At the iMedia Financial Marketing Summit, panelists took a long, hard look at what it will take for the financial sector to successfully engage consumers in the digital age.

The online financial sector is now worth more than $2.5 billion annually. Nine out of 10 mortgage shoppers use the web. Consumers are doing their research online not only through comparison shopping but also through emerging media such as social networking and blogging. These tools allow them to discover other users' experiences outside their own communities and to make an informed decision.

As an industry, the financial sector must be cognizant of this and adapt its marketing approach. 

"It is very confusing out there with all of the mixed messages coming at you," said Brian Stapp, former CMO of Quicken Loans. "At the end of the day, you're trying to be disruptive and get your message across."

Stapp was the opening keynote speaker at the iMedia Financial Marketing Summit held on Oct. 18 at the Metropolitan Club in New York City. 

Stapp went on to speak about the importance of financial services being "real, easy, trustworthy and recommended." Not only do consumers want good rates, they want to be able to trust the institutions themselves with their financial security.

In addition, Stapp mentioned his "Seven Cs." These are the qualities financial institutions must cultivate in order to engage the consumer: Candid, Courteous, Convenient, Certain, Corroborated, Connected and Contagious.

If a company utilizes all of those factors, he said, you will have loyal customers who trust and believe in your organization and will spread the word. 

During a panel discussion on the changing landscape of financial marketing online, a similar course of thought was followed. 

"Brand is more typical of an advertising campaign and not the essence and DNA of who they are," said Tom Lynch, vice president of marketing strategy and planning, Avenue A/Razorfish. "There is a disconnect among financial services companies about who they are and what they are about." 

Trevor Fellows, head of global media sales for Bloomberg, expounded on the importance of "meshing" the full user experience across television, radio, print campaigns and online. More clickthroughs are generated by an integrated marketing campaign. 

Grant McCracken, research affiliate from the Convergence Culture Consortium at MIT, mentioned how one of the great challenges for marketers is to accept that the consumer is king.

"Strategy is more difficult than rocket science," he said. "It's not about sizzle, it's about helping the consumer to improve their lives."

During a panel titled Emerging Media and the Financial Market, Sean Cheyney, vice president of marketing and business development at Accuquote, spoke about his company's experience with opening a discussion with consumers via blogging.

"We got tremendous feedback and that helped from a service standpoint," Cheyney said. "People were happy to give their opinion and it brought in hundreds of thousands of dollars without ad spending. They gave me direction from a business development standpoint."

With regard to podcasting, Mark Neirick, director of strategy and innovation at American Express Interactive, mentioned how important it is to be true to your brand with podcasts. It is a common mistake, he said, to see similarities between television and online content without the interactive piece, and that's a huge challenge with online video. 

"A lot has changed, and you can start thinking about delivering the right ad to the right person," said Dave Morgan, chairman of TACODA, speaking on the importance of reaching real people. That was the mantra of early online marketers, but it failed to deliver. Now things have changed as audiences are diversifying, he said. Video, mobile and behavioral marketing are growing at a rate of more than 50 percent per year and are expected to climb even higher.

There is a rise in people-oriented sites, not publisher-oriented, Morgan said.  In order to be effective, you need to speak to different people differently. Media, like public relations, is communication. 

From July 2006 to July 2007 the social networking site Facebook grew 145 percent. In comparison, total U.S. website views were down by 3 percent. The use of portals was also down significantly.

Marketers must find a way of delivering ads to people, not just pages, Morgan said.

The conference ended with Reuben Hendell, CEO of MRM Worldwide, speaking on competing in the digital age.

According to Hendell, by the end of the decade, there will be more than three billion mobile phone users and more than 130 million households using DVRs, which provide new platforms for targeting more consumers. Currently, digital media is being more widely consumed per day than all other media including television.

"There are so many ways to aggregate content, numerous delivery options, but what it is like for the consumer?” he asked, adding that marketers need to think outside the box and adapt their spending to meet these trends. 

Susan Schimmel is a freelance writer. Read full bio.