I Dominating Share of Voice in the Digital World trust and credibility in the marketplace. Consumer behavior in the banking industry is heavily influenced by the amount of trust a consumer has with their bank. According to the Federal Reserve’s report on the Economic Well-Being of U.S. Households, 13.2% of unbanked households forego having a bank account due to a lack of trust in banks. Awareness of this lack of trust provides an excellent opportunity for financial institutions to build trust and credibility among potential customers through an increased share of voice. Competitive Benchmarking Understanding your position within the market allows you to tailor your strategies effectively, ensuring you stay ahead of the competition. This is crucial for financial institutions where competition is fierce, and differentiation is key. Informed Strategic Decision Making Data-driven insights from your SOV can inform marketing strategies and budget allocation, ensuring resources are used efficiently to maximize reach and influence. This strategic advantage is essential for making informed decisions that align with your institution’s goals. In today’s crowded digital marketplace, simply being online is no longer enough. For financial institutions, visibility is paramount to standing out in a competitive field. The key to this visibility lies in mastering share of voice (SOV), a crucial metric that can separate thriving banks and financial services from those slipping into obscurity. Creating seamless user experiences and providing exceptional customer service by incorporating digital tools can help you solve your customers’ problems. According to a survey by the American Bankers Association, 79% of consumers agree that digital innovations and bank improvements are making it easier for all Americans to access financial services. Explore how increased visibility and enhanced customer service through a strong digital presence can help your financial institution thrive in today’s digital era. What is Share of Voice? Share of voice (SOV) gauges how often and prominently your financial institution appears in search results compared to your competitors. It covers organic and paid search visibility, providing a holistic view of your brand’s online prominence. A higher SOV means more frequent appearances in search results, translating to greater brand awareness, increased traffic and more conversions. Why Aim for a High Share of Voice? Building Trust and Credibility For financial institutions, increased visibility leads to greater awareness and recognition among potential clients, fostering A GUIDE FOR FINANCIAL INSTITUTIONS By Adam Lee, President, Techint Labs Colorado Banker 14
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