Compliance at the Speed of Digital
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This document discusses the challenges that financial services marketers face in balancing agile and compliant marketing. It describes how a top 20 global bank was fined by regulators for marketing materials that did not comply with disclosure rules. The bank struggled with disconnected teams and processes that could not quickly approve social media posts. However, with the right technology and processes to streamline workflow while ensuring compliance, the bank was able to overcome these challenges and find the balance between agility and compliance.
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Compliance at the Speed of Digital
- 1. 1 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. Compliance at the Speed of Digital Balancing Agile and Compliant Marketing
- 2. 2 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. • Born and raised in NYC • Lived on both coasts, moved to SFO during the .com boom • Chicago wasn’t Midwestern enough so moved to Indy About me
- 3. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.3 The customer is everywhere
- 4. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.4 Experience is everywhere
- 5. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.5 Brands are everywhere 5 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.
- 6. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.6 Product is everywhere aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.6
- 7. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.7 Mayhem is everywhere
- 9. Digital first marketing is driving a gap in how to manage marketing with finite operational resources aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. Content Resource Capacity Digital First Marketing The Marketing Operational Gap ChannelComplexity Traditional Marketing
- 10. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.10 It’s never been harder to be a [financial services] marketer than it is right now. –Jay Baer
- 11. © Copyright 2017 | Winning in 2017 What happens when you fail customers? Percentage of revenue a brand can lose from a customer in the year following a poor customer experience. [SDL] Percentage of customers who, after having a poor customer experience, will stop recommending a brand, or leave negative reviews Percentage of shoppers who would switch stores or brands when offered a compelling promotion. [MarketTrack] 80%64%65%
- 12. 12 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. Top Challenges Marketers Face Today
- 13. 13 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. Top Challenges Financial Services Marketers Face Today Compliance
- 14. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.14 Financial services marketers have to manage the same complexity and deliver the same high-quality, consistent experience AND BEAR THE BURDEN OF COMPLIANCE
- 15. How do marketers measure success? 1. Efficiency (faster speed-to-market) (37%) 2. On-time completion of marketing projects (30%) 3. Customer focus (increased customer response) (27%) 4. Flexible approach to changing customer needs (24%) © Copyright 2017 | Winning in 2017 Enter agile marketing Marketing agility is about aligning and adjusting marketing processes in a way that meets the demands of when, where, and how a customer wants to engage.
- 16. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.16 How do you find the balance? The story of Global Bank
- 17. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.17 The risk is real “Firms need to be mindful that investors rely on marketing materials to disclose truthful, accurate and up-to-date information to help inform their investment decisions.“ Brad Bennett, FINRA Executive Vice President and Chief of Enforcement Global Bank
- 18. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.18 Making the hard choice Top 20 Global Bank Fined by regulator Failed internal compliance review Could not track approvals Disconnected silos Minimum 2-weeks to approve a social post Patch the problem and continue business as usual (BAU) Use this as an opportunity to fix underlying fundamentals
- 19. Top 5 ways organizations are increasing marketing agility: 1. Implementing marketing plan and spend management (41%) 2. Hiring new talent (41%) 3. Implementing marketing workflow management (32%) 4. Implementing content production management (32%) 5. Ensuring content compliance (31%) © Copyright 2017 | Winning in 2017 Overcoming obstacles
- 20. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.20 Global Bank’s redemption
- 21. © Copyright 2017 | Winning in 2017 What will it take to become more agile? Factors considered most critical for agile marketing success: Technology Process/Organization Company culture Budget 54% 25% 12% 7%
- 22. 22 aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary. Finding balance
- 23. aprimo.com © Copyright 2017. All rights reserved. Confidential. Proprietary.23 THANK YOU. Jonathan Fiur @FiurInformation
Editor's Notes
- Good morning, today I'm here to talk to you about compliance at the speed of digital: balancing agility and compliance in the ever escalating expectation field that is financial services marketing My name is Jonathan Fiur, I lead the financial services industry focus at Aprimo, but I am not going to talk about them right now… How do Financial Services marketers get their approved, compliant, on-brand content into channels at the speed of digital with the peace of mind of and surety compliance.
