Unfortunately, in 2020, most bank websites are nothing more than brochure-ware. That is a problem as not only can a bank’s website be its most efficient source leads, but it should also be the best source of conversions (leads that turn into new accounts and loans). While there are several hundred banks that do handle online lead gen well, it is even rarer to have a bank generate leads from its mobile app. This is also a problem as some banks are now generating the bulk of their digital leads from mobile, not to mention the bulk of their conversions.
Tag: Digital Marketing
If you think the average American is on their phone throughout the day you are largely right. However, they may not be on your bank’s app. While the usage of the average app on your smartphone peaks at 8 pm at night, largely driven by social media, the average banking app peaks around lunchtime. In an attempt to better understand the banking customer, both retail and commercial, we charted the average banking app’s usage to uncover some actionable insights.
“What do I need to open a checking account?” and “What is the best savings account?” are two trending bank-related searches that are becoming popular. In years past, potential bank customers used to put in a utilitarian “checking account” to search banks offering checking accounts. Now, given changing search engine algorithms, better content, and more comfort using conversational searches people are using complete sentences in their search query. As a result, some banks are leaping ahead of the competition by leveraging this trend.
If you are getting up there on loans-to-deposits and you are worried about bringing in more deposits the first question to ask yourself is, are you devoting enough resources to gathering deposits? Do you have a Chief Deposit Officer? Do you compensate for deposits? Do you have an effort around creating new deposit products? Do you have a marketing plan for deposits? The likely answer is “No” to most of those questions, which is why you probably have an issue in deposit generation. In this article, we highlight the webinar that we recently did on marketing for deposits.
You have probably heard that digital display ads, those small billboards that pop up on mobile, social channels and websites are worthless. While they are some of the least effective advertising we do, since you are buying attention, bankers need to consider display ads for every marketing campaign.
Given that it is the start of the year, it is a common practice in banking to clean your desk to kick things off. When it comes to desk cleanliness, you have two choices: leave your desk alone or set it on fire.
How many “How to Market to Millennials” sessions have you sat through? Chances are you were wasting your time. It is true that every generation is influenced by a different set of environmental forces—war, protests, computers, the smartphone, etc.—but there is little evidence that shows human behavior has fundamentally changed.No doubt you have seen a headline from every major news outlet that millennial home buying is down.
In Part I, we covered how bank marketing is changing from the reliance on in-branch brochures, print ads and a couple of events per year. Now that banks have embraced social media, 2017 will be the year that banks build on that understanding and not only wage proactive social media campaigns and interactions but get involved with advertising and expanded content. The Trump Administration will provide banks with endless uncertainty and volatility.
In 2016, bank marketing changed. Out was the reliance on in-branch brochures, print ads and a couple of events per year. In 2016, as an industry, banks started to embrace the power of social media which has now morphed into a trend of focusing on mobile. For 2017, a Trump Administration will bring more change, more volatility, and more uncertainty. Tax reform, trade, less regulation, higher interest rates and new programs will have households and businesses yearning for more financial analysis.
As of yesterday, general registration for the .BANK web domain extensions opened and an estimated 4,000 domains were applied for. Approved by ICANN in 2008, financial organizations and trade associations banded together to establish an fTLD Registry Services, an entity that would control these “financial top level domains” (fTLDs). Open on a limited basis since May, yesterday was the first day any bank could apply. What ensued was the greatest land grab by banks in the history of the industry and it was all anyone talked about yesterday.