Digital is quickly displacing traditional financial channels as the home of most customer experiences. However, the current implementation of online tools continues to lag behind established customer expectations. From unoptimized inquiry tools to hidden branch locator tools, financial brands need to improve discoverability in order to attract new clients.

Nearly half of brands in L2’s recent financial services report support one of two inquiry tools: a diagnostic that generates customized quotes or a matchmaking questionnaire that pairs prospects with a financial advisor.¬†¬†While both tools have the potential to glean valuable customer information, only the Get a Quote tools actually do so, collecting approximately three times as much personal information as the questionnaire. Investment and wealth management firms are the primary users of the questionnaire tool and remain hesitant to collect such data on inquiring customers during Advisor Matching, marking a small but valuable missed opportunity.

Poor visibility is another gap in financial brands’ online implementation. For example, while 58% of brand sites have a branch locator, only 23% of these brands display the tool in their primary navigation. The majority of brands with Find an Advisor and Request a Quote features also fail to place their product finder tools in the primary navigation. Rather than promoting features to attract new customers, most brand sites prioritize services for existing clients.

Financial brands would be able to better serve existing clients if they tapped into the wealth of personal information that could be garnered from well-optimized questionnaires. By neglecting to fully optimize this tool and keep branch locator tools in plain view, financial brands are losing out on two major fronts: the chance to get to know existing clients better and the opportunity to bring on new clients.

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