- DJ Radio Announcer Media Analyst Information Technology Consultant Marketing Technologist
- Today’s customers are more connected, informed and in control than ever before. With research firm IDC predicting customers will own nearly four billion smartphones by the end of 2017, customers now expect to be able to purchase almost anything, anytime, anywhere while receiving real-time, targeted services and messaging. it's pretty crazy out there right now. I’m lucky I'm presenting early in the day so you don't have “’it's crazy out there’ message fatigue” from this particular event yet. so I can jump on that and tell you about how customers' expectations are sky-high how they want to be able to manage 90-95% of their financial life through their mobile device
- from wherever they are
- Customers are quicker to switch and harder to retain
- and have access to whichever products and services they want or are interested in
- It’s mayhem out there [talking fast here] it's everywhere and you know what some of it is our doing - the industry's doing - With the level of merger and acquisition activity in the industry over last several years last decade we've got incomplete integrations we've got silos we got organization selling adjacent complementary products with separate data and no incentive to cross sell and no good line of sight on how to do it so it's challenging out there and all these challenges are further compounded by the fact that we're all managing not just some technology but ecosystems of technology data sets DMP's ESP's SMPs DAM WCMs real-time decisioning post click pre-click in app inbox in-store geo-fence geo-located… but wait there’s more…
- it's mayhem in the space to Martech is everywhere right we have over 5000 solutions out there marketers are managing complex ecosystems of Internet interconnected solutions now and you have to make sure that when you are enforcing compliance and some that that threat of compliance goes through each system each long is each piece of data and comes back and is auditable and traceable and demonstrable to regulators and compliance and audit folks.
- so what else this digital explosion in marketing doing to us? it's driving a gap, an operational where the old resource model and how we manage marketing with finite operational resources right so there was this increase but not exponential not geometric like it is now how big and hungry the beast that is the appetite for content there are channels and asked Driving the feeling of never being above water, is digital. Just a few years ago we had 4 channels – phone, fax, mail/merge and call center, now we have a minimum of 20 channels over paid, owned and earned media types to market and advertise (social, mobile, digital, TV, search, web, apps, ecommerce, in-store, free standing inserts, magazines, radio, newspaper, coupons ). This need to have your content on the proliferation of channels is causing an operations GAP due to finite resources (money, people, process). Heads of marketing need Aprimo to provide the agility and visibility to manage this level of complexity inclusive of agencies and compliance officers.
- Purpose (Tee up challenges, engage with familiar marketing expert)
- the cloud provider SDL recently did a customer experience study and found that 64% of customers will stop recommending a brand or leave a negative review after one bad experience more research from market track found that 80% of shoppers will switch stores or brands when they're offered a compelling promotion you just don't have the same loyalty anymore convenience price meal products already are perceived parity just completely eroding loyalty so this doesn't bode well for lifetime customer value and it certainly makes acquisition so what your financial services firm to do well love to stand here and tell you that buying software is a magic bullet but I'm not gonna do that I am gonna tell you that the right centralized collaboration platform that provides compliance and transparency can go along way retention challenging but you have to wrap your organization around it you have to get aligned communication has to change connectivity has to change you need a solution that has aligned people and resources well-defined certified processes clear passive communication escalation a single place to get your view of marketing truth of what's going on with that in terms of projects and budgets outcomes and he needs governance and support from the organization can just put some software and expect that's gonna work by itself
- Fred Astaire, iconic dancer and member of a duo with Ginger Rogers that spanned more than a decade and ten motion pictures gets a lot of credit for being a great dancer, elegant power and grace. People don’t give credit to Ginger Rogers. This has been called out by a number of people over the years, notably by Ann Richards, former governor of Texas. Richards said, After all, Ginger Rogers did everything that Fred Astaire did. She just did it backwards and in high heels. And that’s the plight of today’s Financial Services marketer…
- No wonder more and more organizations are looking to marketing agility to help them create compelling customer experiences. Marketing agility entails aligning and adjusting marketing processes in a way that meets the demands of when, where, and how a customer wants to engage. The goal is to adapt to customers’ changing needs by committing resources where they can be put to best use. By doing so, brands can better meet, respond to and exceed customer expectations. So how do marketers measure success? Survey respondents’ answers revolved around 4 key areas: 37% are interested in greater efficiency such as faster speed-to-market 30% cited on-time completion of marketing projects 27% answered customer focus And 24% said a flexible approach to changing customer needs
- Global Bank: a trillion dollars in assets. Challenge: previous marketing practices were heavily paper-based and manually intensive. Needed to modernize the content development lifecycle. Their internal risk committee had red flagged the lack of automation and auditability as a major concern that needed to be fully addressed by within six month. Compliance Risk. Needed to establish a single collaboration hub to ensure transparency, accountability and continuous improvement. How do you transform a business with software? You don’t – software is just part of the toolkit you need Software – needs to be secure and compliant as well as usable In addition to everything you need for successful change management (champions, buy-in, training, etc.) something firms often miss is defining “what does good look like,” “how will we know we’ve succeeded?” This anonymous company was willing to invest the time to Press the Pause Button, to understand what they’re doing today, connect with employees through a survey and group interviews (they called them marketing therapy sessions) and really face the current state and how broken it was. This became the foundation to re-platform marketing and create new collaborative connections across the org.
