by Eric H. Montelibano / First published on BusinessMirror April 23, 2025
THE banking industry is at a critical juncture in its marketing evolution.
According to the “2024 Global Banking CMO Survey” by McKinsey & Co., a staggering 78 percent of banking marketing leaders struggle to keep pace with technological disruptions reshaping customer expectations. This is compounded by the fact that only 31 percent of banking Chief Marketing Officers (CMOs) believe their teams possess adequate AI literacy, highlighting the significant technology gap.
Digital acceleration has created an unprecedented demand for hyper-personalization, with Accenture Plc reporting that 67 percent of customers expect financial institutions to understand their unique needs. However, this demand exists in tension with privacy concerns, as 83 percent of customers express anxiety about data security amidst a 39 percent increase in sophisticated phishing attacks targeting banking customers in 2024.
In the Philippines, bank marketers face distinct regional challenges. The specific regulatory frameworks create a unique operating environment for Filipino financial institutions. Local marketers have noted difficulties with digital advertising effectiveness, particularly due to policies that limit certain customer engagement mechanisms. These constraints impact marketing performance metrics, necessitating alternative strategies that effectively reach consumers while navigating compliance requirements.
These exciting times underscore the importance of the mandate of the Banking Marketing Association of the Philippines (BMAP). Our primary focus must be facilitating continuous upskilling of local marketers to maintain global competitiveness amidst rapidly evolving technologies. To this end, we are thrilled to announce the launch of a new education series and organize gatherings that bring together banking, financial services and insurance (BFSI) leaders, technology experts, policymakers, and practitioners in modern marketing.
We are continuing our strong collaboration with the Asian Institute of Management on our Bank Marketing Academy project, which will be launched this June. We are also partnering with the marketing transformation agency Mulles & Ocampo to drive this initiative.
As Patricia Mulles, founder and CEO, notes: “We are honored to support the BMAP’s mission by connecting banking marketers with cutting-edge technology platforms and industry leaders. The Filipino banking sector has immense potential to lead in digital innovation, but this requires intentional skills development and knowledge sharing.”
Beyond education, the BMAP will spearhead discussions around marketing governance in the age of AI, blockchain, sovereign identities, and other emerging technologies. This represents an opportunity to establish the BFSI industry as advocates for policy development, continuous learning, and customer financial literacy—supporting Filipinos’ journey toward financial freedom and contributing to nation-building. We aspire to truly become banks of the future: socially responsible institutions committed to the nation’s prosperity.
Together, we can achieve great things and drive the future of banking in the Philippines.
For more information, visit www.bmap.org.ph or https://facebook.com/BankMarketingAssociationPH.
Eric Montelibano is a consultant of Integrated Marketing and Communications at CSBank (Citystate Savings Bank) and the president of the Bank Marketing Association of the Philippines (BMAP). He can be reached via erichmontelibano@gmail.com. The writer’s views and his written piece do not necessarily reflect those of the BusinessMirror and BMAP.