Most retail banks score poorly for digital marketing

Financial marketers are struggling with promoting digitization. Two thirds have average or below scores for digital marketing strategies, according to Gartner research. Fintechs have their own challenges, but they pick their battles and their narrower focus gives them an edge. A wrinkle is financial institutions' competition for Google traffic with comparison sites like NerdWallet.

Fintechs and other challenger brands have been outdistancing many traditional financial institutions in key aspects of digital marketing efforts, according to a Gartner financial marketing study. The research also finds that financial comparison shopping sites like NerdWallet, Credit Karma and Points Guy have been grabbing more attention in Google search than financial institutions’ own sites, cutting many brands off from some potential sales opportunities.

While a handful of traditional financial institutions are standout digital marketers overall, more than two-thirds of both traditional institutions and even fintechs studied by Gartner are only average or worse when their digital marketing efforts are evaluated comprehensively.

Fintechs tend to use a stickier approach to promotion, particularly in mobile channels. For example, they often require consumers to download their app before proceeding beyond step one. Whereas traditional providers, says Gartner, often miss very obvious places to give consumers connections for enrolling in their services.

 

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