- FINED: about 10 million dollars for something that should have been caught and stopped
- They could simply fix the problem or do the harder work with the bigger long-term benefit. Legacy Thinking, System, Process This is a battle they had to face Global Bank who needed to Efficiently identify and mitigate compliance risk stemming from its Marketing practices Modernize its overall approach to the marketing lifecycle (planning, executing, managing and measuring) Incorporate a continuous improvement model into its day-to-day operation Establish a “single source of Marketing Truth” collaboration platform to ensure transparency, accountability and measurability
- Before I tell you how the story ends, let’s quickly look at some recent stats about how marketer are increasing agility in their organizations. Despite the challenges of technology and timing, there’s no reason to get left behind. There are plenty of ways marketers can begin to increase their marketing agility. According to survey respondents, the top 5 ways to achieve marketing agility are: Implementing marketing plan and spend management (41%) Hiring new talent (41%) Implementing marketing workflow management (32%) Implementing content production management (32%) Ensuring content compliance (31%)
- So the person in charge of solving this problem at the operational level for global bank was brave. She was brave because there was a lot of pressure from the senior executives to fix this, patch this, “let’s go lets get back to business” she didn't want to do that. she had the guts to press the pause button, to yank the red string that stops the train, and forced everybody to look at what they were doing and how they were doing it. she organized two days of interviews and workshops preceded by a ‘voice of employee’ survey asking everyone in marketing, “what do you do, what part of the process are you involved in, do you understand what we're trying to do here? and how well are we doing it? So our hero at global bank is a bit of a visionary not satisfied with business as usual, looking to set the organization on the trajectory not only to modernize but to continuously improve and evolve. by first seeking to understand through this survey and really looking at those results and putting them to work and talking to every stakeholder and customer in the marketing ecosystem at this bank they developed a new perspective: they realize how disconnected they were (it was mayhem) so based on this new understanding they identified that they needed a small number of core marketing processes templates, best practice marketing business processes to get the majority of their content into channels and they also needed the ability to fast-track content to establish faster SLA's with their compliance team and also include pre-certified content pre-certified for scenario-based communication, so if this happens can we go right to market with this message And with this new understanding and approach they can cover 95% of what they need to do to be successful so little earlier I show you a slide about how companies are solving for marketing agility: Global Bank ended up doing most of those they put everyone on a single centralized collaboration solution they set up clear communication channels they explained the big picture to all the constituent members of marketing from the design and production team to the channel execution folks to the outcomes and analytics people, they realigned with clarity around their roles and their part in the process and a mandate to work in the single system.
- When we look at one last set of stats about what it takes to be more agile, we see that it’s really about the right technology solution, driving well-defined and understood business processes, with organizational alignment, and an enabling culture that drive success more than budget. Even though marketing and IT teams are always vying for a larger slice of corporate spend, a huge budget isn’t imperative to marketing agility success. Certainly, a marketing plan and top talent can help organizations get a better grasp on customer needs. But even the brightest employees require the right technology and infrastructure to be in place to bring about marketing agility. Among the factors considered most critical for agile marketing success are: Technology 54% Process/organization 25% Company culture 12% Budget 7% You’ll notice that.
- So if you want to balance compliance and agility in today's incredibly complicated technology laden multichannel always on world of financial services marketing it's easy here's all you have to do stop look and listen and then act So that's my challenge to you this morning to be visionary be brave reject business as usual and be willing to press the pause button anything worth doing is hard work
- With a customer-centric approach, marketers can implement a seamless, integrated, and consistent experience. As a result, they are able to create long-term, loyal customer relationships and higher returns on their marketing investment.