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Banking on Digital Growth Podcast

Challenges and Opportunities for Growth and Profitability

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Brief Summary of Episode #34

Where do people find your financial products?

For 93% of financial product shoppers, the journey begins online regardless of where they apply.

They may submit their loan application online, over the phone, or in person. But they start the process on the internet.

Very quickly, that journey ends on a bank or credit union's website.

Here's the problem with that:

Even in 2020, most bank and credit union websites are nothing more than glorified online brochures. They are not digital lead generation engines.

The news gets worse.

84% of financial brands have not mapped out digital journeys. If you don't have digital consumer journeys mapped out for all your key product lines, think about what this means for the person on the other end trying to navigate the complex world of buying a financial product.

It's like asking them to walk through the woods alone at night without a flashlight. Sooner or later, they're going to run into a tree.

We have an opportunity to transform the glorified online brochure into a website that sells. When you do that, you begin to close the digital lead gen gap.

I talked more about digital challenges and opportunities recently on the Banking on Digital Growth show.

Key Insights and Takeaways

  • How to position your brand digitally beyond promoting commoditized products
  • The digital lead generation gap
  • The democratization of financial services
  • The value of a personalized financial coaching program