Inefficient marketing technology poses more roadblocks for financial services marketers than competitor products or management buy-in, a new study shows.
Yell Creative found 32% of the marketers they surveyed in their annual 'Australian Finance Marketing Survey' saw technology as a "significant" barrier to achieving business objectives.
This compares with 11.9% pinning it to lack of management commitment and a lower 10.7% due to campaigns run by competitors.
Put another way, 14% of marketers did not think technology posed an issue while a high 86% pegged it as a "minor", "moderate" or "significant" barrier to meeting marketing goals.
In recent years, marketing automation has expanded to include social integration, CRM integration, digital footprint analysis, search marketing, lead scoring, funnel management and segmentation.
But according to the survey, the reality of how these tools work and what they deliver make them less of an enabler and more of a hindrance.
"Tech platforms creating issues for nearly 80% of respondents is not the dream we've all been sold," the report said.
"It's likely a mix of legacy platforms, crappy data and new tech that's been sold without the realities of implementation being communicated."
The impact of sub-optimal technology is further compounded by another survey finding: 48% of respondents don't have enough time and resources to fulfil all their business objectives, a big jump from only 19% two years ago.
The study found that today's marketers are managing more marketing channels but with the same resources. In fact, 45% of respondents expect to receive the same budget this year.
As for the lucky 41% who anticipate a budget increase, majority expect to spend this on content creation, email marketing and paid social media advertising.
This cohort is also more likely to address the technology shortfall somewhat - a website upgrade is the second most likely area of increased spend in 2018, second only to content creation.
The study was presented at the Mumbrella Finance Marketing Summit in Sydney last week. It was done in conjunction with Ipsos and surveyed 1500 financial services customers and more than 250 senior finance marketers.