In our 2021 Social Assurance Marketing and Compliance Report, we further uncover industry observations and insights garnered from our annual industry survey and evaluate where we have been, where we are now, and where we anticipate banks and credit unions are going.
Our report covers the following areas to serve as a tool for banks and credit unions to help inform marketing and compliance investments and evaluate your current and future practices based on industry trends.
- Marketing and Compliance Technology
- Marketing and Compliance Challenges
- Marketing Budget and Areas of Focus
- Online Reputation and Review Management
- Marketing Channel Mix
- CRA and Community Development
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Marketing and Compliance Challenges
Key Takeaways from the 2021 Marketing and Compliance Report
Top three areas of marketing and compliance concern.
Although, it is no surprise that marketing and compliance concerns continue to be heavily weighted towards social media (46%) and digital marketing (36%), Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), rounds out the top- three regulatory concerns for financial marketing and compliance teams, with 31% of respondents stating it is a top-three concern for financial marketing and compliance teams.
Top three products that present the highest marketing and compliance concerns.
When marketing and compliance teams were surveyed on the top three products that present the most significant compliance concerns, Mortgage/ HELOC was the pack leader, with 62% of respondents stating the product as a primary concern. This was followed by consumer deposits, with 46% of respondents, that represents an 8% increase over 2020. With both mortgages and consumer deposits being heavily regulated under UDAAP, Fair Lending, and a multitude of other regulations, this is no surprise.
The areas of compliance that respondents felt they needed more support and expertise.
When asked about the areas in which compliance teams need the most support, incentive-based promotions came in at number one, with 42%, followed by social media marketing and digital marketing equally with 35% of compliance teams stating it as a top area requiring support.
Marketing Budgets and Areas of Focus
Key Takeaways from the 2021 Marketing and Compliance Report
Priorities for 2021-2022
As you’re budgeting for 2022, investments need to be made into digital marketing channels, like SEM (Search Engine Marketing) and paid social. Whether that be achieved by building a business case for an increase in budget or reallocating existing traditional budgets. Establishing a more consistent cadence for a budget that looks more like 60% digital and 40% traditional is an excellent baseline to getting you started in 2022.
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Customer Retention
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Digital Marketing
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Use of Data and Insights
Marketing Budgets from 2020 to 2021
In 2020, we observed budgets weight in the range of 40% digital and 60% traditional spend for more digitally advanced organizations. In 2021 we continue to see those budgets continue to move more into digital channels, with the weight getting closer to a 60/40 balance of digital vs. traditional spend respectively.
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