New Chatmeter Research on Customer Acquisition Success in Financial Services

Sep 26, 2019

Chatmeter, a provider of local search marketing and reputation management for multi-location businesses, unveiled its Local Brand Report: Reputation’s Role in Financial Services, at the 2019 ABA Bank Marketing Conference.

About $30 trillion in wealth will transfer from baby boomers to millennials over the next 30 years. The challenge in connecting with millennials, according to Gallup, is that this generation has the lowest levels of engagement with their retail bank and are 2.5 times more likely to switch to another bank.

To help financial services better connect with a person throughout their discovery phase, and help a bank or tax advisor take advantage of the 900%+ increase in “near me” searches, Chatmeter took a closer look at the industry.

As leaders in local search, Chatmeter is known for its industry reports that analyze how some of the biggest brick-and-mortar enterprise brands in the US perform online. In its commitment to educating various industries about local brand management in order to improve the customer experience and ultimately scale their business, Chatmeter is now analyzing the financial services industry.

This report examines the top 10 retail banks, top 5 credit unions, top 5 tax companies, top 5 insurance companies, and top 5 check cashing companies based on branch volume. This includes: Bank of America, BB&T, BBVA Compass, Chase, Citibank, First Citizens Bank, PNC, TD Bank, US Bank, Wells Fargo; America First Credit Union, Mountain America Federal Credit Union, Navy Federal Credit Union, Security Service Credit Union; Allstate, Geico, Liberty Mutual, Nationwide, Statefarm; Deloitte, H&R Block, Jackson Hewitt, Liberty Tax, PricewaterhouseCoopers; California Check Cashing, Check ‘N Go, Check Cashing USA, MoneyTree and United Check Cashing.

The research identifies common hurdles where these companies fall short in meeting customer expectations and provides steps organizations must take to deliver a stronger and more consistent brand experience from a local search to an in-branch interaction.

  • Build on local listing strategy to include unbranded keyword optimization for better customer acquisition Financial service brands have high listing accuracy (average of 89%) and now need to broaden their local listing strategy to include keyword optimization. Brands that optimize each location’s listing with localized and relevant content to the business will earn higher rankings.
  • Gain a more accurate understanding of the customer experience by looking beyond mobile app reviews – Financial service brands have implemented review management for mobile apps but not online review management. The average review response rate for financial service brands is at 12%, which is very low compared to consumer demands. This leaves finserv companies with a limited view of the entire customer experience and should bring local into the digital strategy.
  • Analyze customer reviews to discover new opportunities for in-brand experiences – In order to captivate on Gen Z and Millennial customer groups, financial service brands need to offer experiences that go beyond traditional branch services. Reviews are valuable sources of honest and unfiltered customer feedback that brands should be utilizing to tailor customer experiences based on the needs of the specific community it serves. For example, when examining the service delivered at branches, retail banks were found to have a huge majority of negative sentiments, especially in comparison to the other micro-industries with entirely positive in-branch experiences.

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