Since 2015, the use of fintech tools among digitally active consumers has surged from 16% to 33%. But in contrast to disruptors such as Robinhood and Acorns, traditional finance brands have been slow to implement digital strategies.
As fintech brands and digital disruptors transform customer expectations, brands need to offer an easy-to-use site experience and content that’s both understandable and relevant to the growing cohort of digitally-driven millennial customers. L2’s Digital IQ Index: Financial Services highlights the biggest areas where brands should be investing:
Engaging consumers. The typical visitor to a financial brand site spends less than four minutes on the site and visits fewer than six pages. About a third of visitors “bounce,” or leave the landing page without interacting with any content, even when that content is in plain view.
Focusing on the right platforms. The overwhelming majority of social media posts (79%) take place on Twitter. However, Facebook posts earn 25 times more engagement, scoring an average 800 interactions per post.
Optimizing for Google search. The average financial brand site receives a third of organic search traffic and a quarter of paid search traffic from a single keyword: the brand name. More than half of brands in L2’s study generate zero first-page organic search results against unbranded keywords, limiting their ability to raise awareness among new customers.