Navigating Disruption: 3 Ways FinServ Companies Can Compete in 2019
Jan 30, 2019 Meredith Brown
If you asked the members of your C-suite “what keeps you up at night?”, do you know what their answers would be? If we had to guess, they wouldn’t be your latest email send, the copy on your company website, or the frequency of your social posts. While those are all important pieces for marketers to puzzle, it’s the panoramic view that keeps your C-suite awake — your industry landscape and where your business fits in.
We asked Torchlite COO Jim Cutillo, former CEO and founder of Stonegate Mortgage, what caused his sleepless nights during his FinServ days and his answer was simple: “disruption.”
Over the past 15 years, 52% of Fortune 500 companies have disappeared and the average lifespan of a Fortune 500 company has made a drastic decrease from 61 years to a mere 18. That’s because companies like Uber, Amazon, Airbnb, Netflix, and Apple have disrupted entire industries by taking a risk and doing things differently.
But who is “ubering” the Financial Services industry? And how do existing FinServ companies remain in competition?
1. Adjust to current customer experience expectation
It’s safe to say that one of the main propellers of disruption is the increasing expectation for customer experience and interaction. We have search engines, food delivery services, and Alexa to thank for that. Right now, the average attention span is just 8 seconds, which is already 4 seconds less than it was in 2000. With FinServ companies like Blend, Fundbox and Plaid transforming the way financial transactions work, the only way existing companies can keep up is by performing in an on-demand way.
2. Invest more in digital
To add fuel to the fire of customer expectations, buyers no longer accept “the broadcaster” when it comes to marketing, even within sectors as traditional as FinServ. Today, buyers not only expect segmentation & personalization, but now interaction, and even prediction. And that’s not just through email. Expectations are sky-high within all aspects of digital marketing. That’s why it’s important to keep up with the latest trends and surround-sound your business with a wide variety of digital efforts.
3. Find the right talent
In order to innovate to meet buyer expectations and have a strong hold on your digital efforts, you have to make sure you have the right talent. Two years from now, 50% of the workforce will be freelancers. In addition, 50% of the same workforce will be made up of millennials. And it’s no surprise that software/technology companies are the number one place where Millennial job-switchers are taking jobs. Based on those stats, you can probably guess where to look for top digital marketing talent to supplement your team — at a tech company or within the gig economy. Pulling tech talent can be difficult, but tapping freelance digital specialists doesn’t have to be – the gig economy is entirely sustained by companies leveraging specialized talent on a contract basis.
But where do you find freelance digital experts you can trust? Torchlite’s on-demand marketplace is home to the top 4% of digital specialists. Request an expert today.