Digital Marketing to fuel growth in Retail Banking: says Wipro report
Wipro Ltd, in association with Efma, has launched the retail banking digital marketing report at theEfma Distribution Week Conference in Brussels. This report, the first of a series, is based on a global survey of banks covering marketing and digital channels.
The proliferation of digital channels is changing the way customers consume banking services, with digital soon to emerge as the primary channel of interaction.
Rajan Kohli, Vice-President & Head – Banking and Financial Services, Wipro Ltd, said, “Digital technologies, social media and the explosion of data are redefining customer engagement models. If we look at the marketing spend reported by the banks in our survey, traditional advertising represented just 55 per cent of the total marketing spend. The CMOs that we spoke with made it clear that the role of the CMO is changing as banks adapt to the development of new channels and capabilities.”
The study also revealed that social media was not yet a part of the mainstream marketing and is still not considered a key customer interaction channel.
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