Estimated reading time: 6 minutes
Early this year, many of the top bank experts published their analyses on the current and future state of marketing in the industry.
Many of them came to similar conclusions, with some exceptions.
It’s not a surprise that the biggest focus for most financial institutions is AI, data, analytics, and new technologies.
However, excitement around new tech doesn’t necessarily provide a basis for what banks should focus on in 2026 and onward.
My goal is to bring you a correct and comprehensive presentation of what FIs need prioritize from the perspective of a practicing marketing strategist.
And, from this perspective, I can confidently say that banks need to focus on executing digital transformation.
Yes, this answer is boring.
But I’m going to lay out a case for my conclusion, and by the end, hopefully, you’ll see how vital this goal will be for institutions now and in the future.
Historical Trends in Bank Marketing
For the past decade, the industry has primarily focused on staying ahead of the competition and on digital transformation.
Further down the list of priorities, we find goals like training new talent, simplifying the customer journey, and exploring new technologies.
In the past, most resources were spent paying attention to competitors.
Now, with the emergence of AI, attention has been shifted to new technologies. Along with this, the efforts to hire and train new talent have come nearly to a halt.
This highlights a realization of the importance of speed to market in today’s fast-paced world.
So how can FIs navigate the current trends?
AI & New Technologies
AI and new tech are the most important trends of this year, and the number one stated use case of AI is marketing.
Within marketing, some more specific uses are data, analytics, personalization, content, and customer journey improvements.
The possibilities when it comes to leveraging data to provide personalized experiences are endless, and institutions are keen on capitalizing on this.
Content production has never been more efficient with tools like ChatGPT.
The bottom line is that new tech is where the value lies.
The Problem: Conflicting Priorities and Trends
In a recent survey, experts found that the number one trend of this year is new tech, while the number one stated priority is digital transformation and the updating of legacy systems.
Can you see the problem here?
The discrepancy between the trends and priorities shows that banks are failing to keep up with trends and are still dealing with old problems that should already be fixed.
That’s why even though AI is top of mind for everyone, only 6% of banks have adopted it.
Rather than exploring new opportunities for growth, they’re still trying to modernize their platforms (which they’ve been trying to do for years).
What’s even worse is that we’re only talking about the institutions that have defined goals. In fact, just about every other bank doesn’t even have stated priorities for this year.
Why Banks Have Failed to Accomplish Their Goals
It’s clear to banks that new tech should be a big focus this year, but this is not reflected in their stated priorities.
Funding
The main issue for many FIs is a lack of funds.
But many of them have stated that they plan to open new branches this year
How does a new branch contribute to adopting new tech?
“Every dollar spent expanding branches is a dollar not invested in developing digital capabilities.” – Jim Marous
Talent
Another main stated barrier to exploring new technology is a lack of expertise and talent.
In other words, FIs are having trouble hiring, training, and retaining people.
96% of banks say that recruiting is very difficult or difficult, while 4% say it is easy.
What does this tell us?
Realistically, digital transformation and the adoption of new tech will not be achieved internally.
It’s just too slow.
Third-Party Providers
Many institutions have begun to turn to third-party service providers to assist them in their goals. But that’s the issue; they are only relying on them for assistance.
Turns out, the banks that have hired third-party providers are significantly underutilizing them, while essentially relying on their internal teams and platforms to do the bulk of the work.
As we learned earlier, internal teams are not in a good state when it comes to AI, data, and analytics in marketing.
The Case for Digital Transformation
If your website looks like it was made in the 90’s, I’m not opening an account with you. That’s the bottom line for almost all potential customers.
It goes without saying that people expect a modern experience when they open your site or app. To the customer, it’s a signal that you’re reliable.
Some experts say that banks that continue to focus on digital transformation will be left behind by those who invest in new technologies. This is correct.
However, the truth is that if your site, app, and systems are out of date, those must get fixed first.
Many institutions have fallen behind their competitors, and the reality is that the only solution is to catch up before even considering surpassing them.
As stated earlier, your average bank spends years on digital transformation.
This year, they just need to get it done.
It’s clear that internal teams have historically failed to accomplish this goal due to hiring issues and a general lack of expertise.
That’s why those who not only rely on third-party service providers for assistance but also allow them to completely revamp their platforms will be the only ones to modernize and stay competitive.
Once digital transformation is achieved, this will put them in a good place to begin to adopt new tech.
The Solution: Execution
So this is the current situation: Banks have failed to update legacy systems for years. They need to adopt AI and new tech around data and analytics, but they don’t have the talent, money, or frankly, the leadership to execute on their goals.
Over the years, financial institutions have settled for small improvements here and there while ignoring the big issues that have to be tackled.
What is the winning strategy in 2026?
I think it’s a mindset shift.
Banks need to commit to executing on their goals.
Instead of wasting time and money on new branches and training internal teams, they must be prepared to work with third-party service providers to finally get their digital transformation done.
Key Takeaways
- Banks must complete transformation before scaling AI and new tech
- Digital transformation is still incomplete across most banks
- AI is a priority, but adoption remains very low
- Outdated systems are the main barrier to progress
- Talent shortages limit internal execution
- Banks are misallocating resources, especially toward branches
- Third party partners are not being fully leveraged
- A modern digital experience is now expected by customers
- Execution, not strategy, is the real gap
