Help Us Crack the Financial Brand Equation
September 30, 2018
Fintech may be heading for the trough of disillusionment, but the challenge is real. According to the McKinsey ‘World Bank Report’, 60% of global bank profits are at risk as non-bank challengers target origination and sales. Their clarion call is for banks to remake themselves for a ‘platform world’.
To date, much of the debate has been dominated by the voices of tech and data. But we believe CMOs should have a seat at the top table. If banks are to become ‘ecosystems’; they are the ones who will supply the ‘connective tissue’ for customers.
And at the heart of this debate is the role of trust and brand. Incumbent finserv brands have a 13% trust advantage according to research we undertook with Capgemini for ‘The World Fintech Report’. But as challengers seek to unbundle customer relationships and innovate around the customer journey, how sustainable is this legacy?
To answer some of these questions and more, we’ve convened a panel at Advertising Week New York where leading marketers from both sides of the table will share their views, namely:
- Keith Gormley, VP Social Media, Prudential
- Rajeev Subramanyam, Head of B2B Digital Payments, American Express
- Elyssa Grey, VP Brand, Betterment
- Chris Villarreal, VP Integrated Marketing, Marcus by Goldman Sachs
In the debate, we’ll tee up some statements about the future of Financial Services that our guests will refute or support. Here’s a sneak peek.
“Millennials and Next Generation customers will automatically favor fintech/challenger brands”
“Incumbent finserv brands have a legacy trust advantage, so challenger brands will struggle to acquire at scale”
“The ability of incumbents to bundle all of a customer’s financial relationship will prevent challengers from scaling”
“Incumbent finserv brands will lose share as they don’t have the agility to adopt the most innovative marketing technology”
We’d also to add your views around our four provocative statements to the debate. To participate, post your debate questions or thoughts on LinkedIn by including #AWNewYork.