Social media, online shopping and other consumer-focused platforms have forever changed the way users interact with websites and digital experiences. Banking websites have traditionally led with product, highlighting priority financial solutions based on current business goals. But as user trends and scroll tendencies evolve, there is a big opportunity for banks and credit unions to revisit the traditional ways content and promotions are handled to better align with how visitors interact with now-popular websites and platforms. Here are some ways financial institutions can enhance positioning and create experiences that encourage additional product exploration, while keeping a keen focus on conversions.
Scroll-based experiences
Gone are the days that everything needs to be above the fold. Not only are customers used to scrolling, many are now inherently inclined to. While this is true, a website still needs to immerse users to scroll beyond the initial screen. This creates a consumer-led experience which has even greater capacity to generate product interest. The use of visual markers such as animated arrows can subtly encourage visitors to move down the page for more information. Creative design elements that guide the user's eye can be another effective approach that brings in branding. Side scroll experiences are common as well, particularly on mobile. It’s how terms like swipe left and swipe right have become so ingrained in our culture.
Regular updates
Every time you log into social media there is something new to see. People are psychologically designed to be interested and keep coming back for more. Think about the major success of follower-based blogs, social media and other news-like platforms. New information and experiences provide a hit of rewarding dopamine, enticing users to continue returning for more (CE Continuing Education). Providing frequent updates can be a particularly strategic approach for banks and credit unions because it considers human nature to create effective marketing.
Adding a notification-like element with micro-animations or other “new” indicator can be a great way to engage regular visitors, especially those coming to the site just to log into online banking.
This kind of attention-grabbing feature can encourage click and expand an interactive feed-like experience that showcases a series of current information, promotions, upcoming events, special offers and more.
Engaging content
With social media, carousel-style galleries bring the shopping experience strategically into a space surrounded by feel-good posts from friends and family. This provides banks and credit unions with a unique opportunity to connect with related audiences in a less sales-focused strategy, appealing to consumers’ more personal interests and attributes.
Bringing this kind of meme-like, lifestyle, or just browser-focused content (e.g. “saving must-haves”) can make your website even more engaging, better position financial solutions, as well as showcase and differentiate your brand.
Product positioning
Retail site brands and websites have a knack for creating a desire for something consumers never knew they needed. Banking websites can take a page from this book to drive product engagement, interest and conversions. Sure, most people just know they need a checking account. But not all consumers understand the ins-and-outs of every financial product. By focusing on the unique value, problem-solving features or financial goal, banks and credit unions can establish more meaningful connections that can drive product adoption.
Financial tips
Nothing gets someone thinking like some good old fashioned unsolicited advice. Maybe they weren’t thinking about how they could save more money, but they also weren’t thinking about how their unused recurring subscriptions were adding up, or how that could be put into a club savings for a bigger ticket purchase that’s been on the back burner or something else special. Presenting financial tips on your home page, online banking login or a product page can create a deeper consumer journey and make your online brand just as helpful as an in-branch expert.
Influencer-style stories
Real-life, second-hand experiences have always been more effective in selling a product than marketing messages from the source. It’s the reason why influencers gained such popularity among big brands and consumers alike. While text-based testimonials have been a long-standing tactic in financial marketing, even their authenticity is minimized by this more meaningful word of mouth approach.
Banks and credit unions can make efforts to humanize their customer and member experiences, from standalone user-generated images to custom-designed content and visuals that create a branded story-like series.
Institutions should look at opportunities for story telling, creating a relatable human connection for today’s visitors.
Quick view
Creating efficiency is essential to providing a positive UX that sells. Retail sites often offer quick view options to get a closer look at a product within the existing frame. Consider something similar on product category pages, such as checking accounts, to allow users to explore key product details and differentiators, helping them choose the right solution without needing to navigate away from the page.
Filter and sort
Filtering and sorting are common on retail sites, making it easier to find an item in a certain color, size or type. While we often see filters in blogs, news or other related areas on banking websites, there is an opportunity to include a filtered experience at the product category level, such as a product finder. This can help consumers choose the right loan or account based on their specific wants, needs or preferences. Not only can this enhance the UX, but it provides a more personalized browsing experience that mimics in-branch consultation in the digital space.
Popular and top picks
Retail markets are saturated with various versions of the same product, so much so that it can be difficult to choose. Big brands that offer aggregated shops utilize helpful labels, such as “best seller” or “overall pick” as ways to help consumers navigate through all the options. As financial institutions continue to expand product offerings that serve unique consumer needs and preferences, including labels that indicate “popular” or “top pick” can be a great way to give consumers reassurance that a product is well-liked among existing users. This kind of “favorites” positioning can be particularly valuable at the product category level, but even more general placements to highlight multiple products and services.
Favorites and personalized accounts
Speaking of favorites, “add to favorites” and “save for later” are staple features for many retail-based, ecommerce sites. Most financial products have a longer or more involved decision-making journey than an average retail site – requiring additional thought, consideration and time.
The capability to “save for later” or “add to favorites” is great ways to allow customers and members to take the time they need as a precursor to purchase, while keeping them engaged through the process.
While basic cookies can be used to support this kind of experience, it doesn’t cover cross-device usage or cache clearing. A site sign in (separate from online banking login) is an interesting way to allow users to create their own personalized hub of products, services, and resources that support their financial needs and goals, while providing the bank or credit union with potential to identify individual user activity and provide more relevant content experiences and promotions.
Special offers and relationship building
To quote Rebecca Bloomwood from the movie Confessions of a Shopaholic, “You could have a sale!” “Fee reductions. And free doughnuts.” (If you know, you know). It’s no secret that self-serving, time-bound offers are effective in generating activity. Banks and credit unions share concerns about new account opening incentives and generating low quality customers or members. A more effective long-term approach may be loyalty programs or rewards aimed at relationship building, which can lead to additional product adoption and more robust customer/member portfolios. If you’re seasoned enough to remember when banks offered toasters to open an account, this is a similar concept but for the modern age.
Community and events
The pandemic forever changed the way consumers shop. While there is an undeniable convenience that online offers, websites and apps eliminate a very important sense of community and connection that’s essential to relationship building and brand loyalty. So now in a world of food delivery and streaming services, we have to find ways to make people actually want to leave their house. Free, fun-filled, kid-friendly events are great family activities that can lead to additional product usage and youth account openings that provide long-term value to the bank or credit union. It could be as simple as a money-themed story time, coloring craft, interactive games or other creative concepts. Not to mention this makes for great website and social media content that can help showcase your unique brand personality, community involvement and differentiate your institution in the market.
Banking does not have to be boring. There are many opportunities for banks and credit unions to turn their website into a destination for customers, members, and financial consumers looking for more than just a log in. By offering value, creating personalized experiences and considering consumer interests, financial institutions can drive brand engagement and overall product adoption that supports business goals, while creating lasting relationships. Ready to create an engaging website experience for your bank or credit union?
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