“Smaller banks are losing market share to the big players because they are struggling to deliver an end-to-end digital customer experience,” states a recent report by Forbes’ Alan McIntyre, a statement that makes sense in an industry in which 66% of all banking transactions are carried out online. A recent survey by a research, ratings, and review company entirely backs up this call for improved digital content. The survey found that 82% of people purchase a product or service after consuming content from a company.
Therefore, any bank wishing to compete with the big guns or even survive needs to invest time and money in formulating a competitive strategy that provides clients and target customers with valuable, informative content that will result in an increased conversion rate.
Mobilization of Content is Key
A 2017 Nielsen Comparable Metrics Report found that the most significant generation in the U.S. – millennials – spend more time on their mobile than they do on other devices. Recent research indicated that millennials check their phones 150 times a day. Therefore, banks need to ensure that the content they deliver bears a responsive design – i.e. layouts should work on mobile, image downloaded sizes need to be accurate, and images should be provided for high resolution screens.
Content Should be Useful
The report, mentioned above found that although nine in 10 customers are confident they can identify content marketing when they see it, 53% are still likely to revisit a company’s website after consuming useful content. Some 50% of users, meanwhile, are likely to research the company’s products or services. Clients may be savvy enough to spot their bank’s marketing efforts, but they are still keen on consuming content, so long as it is informative, it provides advice, or it tells a story/is entertaining. The importance of using content writers has thus become paramount for banks wishing to captivate the attention of millennials. Some of the mediums through which they are doing so are white papers, advice and tips, videos, blogs, and social media posts.
The Psychology of Personalization
Millennials are not only expecting dynamic content, but also content that aligns with their personal interests or needs. According to The Financial Brand, “Consumers are attracted to personalized experiences because they make them feel special and unique. Personalization gives the impression that people matter on an individual level to the banks and credit unions that serve them.” Despite the fact that personalized service to banking customers depends on massive data and analytics, content should be targeted if it is to avoid being seen as a time waster for millennial clients.
Content can be targeted at different types of clients through analytics; studies of the types of articles clients are clicking onto, alongside information of the banking or financial products they are currently using or interested in, can help banks deliver quality personalized content to each client group. It is important for banks to invest in the right tools to deliver curated content. As noted by SmartBrief, “Tools like Monetate specialize in one-to-one personalization by translating consumer data into targeted homepages. The A/B testing tool from Optimizely focuses on creating relevant content suggestions while Personyze uses action-based targeting to automate campaigns.
Small banks need to place due importance on content marketing if they are to compete successfully against their bigger rivals. Personalization, mobile optimization, and quality content are three pillars on which their success may stand. Delivering quality content is key, but so is using the right analytics and data gathering tools so as to create a top quality experience for online users.