DGI's New Digital Growth Report Shows Financial Institutions
Unprepared to Handle Mobile and Digital Marketing Channels
Houston, TX - August 17, 2017 - Financial services digital marketing firm Digital Growth Institute (formerly CU Grow) has released its 2017 State of Digital Growth for Financial Institutions Report - the firm's fourth annual study on this growing topic. This year's 52-page report covers such items as social media, email marketing, website UX, digital advertising, and more, showing a vast majority of credit unions and banks are not prepared for digital growth - just as consumers are using mobile and digital channels for every stage of the buying journey.
According to Digital Growth Institute Founder and CEO James Robert Lay, the report was based on262 survey credit union and community bank respondents. This study is centered around the nine key areas of the Digital Growth
Blueprint that provides clarity for banks and credit unions on their digital growth journey:
1. Consumer segments
2. Product positioning
3. Key performance metrics
4. Distribution channels
5. "StorySelling"
6. Technology platforms
7. Consumer journeys
8. Staffing processes
9. Purpose, goals, and budget
Key findings include:
Average digital growth score is 27%: This number illustrates there is room for growth for every bank and credit union as they train, plan, and transform their marketing and sales teams beyond branches and broadcast channels.
Assets don't matter: There was no correlation found between asset size and the average Digital Growth Score. Awareness, adaptability, actions, and attitude continue to remain more important than asset size for digital growth.
Haves and Have Nots: As with previous years, the 2017 survey data show a recurring 80/20 split between the digital "haves" and "have nots." This is the result of an ever-growing digital divide for financial institutions.
Other interesting findings:
* Only 19% of credit unions and banks could measure the impact your content marketing and social media has on your bottom line?
* Only 28% of credit unions and banks have a documented content marketing and distribution plan.
* Only 31% of credit unions and banks currently use a marketing automation platform to nurture leads through the buying journey.
* Only 29% of credit unions and banks have ever undergone qualitative and quantitative user testing of their websites.
* 67% of credit unions and banks buy social media ads.
* Only 35% of credit unions and banks can track and prove the effectiveness and attribution of digital ads.
"We believe digital growth doesn't have to feel frustrating or overwhelming," explains Lay. "That's why we're on a mission to simplify digital marketing because we want to help banks and credit unions grow from good to great. And we do this by building digital marketing systems that guide people towards a brighter financial future. We believe this annual report helps clarify what's working and what's not working when it comes to digital marketing efforts for credit unions and banks."
About Digital Growth Institute
Based in Houston, TX, Digital Growth Institute (formerly CU Grow) believes digital growth doesn't have to feel frustrating and overwhelming. That's why they're on a mission to simplify digital marketing to help banks and credit unions grow from good to great. Since 2002, they have guided over 450 financial institutions worldwide to build digital marketing systems that target, capture, nurture, and convert leads for loans and new accounts. For more information, visit www.digitalgrowth.com.
