duplication. By ensuring that all team members are using the most up-to-date and approved materials, a DAM system ensures the consistency, compliance, and cohesion of the bank’s marketing campaigns. IMPROVED SECURITY AND COMPLIANCE Security is paramount in banking, and most DAM systems are equipped with robust features to safeguard sensitive marketing materials. Of course, this capability is especially critical in a borderless workforce environment, where each “endpoint,” i.e., piece of equipment accessing the bank’s data, is vulnerable to bad actors. The Connectwise Emerging Cybersecurity Threat Trends 2024 report speaks to the potential consequences, citing an IBM survey on remote worker security: “Remote work can increase the risk of data breaches due to a lack of control and the use of personal devices. According to IBM, at least 20% of businesses have experienced data breaches caused by remote workers, and these breaches can cost $1 million more on average. It can also take 58 days longer for organizations to discover and contain breaches when remote work is common.” By leveraging the system’s controlled access and permissions functionality, banks can ensure that only authorized personnel can view, edit, or download specific assets. Furthermore, a DAM system can track and record all user activities, providing a comprehensive audit trail that is essential for compliance with regulatory requirements. This level of security not only protects the bank’s assets, but also helps maintain the trust of customers and stakeholders. STREAMLINED WORKFLOW AND PRODUCTIVITY The intuitive search and retrieval capabilities of a DAM system—coupled with its ability to automate routine tasks such as tagging, categorizing, and distributing assets—streamlines the marketing workflow. Team members can spend less time on human-in-the-loop and error-prone administrative tasks and focus more on strategic initiatives that will drive the bank’s share of wallet. This shift in focus enables marketing teams to be more efficient, more agile and prepared to respond quickly and effectively to changing market demands or shifts in internal resources. THE MARKETING AUDIT. WILL YOU BE READY? DAM systems maintain detailed audit trails, as well as versioning histories. These logs record every action taken on a document, such as edits, downloads, and shares, along with timestamps and user information. This transparency allows auditors to trace the history of each asset, verify compliance with regulatory requirements, and identify any unauthorized changes or access. CONCLUSION As the financial services industry continues to evolve in, unfortunately, unpredictable ways, a digital asset management system can play a pivotal role in helping bank marketers navigate new challenges and seize upon emerging opportunities. To sum up, a DAM system can be a critical tool in the bank marketer’s toolbox, with its ability to enhance their bank’s competitiveness, ensure regulatory compliance, attract and retain customers, secure their data, and, most importantly, drive share of wallet. By integrating a DAM system into their operations, banks can streamline their marketing efforts, reduce costs, enhance the overall effectiveness of their campaigns, and most importantly, grow their bottom line. Neal Reynolds Neal Reynolds is President of BankMarketingCenter.com. Contact Neal at [email protected]. feature
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