Pub. 10 2020-2021 Issue 5

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org 12 FEATURE ARTICLE T he past several months have proven to create a lasting change in our banking ecosystem. This new normal’s immense pressure has forced financial institutions to adapt quickly to changing ecosystems, evolving customer needs and shifting regulatory frameworks. Fortunately, the demand for rapid change also presents an exciting opportuni- ty for bank marketers to leverage digital power to drive their bank growth forward. For banks, digital marketing is no longer a nice-to-have — it’s a must. Instead of traditional face-to-face contact, banks are feeling the urgency to create more customer-friendly digi- tal experiences. This is on top of the ever-present competitive influences and increasing costs of doing business. As a bank marketer with limited budgets and resourc- es, how can you set yourself and your bank up for success? Before you spend on digital marketing channels, there are five key areas that we suggest tackling first. Once you’ve addressed these, your bank will be well on its way to seeing digital success. One: Having a Strong Digital Foundation is Key Just like you would invest in a practical layout for your branch, the same goes for your digital real estate — first and foremost, your website. It is important to apply the same care and quality to planning and creating the digital environment of your web and mobile banking experience. When you do, there are two important advantages for banks. Firstly, an easily accessible website with an intuitive layout and contemporary design creates confidence and cred - ibility with your customers. More and more financial institu - tions prioritize this: 81% of financial services companies say that digital customer [experience] optimization will be central to their marketing efforts this year, according to a PwC survey. Secondly and arguably more importantly, a clean and friendly user journey increases the chances of a website visi- tor ultimately becoming a customer. Millennials are twice as likely to open an account based on experiential factors, which means investing in user experience is a must if you want to reach younger customers (PwC). If creating forms within your ecosystem is an under- taking, try making small changes that can often have a big impact on your customers’ experience: • Create clear navigation at the top of the page for easy access to the most frequented pages (hint: check out your Google Analytics to see which pages these are). • Have clear calls to action with bright colors that attract the visitors’ eyes to take the desired action. • Add content that provides value to your audience — helpful tips on personal finance can go a long way to building rapport. BY ALANA LEVINE, FINTEL CONNECT How to Market and Grow Your Bank Online: Five Essential Steps to Go Digital