What is the finance industry?
Finance is part of the professional services industry that currently spans more than 2 million employees in the UK.
Finance is a broad industry and is split into the following fields:
Banks and building societies – used by individuals and businesses to manager their money and access credit like loans and overdraft facilities as well as transferring payments.
Accountants – help businesses and individuals adhere to proper tax regulation and audit their finances. Smaller accountancy firms focus on a more localised marketing reach through regional campaigns and publications.
Insurance – insurance is sold to businesses to safeguard against risk and losses.
Financial planning – supports individuals and businesses to plan their finances.
Investments – management of investment portfolios, support in investing, advice and asset management, risk evaluation and performance management of any money invested.
What kind of marketing is required in the finance industry?
Marketing for the finance industry is made up of the whole range of marketing specialisms. Here’s a little insight into the types of marketing carried out within the financial industry currently:
Advertising – Large banks and insurance companies like HSBC, Halifax, Natwest and Aviva provision big budgets towards advertising campaigns on TV and online and in some cases use celebrity endorsement to further reinforce their messages.
Smaller accountancy firms may focus on more localised campaigns advertising in regional publications, appearing at local events and fine tuning their SEO to appear in local search terms for accountancy firms.
Since the financial industry is often under additional media scrutiny many businesses have taken to activities that highlight their support within the community, charitable activities and environmental impacts as a way of shaping reputation and building trust with potential customers. PR is also used to mitigate catastrophe and improve the company image, this is especially applicable to large banks.
Finance is a heavily regulated industry and this influences factors like content of the website, advertisements and communications. Content has to be fine tuned in-line with regulations, checked and signed off before it can be published, so its not as fluid as say writing a blog post in the fashion industry.
Social media is another big platform that didn’t miss the finance industry on its rise to the top. Long gone are the days where customers had to ring through a confusing menu of automated robots to make a complaint (well this still exists too!. Now they just hop on twitter and it’s all laid bare to the rest of the world. Every major bank has had to tune in and develop a response strategy or risk facing a backlash.
Direct marketing is heavily utilised in finance, not only to reach out to new customers but also to push additional products to existing customers, personalised campaigns are driven by data to reach out to the target markets and many finance businesses use promotional offers and rewards to hook you in.
What skills and knowledge are useful for marketing in the finance industry?
Check out the Marketing Communications page to get a better understanding of the methods and techniques involved that can be applied to marketing for finance.
Whilst most opportunities in financial marketing require some experience, finance invests heavily in graduates and marketing makes up about 30% of all finance positions.
Most employers will look for a degree as a minimum requirement for finance marketing applicants and it is essential if applying for a role through a graduate scheme. Be sure to check out the job description and requirements though, and while some employers will cite it as a must have, others will state it as a preference.
Most graduates schemes require a degree related to the financial services industry at a minimum of 2.1 but some may accept 2.2, some financial companies will also favour professional qualifications, if you have neither you will need to over-compensate with plenty of experience.
You have to be able to work within boundaries due to the heavily regulated nature of finance, so be prepared to scale ideas down or up to fit in with the requirements. It requires a certain amount of creativity to be able to position your message in a way that meets certain criteria.
Good written skills and the ability to write to professional standards are crucial within the finance industry.
Analysing data and statistics about the current customer and prospect base is essential in developing the right campaigns to target with, then analysing the results. In an industry of numbers you’d be expected to be able to crunch a few yourself!
Are there any qualifications available in finance marketing?
(this is just a few we came across, but please ensure you do your own research!)
University of Exeter – MSc Marketing and Financial Services
University of Strathclyde – BA Finance and Marketing
University of Worcester – Business, Finance and Marketing BA Hons
I’m interested what now?
Depending on your level of experience you could transfer your existing skills into a marketing role in the finance industry. However, if you don’t have enough experience then visit our guide to building experience through volunteering and work placements.
Here are a few websites that may be useful to find out more about careers in Finance:
Here are a few website that may be useful to find out more information about careers in food:
efinancial careers – Finance recruitment website, lots of marketing roles on there whether looking or just wanting to get a feel for what skills and experience is required
Financial conduct authority – information about the regulations around advertising and promotions in financial industries