Take a moment and think about one of your branches. As you approach, you notice clear branding, a tidy parking lot, and sparkling windows. You walk inside, where a friendly associate greets you. If you need assistance, they guide you with a smile and direct you to a cozy area with coffee. The space is modern and welcoming, and whether you’re there for a casual inquiry or a loan consultation, you feel accomplished by the time you leave.
Now, imagine that same experience on your institution’s website. What do you see?
Navigation links, a large banner, and perhaps a login button for online banking. You’re there to learn about HELOCs, but do you know where to click? How many clicks does it take to get to the information? Is it engaging, or does it feel like a digital brochure with generic content? Are there clear expectations on what to do next?
For many financial institutions, the website experience falls short. Branch visits have been declining for years, while digital interactions are rapidly increasing. Yet, websites are often left underdeveloped. As FIs modernize their physical branches, they must also apply that same level of attention to their digital presence.
If 1,200 Visitors Walked into a Branch ...
Picture this: 1,200 people walk into a branch, glance around at your checking and savings offerings, and then leave without interacting. You’d likely panic, fire staff, or invest in improving the branch. Yet, when the same number of visitors leave your website without engagement, it’s often ignored.
FIs with $4 to $5 billion in assets can see up wards of 100,000 website visitors per month. For institutions between $1 and $2 billion in assets, the range is still impressive. Based on our recent client assessments we saw 18,000 to 40,000+ visitors monthly. Are you treating these visitors with the same care as in-branch consumers?
More than 45% of consumers prefer self-service banking through online platforms or ATMs.* But these digital channels, including your website, need to offer more than just transactions – they need to engage consumers, solve their problems, and encourage further action.
How to Treat Your Website Like a Branch
To treat your website more like a branch, here are four key strategies:
Prioritize Digital Experiences
How much planning goes into opening a new branch? One million dollars? Two million? More? According to the FDIC, it takes on average $350,000 to maintain that branch annually. Yet, the same level of effort often isn’t applied to website development. Building or revamping your website requires careful consideration, just as you would with a physical branch.
Ongoing Maintenance
If there’s a hole in a branch’s wall, it’s fixed immediately. But what about your website? Do you know where its cracks are? Issues like slow load times, broken links, or poor user flows may be less visible but just as important to the consumer experience. Regularly review and improve your site to keep it in top condition.
Ensure the Experience is Frictionless
Approach your website like a top-tier retail or eCommerce platform.
- Remove any unnecessary steps or barriers that slow down the consumer journey.
- Provide clear, relevant information to help users make informed decisions quickly.
- Streamline navigation so visitors can easily find what they’re looking for.
- Prioritize excellent support, whether through live chat, FAQs, or call-back options.
Proactively Engage Consumers
Just like a branch has staff ready to assist, your website should have tools in place to engage users throughout their journey. This can include:
- Financial resources
- Lead generation forms
- Chatbots or help desks
- Appointment scheduling
- Online applications
- CRM and marketing automation
Treat your website like a retail or eCommerce site. Eliminate unnecessary steps, provide clear and actionable information, and offer excellent service. By removing friction from the online experience, you create an easier path for consumers to act – whether it’s opening an account, applying for a loan, or requesting help.
Optimizing for Success Can Be Incremental (for now)
Building a new website from the ground up can be a significant investment, ranging from $60K to $150K or more, and the process often takes several months (not to mention the time it takes to get through due diligence). However, there are incremental improvements you can start making today that can have an immediate impact while you work toward a larger redesign.
For example, I recently worked with a community bank that had a video module set to autoplay on their homepage. The video was generic, occupied valuable screen space, and slowed down the page load time. We replaced it with quick links to the most frequently searched information. This simple change resulted in a 26% increase in through-traffic from the homepage.
It’s a clear illustration of how small, thoughtful adjustments can capture users’ attention, even if they’re just visiting for a quick transaction. As you’ve modernized your branches, now it’s time to apply that same strategic focus to your digital presence.
The Standard for Digital Engagement
Retailers and eCommerce companies have long been setting the standard for creating immersive and engaging digital experiences. Fintech companies are following suit, creating websites that are more than just transactional – they are interactive and engaging. Your website should reflect the same level of service and attention to detail as your physical branches. Engage your users, remove friction from their experience, and ensure your website is ready to serve them every step of the way.
It’s time to treat your website like the branch it really is.
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*”Evolving or Extinct: The Urgent Need for Financial Institutions to Adapt,” Raddon Research Insights, June 2023. Raddon is a registered trademark of Fiserv, Inc.
