Introduction
Technological advancements have not only created several opportunities in the banking, financial services, and insurance (BFSI) sector, but also helped improve customer experience. As consumer expectations are rising, customer experience has become a key differentiator for BFSI organizations. The sector has also been facing major challenges due to modern technologies, ranging from bitcoins to social media, while FinTech startups are shaking up the ecosystem by coming up with new and unique offerings. Established financial organizations are facing stern competition from new entrants, and consequently, new customer acquisition is more competitive while managing the existing customer churn. Whether big or small, old, or new, organizations need to make their brand appealing via new and innovative offerings, while mastering the brand expression in this omnichannel world.
Today, most BFSI companies’ websites are filled with videos, market commentaries and lots of other informative content, supported by rich media for end consumers. According to a study, 95% of global financial organizations utilize at least one social media platform, while 59% own five or more social media channels. Financial organizations aren’t shying away from using media platforms. For instance, YouTube is largely a destination to house new videos and archived broadcasts. Investment firms are using YouTube as their go-to-market channel to publish advertising campaigns.
Parallelly, the print medium witnessed a rise of 60% in ad space. Life insurance accounted for the highest ad volumes in the BFSI sector at 27%. Sales teams in BFSI firms also use print media for various activities during the sales cycle.
With the hypergrowth in different media channels, organizations need to be impeccable and consistent with their branding and messaging – which may come with its share of challenges. For instance, content teams spend a lot of time searching for a file to start working on a campaign. In fact, an average marketing professional spends 65 hours annually searching for missing digital assets. Many a time, a campaign is created from scratch as existing one can’t be found to repurpose it.
Digital Asset Management or DAM has the answers to these evolving challenges.
The financial sector involves a large volume of documents, ranging from the product descriptions to signed contracts - with product and legal teams’ approvals being paramount before any of them are made public.
Now, imagine a centralized platform which stores all these files under the right taxonomy - enabling users to search for files with the right set of filters, providing them multilevel search, aiding them to tag files with the right data, empowering review and approvals within the platform, and much more. DAM ensures restricted access to approved documents that are stored centrally along with version history to track multiple hands involved in the regulatory process.
Yes, that’s what a DAM platform can do for you. This article covers features, advantages, use cases, and how an enterprise can enrich itself by implementing a DAM platform.
What is Digital Asset Management?
Digital Asset Management (DAM) enables enterprises to store, manage, search, collaborate, share, approve and add metadata to digital assets. It renders rich media, including text, graphics, photos, video, and audio, thus enabling an enterprise to manage its digital assets throughout the lifecycle, right from creation till publishing. It gives control over content operations and acts as a go-to-market repository for internal and external shareholders.
Many enterprises application such as Content Management System (CMS), Product Information Management (PIM), and work management applications integrate with DAM, thus making it an integral part of the content operation strategy for an organization. Typical DAM user groups or personas include administrators, creative designers, agencies users, product managers, and content authors, both inside and outside an organization.
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