THERE’S NO PLACE LIKE YOUR HOME PAGE

A financial institution’s website is the most important channel for customer contact in the digital environment, according to a recent survey by SYNERGISTICS Research entitled, Digital Marketing Mix for Financial Services.  Visiting the websites of main or primary financial institutions is widespread, reported by better than eight in ten respondents and even somewhat widening among the most affluent households.  A mean frequency of 4.0 visits per week (median = 2.0) is reported, and this tends to be higher among younger respondents.  A wide array of online banking activities are conducted by consumers when making these website visits.  Eight in ten get account information such as current balances or recent transactions.  Transferring funds between accounts is reported by seven in ten.  Six in ten have viewed or printed account statements. Higher-income households generally are more likely to have done most of these activities.

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William H. McCracken, CEO of SYNERGISTICS, stated, “A financial institution’s own website is the widest and most frequent point of digital contact with its customer base and should be the central – and high priority – focus of digital marketing strategies.  Informational and marketing content on websites should be updated and improved on a continual basis.  In addition, consumers find the information on financial institution websites more valuable than the information on social media.  As a first step in digital marketing, financial providers should focus on their own websites for meeting the needs of current and potential customers.”

These are among the findings from SYNERGISTICS study, Digital Marketing Mix for Financial Services, featuring 1,006 national Internet interviews with consumers age 18 or older.  This study examines consumer reaction to digital marketing tactics, including both online and mobile channels.  The role of social media is explored as well.