Jaco Meiring is the Online Marketing Manager SA at Investec. He has experienced marketing on both sides of the fence (client and agency) and used to work at Quirk, so we should know. :) As with many sectors, the financial world have been discoverng that online offers some unique challenges and benefits. When it comes to the financial sector online, the gentleman has some knowledge to share.

Can you share a bit about your background and what has brought you to this point - working in the financial sector?

My background is varied and includes retail, management, sales, marketing, some entrepreneurial ventures and, of course, my time with Quirk, all of which have contributed to bringing me to where I am today. The combination of experience, knowledge and skills I have picked up over time all contribute to what I do now, but nobody knows everything, and I work with some extraordinary people who ensure that I never stop learning.

What are the main concerns of marketing in the financial sector at the moment, and what does eMarketing have to offer in terms of meeting these needs?

Our high level marketing issues are, for the most part, the same as other industries ie brand awareness, brand growth and brand protection, as well as sales, measurement, ROI or ROAS (whichever can be measured more accurately). eMarketing is an integral part of the marketing mix and is becoming ever more important taking into account we are not marketing at customers any longer but, rather, need to provide what they need when they need it. We have to actively listen to customers and act on that feedback - eMarketing is ideally positioned to do this. There are also the measurability capabilities that eMarketing offers in terms of tracking even off-line campaigns and allowing us to change direction quickly and be vastly more tactical in our execution because of the immediate measurability. Note, though, that the subject is vast and growing exponentially – what works today may be old news tomorrow.

What are the challenges faced?

The main challenge, as I see it, remains education in terms of what digital communication channels are and what they can offer. Part of that education includes proving what works and what does not, using actual results. Other challenges facing the online marketing industry include the lack of resources available, not only in terms of skills and experience, but also in terms of culture, a broader understanding of business outside the online sphere, etc.

Investec offers services to a range of different clients – how does online marketing make it possible to tailor experiences for these different segments – and what is Investec doing in this regard?

Investec’s online journey is in its infancy and a lot of what we are doing is in its early stages. Getting the basics right, while keeping medium term goals in mind, is important. What that means to us is looking at aspects such as Social Media, not for the sake of Social Media, but for the effect it has on societies and the way it changes how people interact with and relate to one other and organisations and, in turn, how that affects customer relationship management and internal communications, for example.

Do people trust online banking yet? Do you have any figures on this?

I do not have figures other than those published by various research entities. With the recent erosion of trust within the financial services sector, we are intent on contributing to re-building trust in financial institutions in general, with the online banking offering an integral part of this.

Can you think of any interesting things happening in terms of banking and personalisation? How much do banks know about their online customers and how is that information being used to the customer’s benefit?

Like most industries, the banking sector is looking at new and improved ways to engage with target markets and as such there is growth in areas such as Social Media adoption. The use of mobile in ways that add value to customer experience is being explored and various web 2.0 solutions are being tested to see what can enhance our offerings and assist in gaining a competitive advantage. New fields such as virtual worlds, online gaming, nano-technology, augmented reality etc. are also being looked at to see what makes sense for business units to use in an intelligent manner.

Do most banks need convincing that they should be reaching their customers online?

Banks don’t need convincing but, on some level, many businesses still do.

Which are the most innovative online marketing tactics you’ve seen used with regards to the banking sector?

You can only get clever once you have the foundations right. This is the part we are focusing on currently.

Are most financial services organisations doing enough to integrate their on and offline offerings? What can they do better?

Many businesses are not yet getting the integration quite right. There is still a lot of knowledge transfer and education needed so learning and asking questions is important.

Who is engaging with the financial sector online – younger users? And who is, or should be, targeted by online marketers working in this sector?

The answer to that is, unfortunately, everyone. But it is not the only answer to that question as, again, all depends on your positioning, product offering, pricing, etc.

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