How Good Are Banks at Digital Marketing?
Report Summary
How Good Are Banks at Digital Marketing?
Aite Group provides financial institutions with a digital marketing maturity model to assess their digital marketing capabilities and to create a roadmap for improvement.
Boston, January 11, 2012 – A new report from Aite Group assesses U.S. financial institutions’ digital marketing capabilities and finds significant improvement opportunities in the areas of site design, email marketing, performance measurement, and customer relationship management (CRM) integration.
This assessment is based on Aite Group’s Digital Marketing Maturity Model, which evaluates three marketing processes: demand generation (where demand for a firm’s products and services is created), demand conversion (where prospects are converted to completed sales), and account creation (where accounts are opened and up-selling/cross-selling occurs). Financial institutions can assess their digital marketing capabilities and identify areas of improvement by measuring their level of maturity within each process.
The report evaluates the digital marketing maturity of 25 U.S. financial institutions—banks and credit unions of varying sizes—that fall within different maturity stages of the Digital Marketing Maturity Model.
“Many financial institutions fail to deploy testing and measurement techniques that would isolate the impact of digital channels on marketing results, and many choose not to optimize spending by evaluating the return on their online and mobile investments,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “As marketing investment levels continue to shift from offline to online channels, this lack of measurement will hinder financial institutions’ ability to assess the effectiveness of their marketing investments.”
This 26-page Impact Note contains 12 figures and six tables. Clients of Aite Group’s Retail Banking service can download the report.