By 2025, traditional financial institutions (FIs) could see profits decline 20-60% if they fail to evolve digitally. This is not news to banks; most are already aware that they need to grow their digital offerings to keep up with consumer demand, and many are responding by investing more resources in mobile apps and online platforms.
The driving force behind this digital evolution is growing customer acquisition and engagement across channels, and as banks shift the way they interact with customers, they need to change the way they assess their marketing initiatives. Many FIs are stuck measuring their digital campaigns within the same channel they execute them, relying on click-through rates and conversions to evaluate program success. This approach is helpful when making tactical changes to execution, such as ad placement and content, but is problematic when organizations rely on it to answer broader strategic questions that inform budget allocation.