Tech giants are disrupting every industry – and banking could be next. A third of consumers would switch to Amazon, Facebook, or Google if they offered financial services, according to an Accenture survey.
This sentiment may sound surprising, but it makes sense given the extent to which traditional banks lag at digital. Fewer than half of brand pages are optimized for mobile devices and just 16% of companies show up in the top 10 search results for relevant non-branded keywords, according to L2’s Digital IQ Index: Financial Services. Brand login pages are often hidden from mobile search results, and when they do appear, they often lead to non-optimized versions of the brand site.
In order to compete in the digital age, banks have stepped up their social spend. Bank of America created a personal finance show on Vice, experimented with brand-sponsored filters on Snapchat, and launched a series of video tutorials geared to millennials that it promoted heavily on Facebook as well as Twitter and Pinterest. However, the brand may soon find that its real competitor is Facebook itself – and that promotional investments matter less than making the actual products easy to use for the digital generation.