Issn: 2455-2631 July 2018 ijsdr

3. Disruption and Consumerization of Banking Services
 

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ISSN: 2455-2631
 
© July 2018 IJSDR | Volume 3, Issue 7 
IJSDR1807030 
International Journal of Scientific Development and Research (IJSDR) 
www.ijsdr.org
 
173 
Digital channels are radically transforming the role of the CMO. New technologies and demographic shifts are forcing marketers 
to reevaluate everything — from priorities and strategic plans to their institution's overall business model — putting marketing 
squarely in the spotlight. 
By Jeffry Pilcher, CEO/President & Publisher of The Financial Brand 
This much is certain: financial marketers now know more about consumers than at any other time in history. Financial 
institutions today regularly apply insights gleaned from a combination of transactional- and interactional behaviors. They factor 
consumers’ needs and preferences — both those that have been expressly stated and those that are implied. And big data promises 
to uncover an even deeper layer of insights. Thanks to the burgeoning mounting of information and the growing array of analytical 
solutions available today, banks and credit unions can create consumer profiles that were simply unimaginable just a few years ago. 
Welcome to the Digital Age. Financial marketers finally have ready access to the metrics and intel they’ve so sorely needed. It is 
against this backdrop of data analytics that Cognizant outlines four key forces reshaping marketing priorities and budgets in the 
banking industry. 
In their report, “Digital Marketing in Banking: Evolution and Revolution,” Cognizant says the confluence of these four forces — 
fueled by new digital technologies and models — is rapidly transforming marketing into an unquestionable revenue center. In the 
report, Cognizant looks at everything from the customer experience and holistic customer journey mapping, to digital channel 
optimization and programmatic advertising. What forces are impacting brand loyalty, and their relationship to maintaining and 
growing mind and wallet share?