Report Finds Digital Marketing Will Drive Next Wave of Growth in Retail
PARIS and BANGALORE, India, May 29, 2013 /CNW/ - Wipro Ltd. (NYSE: WIT),
a leading global Information Technology, Consulting and Outsourcing
company in association with Efma, a global not-for-profit organisation
that brings together more than 3,300 retail financial services
companies from over 130 countries, today launched the first ever retail
banking digital marketing report at the Efma Distribution Week
conference in Brussels.
(Logo: http://photos.prnewswire.com/prnh/20121129/579804 )
This report, the first of a series is based on a global survey of banks
covering marketing and digital channels.
The proliferation of digital channels is changing the way customers
consume banking services, with digital soon to emerge as the primary
channel of interaction. Given this trend, banks are focusing on digital
marketing initiatives to target this growing segment of customers.
Location, context and behavior-specific real time event led marketing,
driven by analytics will likely be the norm in the future.
Rajan Kohli, Vice President and Head - Banking and Financial Services, Wipro Ltd. said, "Digital technologies, social media and the explosion of data are
redefining customer engagement models. If we look at the marketing
spend reported by the banks in our survey, traditional advertising
represented just 55 per cent of the total marketing spend. The CMOs
that we spoke with made it clear that the role of the CMO is changing
as banks adapt to the development of new channels and capabilities."
Wipro and Efma have created the first ever digital marketing capability
index which helps benchmark the digital marketing capabilities of banks
vis-à-vis the best in class. Only 13 per cent of the banks surveyed
demonstrate the highest level of maturity in digital marketing. The
index measures the maturity of the banks on eight different
capabilities; assessments including a bank's capability on data
management, offer delivery, marketing processes and usage of analytics.
The index also alludes to the fact that a majority of banks do not
practise real-time event driven marketing and the ability to focus on
The study also revealed that social media was not yet a part of
mainstream marketing and is still not considered a key customer
interaction channel. In our survey, we discovered that social media
efforts were mainly managed by the marketing department followed by the
branding and communications team. Also for over 80 per cent of the
banks surveyed, their social media spend was less than 500,000 Euros
Given the inevitable trend toward greater use of digital channels by
consumers, the Wipro/Efma report recommends that banks should:
Consider how they expect customers to interact with the bank five years
from now, and particularly how they envisage customers will buy
financial products in the future;
Carefully assess the bank's current digital marketing capabilities along
the dimensions we have identified in this study to identify areas of
Develop a plan for investment in digital marketing capabilities which
will ensure that the bank is in a position to get ahead of, or at least
keep pace with, competitors and changing consumer behavior;
Monitor closely the developments in "big data" and where possible take
the initial steps of testing some applications of the new technologies
that are available.
The complete report, inclusive of views from leading digital banking
professionals on the changing contours of digital marketing can be
accessed from http://www.wipro.com/landing-pages/Global-Retail-Banking-Digital-Marketing-Report-2013.aspx
As a global not-for-profit organisation, Efma brings together more than
3,300 retail financial services companies from over 130 countries. With
a membership base consisting of almost a third of all large retail
banks worldwide, Efma has proven to be a valuable resource for the
global industry, offering members exclusive access to a multitude of
resources, databases, studies, articles, news feeds and publications.
Efma also provides numerous networking opportunities through working
groups, online communities and international meetings.
For more information: http://www.efma.com or firstname.lastname@example.org
About Wipro Ltd.
Wipro Ltd. (NYSE: WIT) is a leading Information Technology, Consulting
and Outsourcing company that delivers solutions to enable its clients
do business better. Wipro delivers winning business outcomes through
its deep industry experience and a 360 degree view of "Business through
Technology"; helping clients create successful and adaptive businesses.
A company recognized globally for its comprehensive portfolio of
services, a practitioner's approach to delivering innovation and an
organization wide commitment to sustainability; Wipro has over 140,000
employees and clients across 54 countries. For more information, please
Forward-looking and Cautionary Statements
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risks, and uncertainties that could cause actual results to differ
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skilled professionals, time and cost overruns on fixed-price,
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SOURCE: Wipro Technologies
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