With an ever-increasing margin squeeze and stronger competition for rates and new clients, we know that you’re faced with bigger challenges than ever before. Getting insight into what you need to do to attract, acquire and engage new business (and people) in the online space is becoming fundamental to your strategy.
We chatted about this at our April 1st ‘All the Things’ webinar. Here’s a recap of the top insights that came out of that discussion. Psst … there’s also a link to a video blurb of the webinar at the end of the article.
Can my online acquisition tool responsive, even if my website isn’t?
Yes, it can. And it should, since most online acquisitions happen from a mobile device. Responsive design that adapts to all screen sizes is key.
Which comes first, the online account opening platform or a digital marketing strategy?
We believe that any online acquisition tool is only as good as your least performing digital marketing tactic. Meaning, the digital strategy should really be developed before the online acquisition tool. This approach will deliver the highest conversion and shareability.
Don’t just add an online acquisition tool to your website. Start with a highly defined strategy to support and power this important new channel.
How much of my marketing budget should be allocated to digital marketing?
According to the gang at Financial Brand, FIs should allocate 20-30% of their marketing budget to digital. This includes social media, SEM and web advertising. We agree 100%.
What are the top reasons that people are hesitant to use mobile banking apps?
- Late adopters of mobile app usage
This group will take longer to accept and use this technology.
- Concerns about security
People are most likely to choose a provider that meets, exceeds and is an expert in security measures.
- Think branches are more convenient
20% of people think that branches are more convenient. On the other hand, as marketers know all too well 20% of your clients can often hold 80% of the business.
- The app isn’t user-friendly
People expect all apps to be easy-breezy. An FI who puts the needs of the user first in online account opening experience will ensure optimum usage and conversion.
How do members want to interact with their FI?
According to research published in 2014 by the Financial Brand (CFI Group report), here’s the breakdown:
- Digital: 58%
- Face-to-face: 24%
- Telephone: 18%
Check out this 3 minute clip from our webinar about how cumulus™ is being used with great success in the Canadian market.
There you have it. If you’d like to know what we’re chatting about in future webinars, check here or sign up for our newsletter in the top right hand corner of our blog to receive notifications.