“Just because you have [online account opening] doesn’t mean customers are going to come,” Sells said, “so you really do need to have a marketing strategy for how you’re going to drive traffic there. That’s why my background was all in performance-based marketing, and it’s one of the reasons why I really loved Fintel Connect,” which co-hosted the panel.
Banks have to have both digital account opening and applications and the marketing chops to get people there.
Part of where Fintel helps propel a bank’s marketing strategy is by connecting bank marketers with the specialized expertise of outside editorial partners. Publishing expert Ruth Heneghan, who has managed affiliate programs at Fit Small Business and CoverWallet, explained how good partners can help banks define their strategy using the publisher’s bird’s eye view of what types of content are performing well.
For example, she says publishers saw shifting habits over the course of the pandemic. Initially, large volumes of traffic were centered on the logistics of working from home, but that quickly shifted when the CARES Act was introduced. “On Google Trends,” Heneghan explained during the panel, “we saw approximately a 30% increase in volume year-over-year for terms like ‘online business banking.’” Working with publishers who understand the competitive editorial landscape for financial products can broaden bank marketers’ perspectives and help them hone in on key trends quickly.
There are a myriad of other considerations for bank marketers including SEO, design, webpage testing and more. Specific tactics in these areas were discussed during the panel, which was available exclusively to Alloy Labs Alliance members. To learn more about joining the Alliance, email email@example.com.
The expectations for modern bank marketers have transcended their old order-taking roles. Banks that expect their marketers to do more need to provide them with tools and partners that will drive traffic to a bank’s online real estate — because that’s where deals are done now.