Mastercard CMO: Why Traditional Bank Marketing Is Failing

By Jeff Baker, posted on January 25, 2022

Mastercard CMO Raja Rajamannar suggests we should jettison everything we know about traditional marketing saying that the four P’s are no longer relevant to today’s consumer.  He believes that technology in all its forms, including AI, 3D printing, drones and a host of other recent innovations, has fundamentally changed marketing as we know it and that bank marketing specifically, needs to be reinvented. The ever-increasing importance of data is being used for everything from social media marketing, to location-based marketing, and mobile marketing, and Rajammannar believes this data should be used to create memorable customer experiences, too. The idea of being loyal to one bank over a lifetime no longer holds and financial services marketers need to focus on making banking more engaging, and even fun! The customer experience at your financial institution is everything. Read more on one CMO’s views.

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