Finding finance: how digital is the cornerstone of finance and investment
Digital has changed how we shop for almost everything, from groceries to even financial products. With a wealth of information at our fingertips, we can get the answers to the questions we need almost instantly.
In the past, switching an account or selecting a new financial product involved going into a physical branch and speaking to an advisor. Now, an increasing number of customers are turning to digital for their financial needs. Here, we outline how digital has never been more important for banks and finance companies, at a time when interest in financial products is at its peak:
Dependence on digital research
As more users turn to their smartphone for advice and to carry out research, ‘should I’ searches have grown 65% over the past two years. This includes phrases like ‘what should I invest in’ and ‘should I invest in’ terms.
When they begin their research, over 50% of users don’t have an investment company in mind. And a lot of time is being spent on this research — with 86% of potential investors researching online for over an hour.
What should I do? With so many potential investors turning to digital to support the research process, identify their most common queries and create content that provides the answers they’re looking for. Make sure in-depth information is available around each of your investment products to allow potential investors to make informed decisions.
The omni-channel approach
A quarter of investors prefer to open accounts away from digital channels — either over the phone, in-person or in-branch. This isn’t to say that digital isn’t important to them — over half carried out online research prior to making a decision.
What should I do? Digital is a clear starting point for potential investors before they go on to utilise alternative channels. As such, you need to make the user journey as seamless as possible, bridging the gap between online and offline. If you don’t already have it, implement functionality that can help users make in-person appointments online, and review the existing user journeys on your site to identify potential areas of improvement.
Across all sectors, users expect to be able to seamlessly transition from online to offline. If your user journey is flawed, you could be losing potential investors to your competitors. With fierce competition in the finance sector, brands need to do all they can to deliver a superior online experience to support investor attraction and retention.
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