By James Sanderson, managing director at Wunderman Inside
Compliance is hardly a new concept for highly regulated business sectors like banking and financial services. In fact, it’s probably the thing that defines the sector.
Research carried out by Duff & Phelps last year reinforced this perception, concluding that asset managers, brokers and banks typically spend 4% of their revenues on compliance. It also predicted that this is set to increase to 10% by 2022, such is the impact of regulatory reform.
The spectre of regulatory compliance extends into everything a financial services company does, and that of course includes its advertising and marketing. The processes and technologies used to deliver effective marketing naturally all need to sit inside an organisation’s compliance framework, but that comes at a price: speed and agility.
As financial businesses start to act and behave with more agility – their engagement of consumer, intermediary or even institutional audiences should follow suit.
By bringing more of their marketing options in-house, they can meet these challenges. Being closer to compliance, in every sense of the word, means getting it right first time more often. That means creative boundaries can be pushed harder because the creatives are starting with a greater perspective and a deeper knowledge.
Agencies Inside their clients’ businesses
And this explains the growth of in-house agencies, which provide people and technologies to augment the client marketing team but with access to specialist skils and resources, via an external agency, as needed.
Agility speeds delivery times
Consumer and business audiences don’t want to engage with old, tired or out-of-date communications. Slower delivery times come…