LONDON, November 10, 2014 /PRNewswire/ --
Financial services organisations are not embracing the creative change required to meet the needs of an increasingly digital and device driven marketplace, according to insight gathered by global digital agency, Dog. A survey, conducted by 72Point, interviewed 200 marketing, advertising, PR and specialist digital creatives within the UK financial services sector. It revealed that only 1% of respondents thought the financial services industry sees creative content as very important to their business bottom line; suggesting that the sector does not value creative communications strategies as a requirement for commercial success.
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David Cowan, Managing Director of The Financial Services Forum, commented: "This research is welcome and illuminating. While the industry has advanced significantly, financial services organisations are still not fully engaging with creative marketing strategies at group board level. This has created a disconnection of creative strategy and brand communication as an integrated business principal at a time when the digital landscape is redefining our industry. The challenge, backed up by Dog's research, is for marketers to prove business impact and for CEOs to be more open to what creative solutions can do for their companies."
Data gathered by Dog illustrates the challenges facing financial services communications professionals in gaining top level buy in for strategies that harness the full potential of digital channels and more creative marketing methods. A scant 2% of respondents quoted an excellent level of boardroom engagement when proposing and delivering new creative content strategies.
As financial services organisations get to grips with the digital transformation of business, marketing and brand communications, the survey alludes to the persistence of a 'silo mentality'. Over half of respondents viewed poor integration with other areas of the business as the biggest barrier to their effectiveness as a creative professional, while only 8% consider marketing and communications functions in their organisations to be well integrated and connected.
Dog has a strong heritage of working with financial service clients to deliver creative solutions that support evolving business, marketing and digital communications objectives. Working with a range of financial services organisations - from retail audience banking to institutional investor focused asset management firms - has provided Dog with a unique perspective on the challenges and opportunities marketers and creative professionals are presented with.
Gerry McCusker, Managing Director of Dog commented:
"Creative marketing strategies enable financial services organisations to connect with target audiences in meaningful ways to achieve defined business goals. While a number of organisations are successfully marketing products and brands in creative ways, it is certainly not the norm within the industry. The potential is huge, yet the financial services industry is lagging behind other sectors."
"We've reached a very exciting moment in financial services marketing. As the research suggests, conversations are taking place, opportunities are being identified. So now it is up to marketers to harness creativity, and use every tool and channel at their disposal to implement compelling marketing strategies that deliver tangible results. Similar to the digital transformation, it will take time for board rooms to fully engage with the creative transformation needed to engage target audiences, but with sustained innovation and measurable business impact, we'll get there." McCusker added.
With brand messaging becoming an increasingly important asset to financial services organisations, Dog is hosting an industry discussion - chaired by David Cowan - with selected industry peers and commentators to explore the concept of creative transformation in enabling financial services to secure sustainable growth in a challenging marketplace. Dog will produce a whitepaper following the debate, providing insight into effective creative content marketing strategies.
About Dog
Founded in 1996, Dog is an independently owned full service agency with offices in Glasgow, London & Singapore. Acting as a creative partner in today's digital world, the award winning agency delivers creative and digital strategy; digital design; website and mobile development; creative multimedia content; digital marketing; search and social media marketing to a range of clients in the finance industry. Clients include Baillie Gifford, JP Morgan, Aberdeen Asset management and F&C Investments. For more information please visit http://www.dogdigital.com.
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