More Than Half of Bank Marketers Not Spending Enough Time on Strategy: New Report by Cornerstone Advisors, Available from Vya
CINCINNATI, Ohio (July 17, 2019) – A new report by banking and technology consulting firm A new report by banking and technology consulting firm Cornerstone Advisors sheds light on what influences Marketing’s role in a banking organization. Making Marketing Strategic: How Marketing Can Improve Its Strategic Contribution in Mid-Size Financial Institutions, available for download, courtesy of Vya, reveals that more than half of bank marketing executives are not spending enough time on marketing strategy development and planning (57%) and corporate strategy development and planning (57%).
For the report, Cornerstone surveyed senior marketing executives from 65 mid-size ($1 billion to $50 billion in assets) financial institutions about the extent to which Marketing in their organizations was making a strategic contribution and the factors influencing those contributions.
“What often gets overlooked in the discussion of the top challenges faced by bank marketers, is how well-prepared and well-positioned Marketing is to deal with these challenges,” said report co-author Ron Shevlin, Director of Research, Cornerstone Advisors. “This report identifies the processes, technologies, internal relationships and other organizational factors that characterize Marketing departments with strong strategic impact and influence in their organizations—offering valuable guidance to those looking to improve their Marketing department’s strategic contribution.”
“It’s important for bank marketing executives to understand and overcome the obstacles that are keeping them from participating in and influencing the strategic decision-making processes in their organizations,” said Kandi O’Connor, COO of Vya. “At Vya, we’ve seen how Marketing can contribute to a bank’s strategic success. Marketing bridges a bank’s strategic direction and daily execution, with a keen understanding of what matters to today’s banking customers.”
Highlights from the report include:
• 5 habits of strategic marketing influencers
• 15 charts presenting findings from Cornerstone’s survey of senior marketing executives from 65 mid-size financial institutions
• Excerpts from one-on-one interviews with five senior marketing executives
• Cornerstone’s recommendations for improving Marketing’s strategic impact
Webinar July 24 – 1:00 pm EDT
Cornerstone and Vya will host a free webinar on Wednesday, July 24, at 1:00 pm EDT, to discuss key findings from the “Making Marketing Strategic” report. Cornerstone’s Shevlin and Vya’s O’Connor will discuss how bank marketing departments can improve their strategic influence within their financial institutions. They will explain the five habits that distinguish highly strategic marketing organizations and provide actionable recommendations for growing strategic influence within a financial institution. Click here for additional information and webinar registration.
Get the Report
More trends and insights related to Marketing’s role within banking organizations are examined in Cornerstone’s Making Marketing Strategic: How Marketing Can Improve Its Strategic Contribution in Mid-Size Financial Institutions. Download the full report, courtesy of Vya.
About Cornerstone Advisors
Cornerstone Advisors takes financial institutions from strategy to execution with consulting solutions that address an array of business needs including Fintech, Strategy, Contracts, Performance, Technology, Mergers & Acquisitions, Payments, Delivery Channels and Lending. Cornerstone publishes the Insight Vault, a digital platform explaining the So What? of the news, fintech trends, research and ideas impacting the banking industry; the Cornerstone Performance Report, a series of annual benchmarking studies; and commissioned research on topics impacting the industry. Learn more about Cornerstone at crnrstone.com.
Vya (@vya_systems) offers businesses a full range of integrated marketing resource management tools to help customers simplify and localize marketing efforts. The company combines more than 25 years of print fulfillment experience with the latest technology to provide a platform to help companies customize their marketing, messaging and materials. Learn more about Vya at vyasystems.com or contact Vya at 800-426-7921 or firstname.lastname@example.org.