What Products Do the Highest Performing Banks Promote on Their Website?
We analyzed the homepages of over 700 financial institutions to understand the types of products and services being promoted on bank websites. We looked for a prominent banner on each site and recorded what product it was promoting. We then mashed that data up with some basic bank health indicators and made it all interactive. Here are three things we discovered by interacting with the charts below:
78% of financial institutions that have a Return on Assets over 1, and have at least 5 branches, have a prominent product banner on their website's homepage.
We looked for a prominent banner or ad that was the primary focus above the fold. The categories are explained below:
No Major Product Promotion: This includes any bank that did not promote any product or service with a major piece of screen real eastate.
Wealth Management: Investments, Wealth Mgmt, etc.
Business: Business Checking, Loans, or any specific focus on Business or commercial products.
Credit Card: Any promotion focused on credit cards.
Deposit Accounts: Personal Checking, Savings, or CD's
Personal Lending: Auto, Home, or Personal Loans or Lines of Credit.
Technology: Mobile App, Online Banking, Remote Deposit, Apple Pay, etc.
Other Promotion: This bank had a major promotion on their homepage, but it didn't fit into one the classifications listed above.
We asked financial marketing thought leaders what they have to say about this data
James Robert Lay
The vast majority of bank and credit union websites are nothing more than glorified online brochures. This can be attributed to the fact that 75% banks and credit unions DO NOT have a defined digital marketing strategy to guide them along the way. Furthermore, 91% of banks and credit unions DO NOT have the proper budget required to build a website that sells. There is a tremendous opportunity for banks and credit unions to view their website as their number one sales channel as it will attract, acquire, nurture, convert and onboard leads for loans and new accounts.
I am not surprised that many banks, especially smaller financial institutions, are not effectively using their bank websites to communicate product benefits, make special offers and promote/cross sell products and services. Many of the smaller banks that I work with are one-person marketing departments with very few resources, limited time and small budgets. Many understand that they need to do more, but it’s a tough sell to their bank management. This study shows a direct correlation to profitability, and it could be a real help in selling senior management on the need to devote more resources to their bank website. I hope you can get the message to community bank Presidents.
Unfortunately, and as this report shows, banks that underperform aren't properly utilizing the digital real estate that they own or that they take party to. I'm certain that if this report was expanded to include social media i.e. buttons on the homepage or social media usage in general. We would find that poor performers aren't utilizing them as well.