Financial institutions need an online marketing maturity model (OMM) to assess their online marketing capabilities and create a roadmap of investments necessary to improve their online marketing ability, asserts a study by the Aite Group.
The study highlights the importance of online marketing, an area in which many financial institutions—especially smaller banks and credit unions—have under-developed and under-invested.
As consumers increasingly research and apply for financial products online, financial institutions must improve their ability to identify and convert prospects over the Internet, says the study.
Despite this, only the largest financial institutions seem to understand the importance of developing and investing in an online marketing competency. Although many financial institutions have been using the online channel for marketing purposes for 10 or more years now, many—by their own estimate—have a long way to go in developing strong online marketing capabilities.
“Financial institutions that are under-investing in online marketing are digging a hole for themselves that may jeopardize their overall marketing effectiveness,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “The implementation of a maturity model isn’t simply an academic exercise, but will help firms develop an implementation roadmap, prioritise, and benchmark internal progress.”
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