a stack that is already linked seamlessly, and aligns every function tasked with building brilliant customer experiences to raise and retain assets.
Source
Mole Street and HubSpot, “The State of Financial Services Growth”
