“Most financial institutions invest almost nothing in online marketing (or have no clue). This suggests one of two things. Either banks and credit unions don’t take online marketing seriously enough yet to invest in it, and/or they believe that online marketing doesn’t require a significant investment.”
- They allocate around 5% of their marketing budgets to online activities
- 22% do not track or measure their online activities, while only 8% do so all the time
- 32% were not sure if their organization invests any money in online marketing
- While most financial institutions embrace email marketing, a surprising 31% don’t.
- 45% of banks and credit unions do not have online marketing staff at all
They seem to think that their customers and prospect already know them and their website and they hardly need to use Google to reach their website. They should understand that if they are not on top in Google or any other search engines for their business related keywords, then their competitors will sure be there on the first page and will be losing business to them. Lead generation for banks is the main source of generating business. Be it generating deposits, insurance, loans or credit cards. People still search on internet for better rates and services. If your website is not on top then your competitors website will sure be.