Marketing Investments to Remain Strong, CMOs Orchestrating Success, and Generative AI Boosting Efficiency
The Fletcher Group’s second annual Women Chief Marketing Officers (CMOs) in Fintech report is out today. This comprehensive report explores key trends and insights within the financial technology sector and highlights the strategies pushing forward some of the world’s preeminent fintech brands.
As the marketing function grows in organizational significance and evolves with the assistance of AI, most fintechs plan to spend more or the same amount on marketing in 2024.
Key findings from this year’s Women CMOs in Fintech report include:
- Marketing investments remain strong: Despite the challenges of reduced venture capital and rising costs, marketing spend is not waning for most fintech brands. In fact, 87% of CMOs in the report intend to increase or maintain their marketing budget in 2024.
Increased budget is especially vital for fintech companies in the growth stage, particularly those aiming to secure funding in the near future. Other reasons fintech companies will continue to invest more in marketing include needing to enhance visibility before major announcements, continuing to build back post-Covid, and a desire for best-in-class content and event strategies. Many CMOs report they are outsourcing work to achieve their strategic goals efficiently.
- CMOs: from building respect to orchestrating the show: The report underscores a significant shift in the role of fintech CMOs. Marketing has broken free from its silo and now occupies a prominent seat at the C-Suite table. CMOs have fostered deeper engagement from other key strategic leaders throughout their organizations, aligning closely with product and sales teams. Data-driven insights have enabled CMOs to solidify their status as operational orchestrators, harmonizing all aspects of the business into a synchronized revenue-generating machine.
- Generative AI enhances efficiency: The majority of CMOs (55%) report that generative AI tools like ChatGPT have significantly improved their marketing department’s efficiency. Even among those who haven’t yet adopted the technology, excitement about its potential abounds. The report identifies two primary use cases for generative AI: content creation (particularly content ideation,) and brainstorming topic ideas for content like eBooks or webinars, presentations, and more.
When it comes to content creation, CMOs agree that generative AI won’t replace creative professionals and other experts, but rather accelerate and improve their brainstorming process, help generate new ideas and free up their time for other more strategic and creative tasks – especially for small teams with limited bandwidth.
The report also delves into findings on the importance of brand in fintech, marketing’s role in acquisition versus customer lifetime value, recruiting strategies, and more.
“The CMOs we surveyed are the minds behind many of fintech’s leading brands – their insights provide a helpful roadmap for how the industry can continue to grow and thrive into the future,” said Jennifer Tramontana, president of The Fletcher Group. “As an agency, we are committed to fostering and amplifying women’s voices in a space where female leadership is still underrepresented. This report provides valuable insights into the fintech sector and champions the achievements and perspectives of women leaders.”
Tramontana will participate in a panel discussing the report’s findings on Wednesday, October 25, at Money20/20. She will be joined by CMOs Elise Brown of Anthemis Group, Sheri Chin from Galileo Financial Technologies, and Autumn Flora of Transact Campus.
To access the full report and stay informed about the latest trends in fintech marketing, please download the Women Chief Marketing Officers (CMOs) in Fintech Report.