Margaret Franco is Chief Marketing Officer at Finastra, a global provider of financial software applications and marketplaces.
The lines are blurring between the banking and technology industries. Top global banks like Goldman Sachs are starting to position themselves as tech companies in addition to as financial firms. Consumers are likely to consider the convenience and simplicity of the experience a bank provides when they’re choosing an institution—two areas where banks with innovative tech tend to perform well.
Large global financial institutions and community banks alike should anticipate serious disruption from fintechs and big tech companies. All eyes are on Alphabet, Amazon, Apple, Meta and Microsoft. Across the globe, tech companies are starting to dominate the financial space. From the digital wallet capabilities on Tencent’s WeChat to Meta’s aspirations to turn WhatsApp into a “super app,” there are no shortages of examples of the way big tech has become ingrained in individuals’ daily financial behaviors.
In addition to acting as a competitive force in the banking space, big tech companies can also be a source of inspiration for how to quickly build and maintain brand loyalty, trust and market dominance. Financial marketers have a unique window of opportunity to reassess their strategies and borrow from big tech’s marketing playbook. Throughout this article, I will explore three big tech marketing strategies that banks can adopt to compete for consumers’...
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