PORTLAND, OR--(Marketwired - Apr 28, 2014) - Webtrends today shares best practices for financial institutions looking to improve return on their digital investments. As the popularity of mobile and web banking increases, so does the complexity of the customer experience, making the need for personalization more valuable than ever before. Webtrends will demonstrate marketing optimization solutions and highlight best practices for the financial services industry on April 28th-30th in Miami at NetFinance 2014.
With more than 69 million Americans banking online, financial services organizations have an opportunity to increase their usage of digital marketing strategies for strategic growth. Because customers interact with their bank so frequently, either through an in-person branch, an ATM, a website, mobile app or social channel, they expect and rely on their banks to know and understand them as an individual. With a large percentage of Webtrends customers in the financial services industry, the company has developed deep expertise in optimizing online experiences for financial services companies.
From work with financial institutions such as BOK Financial and the Pentagon Federal Credit Union, Webtrends has found the top challenges in this industry include:
1. Customer onboarding and form abandonment
2. Customer retention
3. Effective cross selling
4. Lack of expertise in digital measurement and optimization
5. Cross-channel customer journeys
With these challenges in mind, Webtrends advises the following five best practices for financial institutions:
Best Practice 1: Know your digital consumers.
Whether consumers are searching for mortgage rates, applying for a loan, adding account options or comparing credit cards, it is important to keep them engaged so they don't look elsewhere. To do this, personalize their experiences using what you know about individuals. By leveraging analytics to understand the way your customers typically interact with your brand such as what search terms they use, what social channels they engage with, and what marketing channels they come through, you can better serve their needs the next time they are on your site or mobile app.
Best Practice 2: Differentiate consumer experiences across all channels.
While it is impossible to control which channel a consumer uses to interact with your brand, it is possible to use these interactions to better serve them. For example, someone may do the research for a new credit card on their mobile device but sign up for the account in person at the branch or via website. Understanding the customer's journey across channels will help you better uncover the context for his or her behavior and, in the end, predict the customer's intent. When you understand intent, you can deliver the experience customers need and deliver at the moment they need it. For example, you might engage a consumer with an invitation to chat if they stall while completing and application. If they abandon altogether, you may re-engage them through email with an invitation to go back to the form with the assurance that they will be able to pick up exactly where they left off.
Best Practice 3: Identify your business goals and optimize accordingly.
The most important step in the entire process is identifying what actions need to take place in order for you to achieve your business goals. For example, you may need to reduce form abandonment on a credit card application, improve conversion on a particular offer or drive conversions for a loan, which users apply for online. Once you've identified the areas that are underperforming, you can optimize content across every channel so customers are appropriately approached at every stage of their journey. The result will be an increase in KPIs and better ROI for every dollar you invest on your marketing programs.
Best Practice 4: Interact with customers in real-time.
When a customer visits a banking site, mobile app or other channel, it is typically for a specific reason. There is no better time to understand that customer's intent than while he or she is interacting on your brand's channel. By engaging with that customer via a chat agent, through an offer or by a targeted ad, that customer is far more likely to convert or engage. Leveraging real-time insights to engage immediately is critical in making your customer feel like the brand is personally committed to his or her needs.
Best Practice 5: Invest in adaptive technologies.
The modernization of online banking results in consistent changes, which require a flexible IT and marketing infrastructure. Solutions that are not able to integrate with existing or potential technology purchases will be a deterrent to growth. Investing in digital marketing and optimization tools that can integrate with newly released technology is essential in the banking world.
"We look at data on a very granular level and I believe you can never have too much. We decide exactly which reports are important to us and can slice and dice to meet our needs. We quickly saw through Webtrends that we were not getting the rate of return we expected. We took action by revamping the landing page and shortening our application process and immediately saw that our conversion rates went up," said Jenni Kirkruff, Manager of Online Experience at Pentagon Federal Credit Union.
"We now measure everything -- all advertising channels including email, pay per click, display ads, direct mail, pre-roll video and one of our latest efforts, Pandora," Said Ben Aggus, Web Content Manager for BOK Financial. "Webtrends has helped us to better understand which channels and messages are working."
About Webtrends, Inc.
Webtrends offers a portfolio of digital solutions that help brands understand consumer behaviors and enable them to act on those insights in the very moment they need to act. Utilizing advanced big data analytics, Webtrends solutions provide a consistent customer experience across all digital channels on any device the customer uses, helping brands remain connected and relevant to their customers, increase productivity and maximize yield on investments.
Webtrends transforms digital experiences for approximately 2,000 global brands including Microsoft, KLM Royal Dutch Airlines, Kimberly-Clark, HSBC, Marks & Spencer, npower, BMW, Toyota, The Telegraph, Lastminute.com and many more.