Oleg Tolkachev, Group Marketing & Communications, UniCredit

What was your first marketing role?

I began my marketing career while still in university, initially through internships focused on business event management. These internships provided me with a solid foundation in planning and executing large-scale business events, which I continue to organize to this day. Later, I joined PwC as an Event Manager trainee. Post-graduation, my journey at PwC continued as I moved into the BD team within the Marketing, Communications, and Business Development function. There, I played a key role in shaping strategic initiatives, targeting clients, building relationships, creating business proposals, and conducting research projects.

What was your first marketing role in financial services?

In 2013, I joined UniCredit Bank’s Strategic Marketing team, which was part of the Corporate Investment Banking and Private Banking (CIB & PB) Commercial Strategy unit. This team was responsible for strategic initiatives that supported the growth of CIB & PB businesses. We played a fundamental role in driving growth, supporting relationship managers in identifying the right opportunities, enhancing customer relationships, and ensuring a competitive advantage in the highly dynamic financial services industry.

A large part of my work involved conducting customer satisfaction research for CIB and PB. My responsibilities included carrying out both quantitative and qualitative customer surveys in collaboration with global research companies, analyzing the results, and presenting key findings and strategic recommendations to top management. These research projects collectively enhanced customer satisfaction metrics, supporting top and senior management in making strategic decisions based on research data. Additionally, I managed targeted campaigns aimed at boosting business performance. My role also extended to overseeing communications for CIB & PB, including crafting internal and external messages and producing monthly newsletters for over a thousand stakeholders.

Furthermore, I engaged in numerous exciting activities related to technological advancements. For example, I was one of the founders of the internal "Innovation Club," a monthly initiative designed to foster a culture of creativity and innovation within the bank. Moreover, I had the opportunity to complete a 6-month rotational program as a Digital Banking Expert in the Mobile Services and Direct Banking Team at UniCredit Group subsidiary Yapi Kredi in Istanbul. During this time, I collaborated with FinTech companies, improved mobile banking features, and leveraged the international relationships I had built to share best practices with the broader organization.

What do you most enjoy about your current role?

In my current role at UniCredit Group Marketing & Communications in Milan, Italy, I particularly enjoy the multifaceted nature of the work and its substantial impact on our organization. I am deeply involved in delivering actionable insights through extensive market research, data analysis and monitoring of industry trends. This allows me to stay ahead of the curve by understanding emerging markets and evolving technology.

By implementing advanced technologies and solutions, we can significantly enhance our decision-making processes. For instance, rolling out a digital feedback management platform across 13 countries has allowed us to improve feedback while enabling data-driven business growth globally.

I thrive on the dynamic interaction with thought leaders across industries during the large-scale events we organize. These events not only deliver real business value and opportunities but also serve as a catalyst for creativity and visionary thinking within the organization. They provide a platform to share insights and foster discussions that are crucial for strategic planning and innovation.

Moreover, the opportunity to lead numerous research projects and direct technology-driven marketing initiatives that significantly enhance customer satisfaction and business performance is particularly rewarding. We are also running a large number of fascinating AI-based projects that support the digital transformation of our function. Such activities not only bolster our strategic impact but also allow us to continuously improve and innovate in how we engage with clients and stakeholders.

Finally, I enjoy the amazing network of brilliantly smart people that I meet within the organization and at our partner companies.

Can you explain a particular project you are proud to have worked on - in particular the challenge that was being addressed and the target audience?

All the projects that I've been particularly excited about and interested in have always been related to the latest technology. One standout example is the metaverse activation project we embarked on a couple of years ago. In collaboration with a consultancy, we created a digital twin of our office building and the surrounding square, including meeting spaces designed as an immersive 3D environment accessible through VR headsets. This virtual space was enriched with educational mini-games that promoted our corporate values. Our entire workforce, which consists of more than 70,000 employees, could use the space at any time to collaborate, learn about our values, and participate in "Culture Day" celebrations. We were limited only by our imagination, and participants were encouraged to add any virtual objects to enhance the environment.

We are currently extending this innovative approach by experimenting with AI tools, with several projects underway that promise to lead to impactful results in the near future. However, In my opinion, if we want to continue evolve we need to embrace the human component. AI is great but marketing is still about psychology and the interaction between people. We need to find a way to combine powerful computing with the human touch. That’s where the future of banking lies.

What were the results/solution? Any lessons learned?

The outcome of the 3D virtual space project exceeded our expectations. Thousands of colleagues participated in the metaverse event, and the virtual space found additional uses beyond the initial launch. The success of this initiative was largely due to the seamless collaboration between multiple teams across various levels.

This project successfully demonstrated how the fusion of creativity, cutting-edge technology and a willingness to experiment, coupled with robust and responsible internal collaboration, consistently yields remarkable outcomes. We continue to use this approach not only to drive innovation but also to ensure that our projects are both forward-thinking and effectively implemented. As a result, we continue to see transformative results across the organization.

What does the future hold for financial marketing? What excites you about it?

The future of financial marketing is poised for transformative changes, primarily driven by advancements in technology and the integration of disciplines such as behavioral science, psychology and neuroscience. These elements are reshaping how we understand and engage with customers at a fundamental level.

Firstly, the incorporation of AI in financial marketing is set to revolutionize the industry by enabling more personalized and efficient customer experiences. AI’s capacity to analyze large datasets quickly and with precision means we can better predict customer behaviors and tailor our marketing strategies accordingly. This allows for the creation of more targeted campaigns that meet individual needs and enhance customer satisfaction.

Additionally, the blend of marketing with behavioral science and psychology introduces a deeper understanding of consumer decision-making processes. By leveraging insights from these fields, we can design marketing interventions that are not only effective but also ethically sound and aligned with customers' true preferences and needs. This interdisciplinary approach aids in crafting more compelling messages and offers that resonate on a psychological level with the audience.

Neuromarketing, in particular, excites me because it offers a window into the consumer’s subconscious reactions to marketing activities. Utilizing technologies like eye-tracking and brain imaging within the field of neuromarketing provides empirical data on how consumers emotionally and cognitively react to different marketing elements. This knowledge enables us to optimize our communications and product offerings in ways that traditional methods cannot match.

Overall, what excites me about the future of financial marketing is the potential for these technologies and interdisciplinary approaches to create more meaningful and engaging interactions between financial institutions and their clients. This not only improves business outcomes but also enhances the consumer experience, making it more tailored and responsive to their needs. As these technologies and methodologies evolve, I anticipate we will see a significant shift in how financial products are marketed and consumed, leading to more informed, satisfied, and loyal customers.