February 08, 2018
There are few things you can say to someone in the financial services industry that will make their ears perk up more than “FinTech.” There it is…the one acronym that is quickly turning an entire industry on its head. The days of walking in to a bank or credit union are quickly being replaced by emerging technology, such as ApplePay, Bitcoin and Blockchain. In fact, according to the Mobile Money Report by Mobile Ecosystem Forums, 61% of people are using their mobile phones to carry out banking activity with almost half of those using a dedicated banking app.
While that number is high, it isn’t as scary as it might first seem. Even better, there are small things that can be done to make sure your bank or credit union is competing with the next new FinTech that pops up on the market.
The days of running to the bank on Saturday morning to make a deposit or withdrawal are dwindling. The financial services industry has morphed into a 24/7, 365 experience. That’s right, it’s an experience, just like everything else we view online. The companies that have the best experience keep visitors happy and coming back. Financial services companies are no exception.
To complicate things even more, financial services companies are no longer just competing with other financial services companies. In the online world, your experience is being compared to that of Amazon, Google, Facebook and emerging FinTechs. Users have extremely high expectations for how a website should perform, and if it doesn’t meet those expectations, they will go somewhere else.
A good place to start? Ask yourself: “How does my online and mobile experience stand up? Am I providing my customers the information they want and need in an easy to use and intuitive format?”
Your online presence says a lot about your business. In this financially-fluid economy, loyalties can shift in an instant. You need to ensure your online experience is top notch to keep your customers and members happy.
Have a marketing challenge you need solved? Leave a question in the comments below. You can also learn more about how S&B has helped move other financial services companies forward at stephanbrady.com/finance.