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A Banking Point of View on Salesforce Marketing Cloud Engagement, Personalization and Customer Data Platform
An ever-increasing share of the marketing budgets of banks goes into digital marketing to generate traffic, engage with customers and convert lucrative prospects. Although it is an important growth driver, digital marketing faces unprecedented challenges. In today's marketplace, digital marketing departments must manage an increasingly complex and fast changing environment of technologies, regulations around data privacy, and ever-evolving client expectations, but and at the same time they are affected by budget constraints.
Whereas most Swiss banks offer their customers high-quality websites and mobile apps, the idea of personalisation at an individual level remains widely unexploited. Most banks still work with siloed legacy banking platforms that allow only a limited capability to offer tailored services across multiple digital channels that create compelling and seamless digital experiences. However, banks usually have both large customer data bases and a large amount of data per client, so could be particularly well-positioned to adopt personalisation. That said, an appropriate marketing intelligence technology can help to harness the power of data to deliver more impactful digital marketing activities and provide customers with unique experiences.
The announcement by Salesforce that its next-generation cloud infrastructure will be available on local AWS in Switzerland in 2023 presents a significant opportunity for Swiss banks to accelerate their efforts at customer experience digitisation. We recognise that the challenges faced by marketing departments are multifaceted. Nevertheless, in light of this development we explore how marketing departments can leverage Salesforce's cutting-edge technology to respond to changing customer needs and remain competitive.