Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Banks’ view of the marketing function hasn’t kept up with how fast it’s evolving

The trend: It’s becoming integral to banks’ operations, but the way the success of marketing is measured and evaluated at banks still lags behind the continuing expansion of its remit and responsibilities.

That’s one takeaway from the results of an American Bankers Association survey reported within the ABA Journal. Here’s a look at its other findings.

Banks acknowledge the importance of marketing. Since the demand for a great digital experience and competition from neobanks and Big Tech have changed banking, marketing has played a big part in making banks more customer-obsessed. That’s turned it into a key growth engine for banks, which is reflected in their organizational structures.

  • 93% of the ABA survey’s respondents report to a c-level executive or vice president.
  • 60% report directly to the CEO.
  • 52% attend meetings alongside other functions reporting to the CEO.

Marketing’s responsibility for growing the business keeps expanding. Marketing teams are becoming more data savvy to maximize marketing’s effectiveness, and they’re also learning to track and anticipate consumers’ ever-evolving digital habits. That’s adding to marketing’s responsibilities beyond the more traditional functions of advertising, branding, and communications.

  • As might be expected, 95% of survey respondents cover social media management.
  • 76% are responsible for digital channel management, including websites and/or online account opening.
  • 51% handle marketing technology management (CRM, the Marketing Customer Information File, and/or marketing automation)
  • 48% oversee data and analytics—a trend also seen in other industries as customer data and insights drives more intelligent and personalized marketing, typically through digital channels.
  • 47% own the customer experience, a sign that marketing’s role in representing the “voice of the customer” is increasingly being formalized.

But many banks still see marketing as an expense to be managed, rather than a revenue-generating activity. Marketers have always been on the hook to quantify the ROI of marketing, but at many banks, the metrics used to track its performance remain a work in progress. They don’t yet reflect marketing’s expanding remit in the digital era. When respondents were asked how marketing’s success was determined:

  • 57% said it was the completion of tactics and activities.
  • 14% said expenses needed to come in under budget.
  • Just 13% of respondents are tracked on meeting growth objectives.

Answers to a question about functions residing within marketing suggested many banks lag behind their counterparts within other industries in recognizing the interdependence of marketing and sales in growing revenue.

  • Only 25% named product management as a marketing function, and the same percentage named internal business line collaboration.
  • And only 24% named sales enablement.
  • Just 28% said revenue generation was part of marketing’s role.

Where’s the disconnect? Outside of banking, it’s becoming more common for marketing and sales to collaborate closely, or to be combined within the “Growth Department,” ABA Journal said.

  • That’s because the first step in sales often happens on a company’s website. A prospect’s online search takes them to the bank’s website. Once they’re there, they may download some information or fill out a form—or they may not.
  • That very normal behavior explains why marketing is playing a larger role in lead generation and revenue growth in other industries.