There are many ways that a bank can structure a Marketing department, but to create solutions, it is necessary for it to have a continuous interaction with various areas of the bank. It is fundamental to understand that, except for regulatory requirements, or clear market opportunities, solutions to customer problems, products, and services must be created from customer knowledge and interaction.

Marketing is not only the advertising department

In any industry, including financial services, the Marketing function goes beyond sales promotion, customer and competitor research, media planning and control, digital media, and public relations.

Other departments, fundamental to building customer solutions, are not under Marketing’s control, and include Customer Management, Segment Management, Products and Channel Management and Sales, all of which are normally under an overall business head. Marketing, Operations, Legal and Finance are often viewed as common service areas, available for all the business to use.

The way a financial institution structures itself is not for discussion here. What is important is that any financial institution must have a strong Customer Management structure, capable of bringing to the table the key areas to discuss and to build solutions for their target market, and to satisfy the target market demand based on customer knowledge and insights. That will involve Operations, Legal, Compliance, Finance, Products, Channels and Sales departments, working together building solutions and answers that will drive market and value share gains, increasing customer loyalty and profitability.

Such a capability starts from the customer and involves all the bank’s departments in defining the actions to be taken. This creates the briefing for any sales, cross-sales (when we offer new products and services to existing customers), and brand building efforts.

Marketing builds the communication and promotional strategy, aligning activity to engage the target market or customer.