Waves of technological change, new competitors, and fickle consumers are forcing chief marketing officers at banks and credit unions across the country to rethink how their teams can be most effective.
How can marketing leaders fend off the increasing commoditization of products and services, and re-assert differentiation for their experiences and brands?
Erin Pryor of First Horizon Corp. argues that personalization is the single biggest trend that marketers must navigate effectively to ensure their future success. And Avi Patel, EVP, chief marketing officer & chief data scientist at Fulton Bank in Pennsylvania, says that marketers must become masters of their own technology tools, so they can effectively combine data insights and speed to market with the traditional creativity of the marketing function.
Here’s how both CMOs see marketing roles evolving, as they assess how the biggest trends in the industry impact what they do.
(If you missed the first installment in this series, featuring Navy Federal and Stride, you can catch up here.)
It’s All About ‘Meaningful Interactions’ at First Horizon
Erin Pryor
EVP, chief marketing and experience officer
First Horizon Corp.
HQ: Memphis, Tenn.
Asset size: $81.8 billion
On the biggest industry changes impacting bank marketing departments in the last 5 years: The increasing demand for personalized experiences among consumers.
The shift toward data-driven solutions, enabling us to create tailored campaigns that resonate with individual preferences.
The consistent movement of consumers towards online and mobile channels for their banking.
On the change that is most critical for marketers to navigate effectively: The increasing demand for personalized, data-informed experiences stands out as the most pressing change, as it encompasses various critical aspects, including the utilization of digital channels and the integration of AI-driven strategies.
For example, programmatic media DSP, or demand-side platforms, leverage AI-powered algorithms to analyze user online behavior, interests, and demographic information. This data enables marketers to identify individuals who are in-market for financial services, allowing them to focus on the right audience at the right time and minimize wasted ad spend.
On how First Horizon is responding: Since I joined First Horizon at the end of 2020, our team has embarked on a significant journey of transformation.
One key initiative has been the expansion of our data analytics capabilities. Additionally, we strengthened our team with dedicated data analysts.
“Since I joined First Horizon at the end of 2020, our team has embarked on a significant journey of transformation.”
We also achieved another significant milestone with the redesign of our website in 2022. This overhaul was prompted not only by the need for a seamless and personalized user interface but also by the decreasing reliance on third-party cookies, influenced by global privacy regulations and changes in browser policies.
In 2023, we continued to enhance our website by improving functionality, upgrading web lead forms for various lines of business, incorporating gated content, and adding podcast features. We also implemented numerous SEO updates and other enhancements.
On changes to the remit of its marketing department: We are building out a measurement system to enable us to prioritize delivering the most meaningful interactions to our customers.
We started by building out the insights team to better understand the customer, recognizing that great brands and companies stand out because they know their customer better than anyone else. This involved updating our awareness, net promoter score (NPS), and customer satisfaction (CSAT) methodology. We then proceeded to develop customer segmentation and implement a feedback loop to capture the voice of the customer.
Currently, we are in the process of a CRM transformation aimed at enabling a 360-degree view of the customer. The CRM serves as the connection point for all channel data, facilitating a seamless and integrated approach to customer engagement. This initiative is crucial in connecting the online and offline experience, ensuring that it is one total experience for the customer.
On the role marketing plays in shaping the overall strategy of First Horizon: I believe it is critical for marketing to have a seat at the strategic table — to be involved in the decision making and to represent the customer. When I stepped into the role, one of my goals was to prove that marketing is not just an expense, it is also a revenue generator.
We work closely with the business to drive growth through performance marketing, and leverage data-driven insights to determine the areas of greatest opportunity. This helps guide product development and ensures our offerings align with customer needs. We’re then able to provide insights on the connected customer experience (sales, service, delivery) through the CRM.
Read more:
How First Horizon’s Branding Strategist Pursues ‘Relevancy’ for Its Customers and Prospects
First Horizon’s CMO Powers Through Merger Misfire with Growth Strategy
As Third-Party Cookies Crumble, Chase Gets Creative
Marketers Must Be Both Creative and Analytical
Avi Patel
EVP, chief marketing officer & chief data scientist
Fulton Bank
HQ: Lancaster, Pa.
Asset size: $27.5 billion
On the biggest industry changes impacting bank marketing departments in the last 5 years: Today we have such a wide array of technologies available within the marketing technology stack. You really need to think like a technologist to get the most out of them and become more effective and efficient.
Artificial intelligence influences this in a couple of ways. First, you need to be able to take raw data and make it meaningful and actionable through predictive models. Second, generative AI has been getting a lot of attention lately and has the potential to change the landscape as we learn how best to leverage it and have our teams use it as a tool to become even more productive.
“Today we have such a wide array of technologies available within the marketing technology stack. You really need to think like a technologist to get the most out of them.”
In addition, generative AI can be a game-changer for customer experience, providing more personalized, personable, and swift support.
On the change that is most critical for marketers to navigate effectively: The increasing availability and use of technology is the biggest trend in marketing, and in order to get the most out of that technology you need to become more data-driven.
Chief financial officers definitely see the investments being made in technology, so they will want to also see the return on that investment, and we need to ensure that we are leveraging these capabilities to their fullest.
On how Fulton Bank is responding: Marketers today need to be able to think both creatively and analytically. So, we’re making investments both in the technology and in the team members who have the expertise to fully leverage these capabilities.
On changes to the remit of its marketing department: Marketing is becoming even more fully integrated across the organization, with increased collaboration across sales and product teams. All of these areas work together to create the customer experience, and we need to align product development, campaigns and direct customer outreach to create a seamless experience that consistently reinforces our brand.
On the role marketing plays in shaping the overall strategy of Fulton Bank: Marketing continues to influence corporate strategy because we have the pulse on customer behaviors, wants and needs. The customer experience and service we provide is really a key differentiator in banking, and the insights we can provide are essential for developing corporate strategy.
About the CMOs
Erin Pryor: Pryor has more than 20 years of marketing experience in the banking, finance and media industries. She joined First Horizon in her current role in Dec. 2020 and is a member of its executive committee. Previously, she was the executive director of retail bank marketing at USAA Bank.
Avi Patel: Patel has more than 25 years of marketing experience. He joined Fulton Bank in his current role in 2013, after serving as the chief marketing officer at First Niagara Bank. Prior to that, he also had marketing roles at Wilmington Trust Co., Citibank and Chase.
Read about marketing efforts from other community banks:
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- Funny ‘Bank of Joyce’ Ads Stand Out in Crowded Atlanta Market
- The Fun Social Media Campaigns Keeping These Marketers Inspired
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