I recently attended a brilliant event hosted by ORM discussing the "new age of digital finance." The presentations were dominated by the kingpins of the finance industry - RBS, TSB and Barclays to name a few.
A point that stuck out at me made by Allianz's Tom Hughes, was the sometimes troublesome relationship between sales and marketing.
It's understood that long gone are the days were they were their own departments, but nowadays their responsibilities and problems overlap daily.
While the relationship with the client lies with the sales person, marketing are constantly leant upon for content, data and resources.
With the buzz now around "social selling", content creation needs to come from relationship holders. However once this is acknowledged, there remains one big issue standing in the way... compliance.
This seems especially prevalent in regulated industries like finance, i.e. how do you prevent authentic expert-led content being turned into generic marketing jargon, then pumped out on mass through the ever present 'compliance' machine?
Whether it's training, brand ambassadors or smarter marketing automation, I'm sure the question will be repeatedly asked while the sales / marketing language continues to blur...
Compliance is just part of the job for marketers in financial services and other highly regulated industries. Every company has a set of systems and processes in place to try and help avoid the cost of being non-compliant. The biggest challenge for marketers around compliance isn’t the processes or the number of rules and regulations, but rather the fact that governing boards and external organizations that enforce the rules are constantly changing them. With each change, three key areas of marketing are affected such as how the company can communicate, how they market their products and services and also what data they are allowed to collect about customers.