Okay, the headline pretty much sums it up. So why are credit unions and banks spending millions and millions on brick and mortar and less and less on their websites? They may not be stupid, but perhaps they are crazy.
There is a great deal wrong when we view branches as assets and websites as a marketing expense. The reality is more people are coming to your virtual branch (website) long before they come to your physical location.
Financial institutions talk a good game about the importance of technology. However, when it comes to budget cut times we reduce the marketing budget. Which means we often cut any improvements to our website.
When was the last time you updated your website (and changing the rate page doesn’t count)? When was the last time you looked at your website from the members’ viewpoint? When was the last time you had your website reviewed?
We spend tons and tons of money on our physical presence while ignoring the investment in our websites. Yet our websites get far more traffic. What’s up with that?
Improvements to your site could include rotating banners, highlighting key rates, capturing leads, interacting with your members, and improving functionality. What does your website do (besides home banking and bill payment)? New features could include live chat support, unique payment systems (P2P, popmoney, etc.), and personal financial management.
Budgets are not endless. Many decisions come down to resource allocation. If that the case, then maybe you should invest those precious dollars where consumers are going the most: your website.