When Banking is Online, so is the Marketing

online bank 2

Paranoid Internet has long been rooted in the world of banking, fintech and crypto. Founder, Dennis Weidner and Chief Financial Officer, Silke Shutters both made their starts in banking. Afterwhich dived into the world of crypto and fintech. We pride ourselves in offering top tier, online and performance marketing services, particularly in the banking and fintech sector. For this reason, we thought it would be beneficial to our readers to take the time to discuss our learnings in this space. Especially due to the surge in popularity of online banking options in the last few years.  

What does it mean for a bank to be online? 

Before we continue there is a difference between ‘online banking’ where a bank allows their customers to access their bank account via a webpage or app and online banks. Online banks exist without any real life branches. Some of the benefits include lower fees and rates that are passed down from the savings of the banks being able to operate anywhere and not pay rent on the physical space. 

Listed below are some of the most widely used online bank options

  • Ally Bank
  • CIBC Banks USA
  • CIT Bank
  • Discover Bank
  • E-Trade Bank
  • HSBC Direct
  • N26
  • Radius Bank 
  • Salem Five Direct
  • TIAA Bank

A year ago, PwC’s 2019 Digital Banking Consumer Survey, described a new type of banking customer as ‘omni-digital’. These customers avoid physical channels of banking and prefer to only use mobile, PCs and tablets. Keeping this in mind, it is imperative for both physical banks and online, to take an online first approach. 

Marketing for many banks is still a relatively new experience because they hae traditionally spent very little on marketing. For example, a study of 256 banks in the USA revealed that most of them spend 0.077% of total revenue on marketing. Compare this to the median marketing spend for most industries at 13% and we can see it is very, very low comparatively. 

Online Marketing Tips for Online Banks

  1. Explainer videos are a must

More than 50% of website visitors leave a site within 15 seconds. A great way to ensure more visitors have access to the information on your site in a shorter amount of time is to create quick explainer videos. 

  1. View the website as the main touchpoint

From the website a customer should be able to easily find all the information they need to answer basic questions. This is because many in the digital generation prefer to communicate with a representative. Live chat can also be implemented to help customers avoid phone calls. 

  1. Mobile 

According to an infographic by Formstack, 57% of internet users won’t recommend a business with a poorly designed website on mobile. The same infographic says that 46% of shoppers are less likely to shop around for other options when they are using a company’s mobile app. This means mobile presence for websites is incredible important and not an afterthought. 

More Online Marketing for Banks 

For online banks taking hold of traditional online marketing channels is crucial 

-Website Design

-Email Marketing

-Display Advertising

-Mobile App

-SEO 

-PPC

-Social media

For help in any of the areas discussed in this article or listed above be sure to contact Paranoid Internet. 

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