In this episode, Meredith Olmstead, CEO of FI GROW Solutions, and Sophie Bawany, the company's...
Need Help Finding the Budget & Buy-in for Your Next Website Project?
SHOCKING STATS AND QUOTES
You MUST Share with Your Executive Team
To secure budget approval for a new website, it's crucial to present compelling statistics to your executive team and board.
Here is a list of statistics we've compiled for your reference:
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Retail Branch Spend vs. Online Website
#1 Average Cost of Retail Branch
According to ABA Banking Journal, a freestanding branch's average land cost is $930,000 and the average construction cost (including building, furniture, and equipment, i.e.) is $1.5 million.
Source: Banking Journal
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#2 Shift in Prioritizing Digital over Retail
Since 2017, the number of bank branches has decreased by 37% overall reflecting a significant shift towards digital banking as customers increasingly opt for online and mobile solutions.
Source: The New Daily
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#3 Trend in Reducing Branches
Nearly two-thirds of financial institutions plan to continue reducing their branch networks in the coming years to enhance digital channels, with mobile banking expected to account for 88% of all interactions within five years.
Source: The Financial Brand
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Primary Features for Your Website
#4 Consumers Start Journey Online
90% of loan and mortgage consumers and 85% of check cashing consumers start their journey by searching online to evaluate their options.
Source: New York Times
Prioritizing SEO-optimized content is key, as it enhances visibility and drives traffic. Additionally, the first impression and ease of use website is critical in driving new customers.
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#5 Importance of Personalization
74% of all consumers expect brands to treat them like an individual.
Source: Legacy 79
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#6 User-First Digital Experience
“Trust is now placed in companies that prioritize a user-first digital experience, invest in product innovation, and lead with transparency.” -Francesco Renzo
Source: Think With Google
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Targeting Gen Z Market
#7 Gen Z Expects Digital Communication
In 2021, Gen Z has an estimated $360 billion in purchasing/ spending power and continues to grow as more join the workforce.
Source: EMARKETER
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#8 Gen Z Expects Digital Communication
64% of Generation Z consumers found it acceptable for a brand to contact them on digital channels to confirm a purchase.
Source: EMARKETER
As digital natives, Gen-Zers are adept at using digital channels for various interactions, including banking. Prioritize giving them a website experience that matches their expectations.
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#9 Digital Usage for Banking
32% of Gen Z shoppers make payments using their smartphones. By 2027, 97% of Gen Zers will be mobile banking users.
Source: EMARKETER
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Financial Institution Budget Trends
#10 Average Marketing Budget
According to the recent Statista survey, in the financial/insurance industry, 9.49% of company revenue is dedicated to marketing budget.
Source: HubSpot -
#11 Trend to Increase Digital Marketing Budget
53% of banks and credit unions have increased their digital marketing budgets, with many allocating a significant portion to enhancing their online presence and user experience.
Source: Smart Insights
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#12 Increased Conversions
Forrester Research indicates that improving the user experience on financial websites can lead to a 400% increase in conversion rates.
Source: Forrester Report
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#13 Financial Leaders that Win
“Digital leaders in the financial sector, those who invest heavily in their digital capabilities, outperform their peers by a factor of 2x in terms of revenue growth.”
Source: Accenture Digital Marketing Report
Website Redesign Project Plan for your Financial Institution
Partner with us to make the website design, development and content a breeze!
Partner with us to transform your financial institution's online presence with our comprehensive Website Redesign Project Plan. Our expert team will seamlessly guide you through every step of the process, from innovative design and cutting-edge development to compelling content creation. We focus on enhancing user experience, optimizing functionality, and ensuring your brand's unique identity shines through. Elevate your digital footprint and engage your audience like never before with a website that is both aesthetically pleasing and drives revenue for your financial institution. Let us make your website redesign effortless and impactful.
Drive Direct Qualified Conversions
Working with our FI Grow team, we are able to drive direct, qualified conversions from our social channels which is quite exciting. We are averaging about 20% of new member leads being generated through Facebook and Instagram. Our credit union and Board can easily see the value of maintaining quality, targeted content. We connect daily with our target personas in a way that encourages them to take action which translates to direct growth for our organization.
Indirect Onboarding Success
We engaged FI GROW Solutions to assist in creating a digital Indirect Onboarding Program to better engage our indirect members, deepen our wallet share and increase our operational efficiencies. Based on the program’s performance after the first few months in production, the only regret is that we hadn’t initiated this process much earlier!
Inbound & Content Marketing Success
Partnering with FI GROW Solutions has helped us successfully implement tactful inbound and content marketing campaigns that would otherwise be a challenge for a department of our size. The team at FI GROW is an integral extension of our department and we value their expertise.
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