DIGITAL VISIBILITY: The pandemic has accelerated adoption of digital services and the move away from traditional banking. Studies reveal six in ten became more reliant on technology for money management during the first half of 2020 and less than 50% plan on returning to physical branches after COVID-19 subsides. Moreover, according to a 2020 CFO Barometer, 70% of Financial Directors are well aware of the importance of digitalisation to their function.
For fintech innovators, this presents huge growth potential. But there is a key challenge to tackle before it can be harnessed: winning consumer attention.
Market entrants face tough competition on multiple levels. As demand for advanced tech has risen, fintech start-ups have multiplied, with European companies rising from 3,581 to 7,385 over the last two years alone. Additionally, established banks still retain significant dominance and many are also building an increasingly powerful online presence.
Bringing new tools to the table isn’t enough; fintech players must boost their digital visibility and capture audiences by making the most of search engine optimisation (SEO). Focused on organically increasing site traffic quality and quantity, SEO offers a low-cost and sustainable way to fuel top of the funnel awareness, as well as conversions. But only if companies adopt a smart three-pillared approach.
- Expanding keyword horizons
When implementing SEO, the first thing that often comes to mind is keywords. Or to be specific: the keywords that companies want to rank for, typically related to their offering. But focusing solely on product terms isn’t the most effective method for growing organic traffic. Obvious as it sounds, attracting audiences means seeing search from their perspective.
Also Read: The Top 20 Reasons Startups Fail
By enhancing their understanding of target audience behaviours, interests, and paint points, organisations can identify keywords with a high probability of enticing their specific audiences – even when they’re not actively looking for financial solutions. Combined with research into core product areas, evaluation of current rankings and competitor performance, this deep insight will enable businesses to build refined strategies.
To start with, this will entail developing a keyword strategy aligned with the terms audiences are likely to be searching for at each point of the purchase funnel. For example, companies that target compliance officers in financial institutions might focus on a specific pain point like, “What are GDPR rules for finance”, which would be top of the funnel search. Whereas “Financial GDPR compliance software” would be lower funnel search content for users already aware of the tech solutions they need.
From there, fintech firms can then map keywords to existing content within the site. This enables them to quickly identify new content gaps and opportunities to improve keyword relevance and bring in larger audiences, before moving onto the next major priority: capitalising on traffic. (DIGITAL VISIBILITY)
- Power greater overall performance:
Increasing traffic is one thing, but leveraging it effectively is another. To maximise the effectiveness of traffic companies must ensure their sites can inspire engagement that turns new visitors into marketing qualified leads (MQLs) and customers; and that calls for conversion rate optimisation (CRO).
In short, CRO is about increasing the chances of audience action. At a wider level, this means providing a positive overall experience to promote interaction and engagement. For example, sites should be accessible, simple to navigate, and fast. Speed is especially key – Google found that 53% of visits are abandoned on a mobile if a site takes longer than three seconds to load – not only because of how much it matters for consumers, but also in light of Google’s upcoming ‘User Experience’ update that will zero in on load times of the largest content elements of the users screen (Cumulative Layout Shift).
For particular elements of site content, CRO can involve small yet impactful steps to drive results. Take, for example, blog content. Answering common questions, utilising trending keywords and delivering useful information will draw in readers, but adding a clear call-to-action (CTA) will help encourage conversion; such as information requests or sign-ups. Meanwhile, cutting down clutter on product landing pages will create a streamlined route to ‘contact now’ options, increasing the likelihood of purchases.
Also Read: The Top 20 Reasons Startups Fail
- Achieve all-encompassing insight
Finally, we come to consistent and unified measurements. Amid constant changes in search habits and consumer needs, ongoing analysis is essential for fintech firms to sustain performance. The diverse nature of on-site activity also makes it vital for measurement to be ongoing and to cover multiple bases. (DIGITAL VISIBILITY)
Although bolstering sales and MQLs is frequently among the core goals of search initiatives, it’s not the only important aspect of success. By measuring micro-metrics such as keyword visibility, content performance, page speed and site engagement — as well as conversions & conversion rates — businesses can obtain a holistic view of the user journey and the effect of optimisation tactics.
Central to doing so will be adopting tools capable of generating rapid and integrated insight that allows fintech firms to keep up with shifting trends and stay ahead of rivals. For instance, the most sophisticated can connect the dots between SEO efforts and outcomes: feeding traffic data into BigQuery datasets and using back-end CRM or sales tracking to continuously assess on-site behaviour and acquisition activity.
For businesses, this provides a comprehensive understanding of any correlation between actions and results, as well the power to tally optimisation efforts with more accurate qualification after leads are generated. Or in other words: the ability to quickly determine what works, make quick adjustments, and concentrate on the most valuable opportunities.
In an exceptionally crowded marketplace with little product differentiation, the biggest rewards go to the businesses that stand out. Developing fintech businesses must quickly and efficiently expand their online reach. Tapping into a blend of SEO and on-site experience enhancement will help to siphon consumer attention away from big banks and other new competitors, while simultaneously laying the foundations for future success by securing higher levels of traffic and smoothing the path to conversion.