Building a new website is a major undertaking for a community bank or credit union: One that can strike fear in the hearts of many a financial marketer, and with good reason. In this competitive environment, the stakes (and user expectations) are higher than ever.
As digitally savvy financial consumers give more of their wallet to nonbanking behemoths such as Apple or Google and to digital-only banks like Chime, the online banking playing field is anything but level for brick-and-mortar institutions. To stay in the game, your site must deliver the user experience and functionality that today’s digital natives demand.
And that takes time – and money. On average, a community bank or credit union should be prepared to invest at least $100,000 and about five to six months to design, build, and launch a website that’s robust enough to stand up to (and stand out from) the increased competition and meet users’ high expectations.
While the investment is significant, there are proven strategies to help ensure it’s time and money well spent. Read on for the five ROI boosters we recommend to all our financial clients.
How to optimize your banking website’s ROI
1. Make it functional yet personal (not just personalized)
Research shows that most banking consumers use digital channels for quick functional tasks. In fact, nearly 63% of those surveyed said they use mobile banking solely to check their account balance. But while they want this digital convenience in the day-to-day, it’s devoid of the personal connection these same consumers say they need when making major financial decisions, such as applying for a loan or saving for a major event.
Building your site with functionality that helps you understand and respond to a user’s intent and motivations during those times – how, when, and where they want that response – takes personalization to a whole new level, helping to create the personal connection financial consumers crave, and that community banks and credit unions were meant to provide.
With the right tracking protocols, you can gain insights that enable you to deliver a customized browsing experience to every visitor and drive conversions, both online and off. For example, a prospect visits your small business lending page but leaves without taking the desired action. The next time they return, their experience can automatically include a business loan promotional or informational message, regardless of what page they view. But you don’t have to wait for their return to your site. By integrating with certain third-party outbound marketing software, that same visitor can immediately receive an email (or direct mail postcard) with a special offer – or a call from your small business development team – even if they never filled out a form.
An even more personal option: Include an AI Chat Agent, like Austin AI, on your site that integrates with your existing systems. AI Chat Agents are built to outperform standard chatbots and provide more human-like experiences without the additional costs of hiring dedicated live chat representatives. Available 24/7, they can provide users with real-time updates and recommendations through the most appropriate medium, whether that be text, audio, or video.