60% of senior executives in the financial service industry agree that consumer behaviour, preferences, likes, and expectations are evolving rapidly, reveals MoEngage’s Martech Readiness Report 2024. While 55.7% of FinServ Enterprise brands believe their teams possess the necessary skills and knowledge to engage customers in a rapidly changing digital landscape, a substantial 47.2% of senior executives feel they are not well prepared to adapt to evolving customer expectations due to inadequacies in their current martech stack.
The report draws insights from over 70 senior leaders and decision-makers in enterprise financial service organisations. It highlights significant dissatisfaction among BFSI leaders with their current martech stacks and underscores the challenges they face in meeting evolving customer expectations.
“2024 is the year of digital transformation. Financial institutions across the globe understand the need to accelerate their digital transformation efforts, but their current Martech stack is impeding their ability to do so. Legacy and traditional platforms are failing to empower financial institutions to cater to today’s digital-first consumer,” Raviteja Dodda, CEO, MoEngage, said.
The report reveals that 47.2% of FinServ Enterprise brands rely on legacy platforms such as Salesforce Marketing Cloud, Adobe Experience or Campaign Manager, or Oracle Responsys for marketing automation and cross-channel customer engagement. Despite having these tools, 65.7% of senior executives in financial service brands are unsatisfied with their current martech stack and vendors. Additionally, 68.6% of FinServ Enterprise brands acknowledge that speed and agility are crucial for understanding and adapting to changing consumer expectations in 2024, but their existing martech stack is impeding their ability to move swiftly.
The report further highlights that 42.8% of FinServ Enterprise brands take more than four weeks to launch a cross-channel customer engagement campaign with their current martech stack, whereas only 5.7% of brands can go live with a new campaign in under a week. This disparity underscores the need for a unified, agile, and secure customer engagement platform for the financial service industry.
The report indicates that while financial service enterprise brands understand the importance of adapting to rapidly changing consumer expectations and have the right teams to meet these demands, their current martech stacks are holding them back. The data suggests that to effectively meet customer expectations and demands, finance brands need a more agile and responsive martech infrastructure.
