ORLANDO — The financial services sector faces several big opportunities to grow and reach new consumers, says Raja Rajamannar, chief marketing and communications officer at Mastercard, in this interview with Beet.TV.
“There is a huge chunk of consumers who don’t have access to the financial system. Getting them is a huge opportunity,” he explains. “We have started getting involved and working with government to get these folks into the financial system. It’s both humanitarian and economic.”
Another opportunity lies in technology. That’s because the kind of advancements in media technology in the last few years haven’t fully spread to financial services. “Look at virtual reality and new ways of reaching consumers through technology,” he says. “Financial services has not yet fully taken advantage of that.”
Finally, Rajamannar believes another opportunity for financial services firms lies in understanding and acting on how consumers do and don’t segment their lives. “Consumers don’t segregate their life into buckets. They don’t say ‘this is my financial services bucket, this is my restaurant bucket and this is the experience bucket where I want to have fun.’ It is one seamless life. If companies see this, that’s a huge opportunity.”
For more insight into what’s next in marketing and reaching consumers in the future, check out this video interview.
We interviewed Rajamannar at the ANA Masters of Marketing annual meeting in Orlando. This video is part of a series produced at the conference. Beet’s coverage is sponsored by Cadent. For more videos from the series,please visit this page.