For the first time ever, more than half of all ad spend in the United States was on digital platforms in 2020. It was predicted that digital ad spend on platforms like Google and Facebook would reach $110.1 billion last year. This milestone sets the stage for marketers as we begin the new year. In fact, Forrester predicts that 2021 is the year that every company doubles down on technology-fueled experiences, operations, products, and ecosystems.
Ad spend aside, financial institutions are also under pressure to provide increased digital functionality. Consumers are demanding better digital experiences, too. A survey from 2019 found that while only 14% of Americans use a digital bank exclusively, 66% perform a majority of their banking needs online. This includes 43% of consumers that use a digital banking service alongside their primary bank—and 53% that prefer the services of the digital one. Finally, a whopping 75% say they would consider switching to a digital-only bank.
Physical branches may not disappear tomorrow. But digital has become a top priority for bank marketers across the country. Banks must provide improved, enhanced digital consumer experiences. In addition to streamlined experiences on account openings or loan applications, customers want fast, efficient digital functionality that spans their entire customer journey.
For financial marketers, this means improving your digital banking experiences. To compete, you must now turn your focus to digital marketing—if your organization hasn’t done so already.
How digital marketing can drive better user engagement.
It’s a no brainer that consumers want positive experiences with your bank—and that negative ones can impact loyalty and test their patience. Delivering positive online experiences across all digital channels can make or break your brand. In fact, one in three consumers say they’ll walk away from a brand after just one subpar experience. Plus, 29% of mobile users will switch apps or websites if they’re unable to locate information in three seconds.
Transforming your bank marketing model into one built around user-centricity means focusing on the value you provide across your product suite. That’s why consistent brand experiences must span all your digital channels. This is all about functionality. If your website doesn’t work the way your prospects and customers want it to, then you’re constantly fighting an uphill battle to generate new account openings and earn loyal customers.
How SEO and customer-centricity go hand-in-hand.
User-centricity should already be the cornerstone of your bank marketing strategy. And everything you do should focus on delivering information to your end-users. Search engines aren’t collecting data for data collection’s sake. Instead, everything they do is driven by understanding user behavior. While catering your strategy to the search engines is a critical component of SEO, when websites do a better job of meeting its user’s needs, it has a better chance of ranking well on the search engine results pages (SERPs).
It’s essential to build out the structure of your website with your users in mind. Technical SEO ensures sure your site is organized and that pages are linked in a logical way. From implementing meta descriptions and title tags to writing relevant, targeted collateral, this optimizing content with user-centric language that provides additional, relevant information that grabs your consumers’ attention. Finally, the navigation of your website and URL structure should help encourage users to engage with your products or services and move them throughout the funnel—from product pages to contact pages.
If your website’s functionality is not driven by the customer experience, it may be time to reassess your goals. For example, your consumers should know exactly where to find the products and information they want. That’s why it’s essential to consider the layout of your website and other digital properties and ensure they’re optimized around your users.
Is content discoverable?
Can users locate important product information?
Can they quickly find your contact information?
If you’re unable to answer any of these questions, it may be time to reconsider the function of your website with an audit. At Workshop Digital, SEO audits are customized around your bank’s website. An audit can help illustrate opportunities for you to provide a customer-centric experience across all digital channels. By analyzing your current site structure, we can help you provide a unified digital experience across your website, mobile, and marketing collateral.
Want more tips on bank marketing in 2021? Download our guide below to learn more.
Digital marketing can help banks make the most of 2021
Stay competitive. Drive better ROI. Download our guide to learn how digital marketing can help you create better customer experiences.