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Why trust matters when marketing financial services

Three take-aways from our webinar on building trust and marketing financial services

Marketing financial services has always relied on building trust and loyalty with consumers. And this is something that many financial institutions and banks used to be able to rely on, but today’s fintech revolution has seen established brands face a wave of disruption. New, innovative online and mobile-first services built around delighting customers have transformed financial services, and consumer expectations. How then can brands build trust with consumers in this new online, mobile-first world?

In order to understand more about why trust is so important when it comes to marketing financial services online we joined forces with Trustpilot, the worlds most powerful review platform. In a live webinar earlier this month Jessica Fisher, our EMEA Services Director, joined Trustpilot to dissect the findings of their recent research into how 1000+ global consumers find trust when it comes to financial services products.

Here we’ll share some of the key take-aways from the webinar, or you can scroll on down and watch it all for yourself!

Why is trust important when it comes to marketing financial services?

Success for financial services providers is no longer guaranteed by being a familiar name. Across every financial services niche, consumers are being offered a huge variety of products and services by disruptors focusing on a better customer experience and personalization of services. That’s why its vital that finance marketers now focus in on how they can build trust with consumers.

The decline in consumer trust in financial services is still evident, even a decade on from the financial crisis. Consumers are 50% more likely to say their level of trust in financial services has decreased rather than increased over the last three years (30% vs. 20%).

So if trust is on the decline, where do consumers find it? There are two key channels – your website, and word of mouth. The website was rated top among all channels when researching finance related products with 68% of consumers rating it ‘important’ or ‘very important’. Combined these two things become a powerful tool for marketing financial services products.

Marketing financial services via your website is key for 68% of consumers

How can financial services marketing incorporate trust?

We go into more detail in the webinar (which you can view at the end of this post!) with 6 key steps to building trust along the finance customer journey. But here is a sneak peek at a few of our top rated tips to build trust via your financial services marketing strategy.

1) Focus on the journey

The key to building trust is a better customer journey. Many financae brands focus heavily on acquiring new customers, while spending less time on creating a customer experience that builds trust once these customers arrive on-site. Building trust with new visitors who know little to nothing about your brand is a challenge, but with a data driven approach it’s possible.

In the below example from Argos Pet insurance the brand analyzed each step of the funnel to understand the stages that could be targeted. Through testing, it was able to identify the different actions that could improve engagement and encourage users to the next step.

2. Help consumers decide

Sometimes, when it comes to complex financial products, users might need a little help. Regocnise this based on behavioural data, and point them in the right direction. For example, a visitor might want to speak with an advisor to finish their quote or application, so if you can identify when they’re struggling you can serve them a notification or overlay with this option. Here, insurance company StaySure targeted exiting visitors with the option to click to call, and saw 23% of these visitors go on to complete the quote process via phone.

3. Unlock digital word of mouth

Social proof is a powerful psychological tactic that can be utilized in many ways online to improve the customer journey. But when and where should you use it?

Unfortunately, there’s no one size fits all answer to this question. Focus on understanding the users and their motivations at the point in the journey you’re working to optimize.

For example, with upper funnel visitors on a finance site highlighting ease of completion can be a great way to move visitors further along. Once visitors are closer to the end of the funnel, then this messaging might change to focus more on reassurance, so here is a perfect place to test out the impact of reviews.

Finance customer journey
Use reviews at the lower end of the funnel

Want more tips? Watch the full webinar below, or check out our guide to optimizing the finance customer journey which features three ways to create a better customer experience for your online visitors.