Survey: Majority of Financial Services Organizations Plan to Invest in Artificial Intelligence (AI) in Marketing to Better Connect with Customers

LONDON, Oct. 22, 2020 /PRNewswire/ -- Phrasee, the world leader in AI-Powered Copywriting technology, today released the findings of a survey targeting financial services organizations, highlighting the importance of brand language, while emphasizing difficulties in being able to generate high-quality content and an increased focus on artificial intelligence (AI) to alleviate these challenges.

The survey polled more than 300 senior marketers at large organizations in industries including ecommerce, travel, communications, and banking / finance. The top takeaways of respondents include:

Most financial services organizations feel the language they use to engage with customers has never been more important.

• 66% report that Covid-19 has made language more important than ever in helping them connect with customers. This compares with 64% of respondents in retail; 60% in travel; 72% in communications.
• 38% say that their CEO pays more attention to the power of language now than before the COVID-19 pandemic.
• A majority (76%) expect to focus more on content and language when they do their next marketing plan and budgeting.

While most banking and financial services marketers grade their content quality is good, most struggle to create enough branded content.

• 68% rank the quality of content as good; however, 30% also indicate they do not know if their content is effective, nor know if their language aligns with their brand.
• 37% indicate an inability to create consistent messaging across all channels, at scale and aligned to their brand.

Finserv marketers rank their biggest content-related challenges.

• Respondents' biggest challenge is worrying they say too much or too little (31%).
• 25% report a lack of staff writers to draft content (blogs, articles, email, social posts, etc.).
• 14% do not know or measure the impact of their brand language on their customers.
• 14% do not do enough to leverage the content they generate.
• 14% are unsure of their brand voice in these changing times.

AI will play a role in financial services companies' technology investment.

• 83% of respondents in banking and finance plan to invest in AI in the next 18 months.
• More than half (53%) of respondents in banking, finance and insurance would invest in AI specifically for copywriting, if it could generate copy that aligns with their brand.
• Marketers in banking, finance and insurance are more willing to trust AI than marketers in ecommerce, travel and communications; almost all (94%) of financial services organizations would trust AI technology to represent their brand if they could retain control over their brand language.

"In 2020, it's imperative that businesses say the right thing, every time, with empathetic and on-brand copy that reaches and connects with consumers," Parry Malm, Phrasee CEO explains. "Using the power of AI, the financial services industry is ready to step up and protect the legacy and trust they've worked diligently to build."

For an infographic depicting the results, click here. 

About Phrasee
Phrasee® empowers brands with the most advanced AI-Powered Copywriting technology on the planet. By generating human-sounding language that's always in a brand's voice, Phrasee boosts marketing performance, revenue, and careers. Language is the crux of all marketing. The impact of language on a brand's bottom line is what Phrasee calls The Language Effect. There was no technology that could make copy better. So, Phrasee built it. Today, over 300 million people across four continents have responded to Phrasee-generated copy and its customer base reads like a who's who of global B2C brands including Domino's, eBay and Groupon. Phrasee's unique formula amplifies success across all digital channels, making millions of dollars for the biggest brands around the world.

Media contact
Shermineh Rohanizadeh
Market Street Group for Phrasee
949-378-6469 
[email protected]  

SOURCE Phrasee

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