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Eye on financial services

12/08/2015

The last decade has revolutionised the finance, banking and insurance sectors. The damage caused to the reputations of mainstays like Barclays by waves of scandal, not to mention by the financial crash, have opened the market to new challenger brands like Shawbrook and Metro Bank. While these brands still face an uphill struggle in terms of gaining a competitive market share, marketers in the sector now have tremendous opportunities to work with ambitious brands and be part of exciting stories.

The acceleration of the digital age has given financial marketing departments the opportunity to connect with customers in ways that may previously have seemed unthinkable. Much like the career of John Travlota after Pulp Fiction, internet banks are back in the spotlight following a period in the wilderness. While new kids on the block including Abbey National’s Cahoot and Halifax’s Intelligent Finance failed to make the grade the first time around and were ultimately scrapped, the fact that customers’ journeys are more digitally based across the board gives challengers such as Atom Bank a better opportunity to compete against established players without requiring physical branches.

The increasingly competitive financial services environment has been very good for the salaries of its marketers. Our 2015 salary & market trend report revealed that the number of senior positions paying over six figures has rapidly increased, and a minimum salary premium of 10% is the norm for a job mover. With the number of marketing jobs in the sector set to increase, now is the ideal time for marketers fancying a change of scenery to explore the financial services industry’s opportunities.