At the recent Argyle 2017 Financial Services Forum, we had the opportunity to talk with marketing leaders from a number of financial organizations about their current challenges and goals. There was tremendous excitement about the role technology will play within the industry to optimize marketing effectiveness and maximize opportunities in the digital age.
While attendees were eager to learn about new solutions, few people seemed ready to take action. At Aprimo, however, we are seeing financial institutions that are leading the way, leveraging new technology to streamline processes, empower better decision-making and boost revenue.
Bank of America is a great example of that. The financial leader has improved process efficiency and its ability to track marketing effectiveness using the Aprimo Plan & Spend and Aprimo Marketing Productivity solutions. In the first year alone, the bank processed invoices 33% faster and shortened project approval timelines by 27%.
By moving from a personal computer-based standalone Access database to a web-based system that created real-time visibility for all users, the bank increased its visibility of financials. It is now creating executive dashboard reports – which include custom snapshots of key information, including project performance and Six Sigma ratings – to make it easier for users to access marketing measurements.
The Aprimo platform is connected with the organization’s enterprise accounts payable system, so users can actually see payment information on invoices. And the bank has streamlined the asset planning and approval process with automated notifications and reminders sent to all appropriate team members and agency partners.
Bank of America is proof to other financial institutions that investing in the right technology will pay off. The company saw immediate and measurable results after implementing Aprimo, including:
- Increased accuracy of financial data
- Reduction in invoice research time
- Ability to leverage current financial information for smarter decision-making
- Shortened invoice processing cycles
- Productivity increase through existing personnel resources
- Real-time access to centralized views of financial data
- Simplified, automated creative approvals
The financial services leader has expanded its Aprimo user community to more than 1000, including all 600 members of the Corporate Marketing and Communications team and 12 external advertising agencies.
Establishing a consistent process throughout its marketing organization has helped Bank of America closely align projects to corporate objectives. The bank plans to build on this success to identify and implement marketing best practices to continue maximizing results.
Adopting new solutions requires a lot of research and planning. Once you are ready to action, choosing the right technology and partner will make all the difference, just like it did for Bank of America. Read the full success story to learn more about how Bank of America is working with Aprimo to lead and win in the digital age.