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Over the past year, nearly $20 billion in investment capital has poured into the maturing FinTech arena. As new platforms seek to disrupt not only the payments space, but also personalized insurance, investment, and retirement planning, many traditional providers find themselves behind the innovation curve. In an attempt to attract and retain future wealth generated by the Millennial cohort, Financial Services brands are undergoing the most significant digital transformation efforts since the rise of Internet services. The 2016 Digital IQ Index: Financial Services benchmarks the digital performance of 70 brands operating in the US market, with a specific focus on Insurance and Wealth Management offerings.
L2 Digital IQ Index: Financial Services
November 18, 2016
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Since the introduction of the ATM in 1969, banks have leveraged technology to reduce cost and the friction between financial services and the end consumer.
In 2015, “FinTech” startups took in $19 billion in investment capital, extending the scope of the sector beyond payment platforms to include new lending tools, personalized investment services, and wealth management solutions.
Jaded by the financial crisis, 51 percent of millennials demonstrate a willingness to experiment with non-traditional providers, underscoring a potential threat to the status quo.
Traditional Financial Service providers are following suit with their own investments in the FinTech arena, but have been slow out of the gate.
Only half of Index brands support “Get a Quote” or “Find an Advisor” tools, putting the onus on prospective consumers to initiate next steps.
And while almost all Index brands engage customers on LinkedIn, 16 percent of brands do not maintain an active presence on Facebook.
Bank of America sets the gold standard in L2's inaugural Digital IQ Index: Financial Services. The “genius” brand proves unique in leveraging SEO and SEM investments to ensure elevated visibility across top-of-the-funnel keywords, and investments ahead of the curve to provide a best-in-class experience on a smaller screen.
In addition, Bank of America integrates past campaigns—including "Better Money Habits" and "Business of Life"—into emerging platforms ignored by most peers, engaging Millennials where they live.
This study attempts to quantify the digital competence of 70 financial service brands operating in the US market. Members can download the full report at L2inc.com.
Download the report: https://www.l2inc.com/research/financial-services-2016