This report will evaluate the performance of digital experiences in the financial services industry. It looks at how companies are deploying digital experiences and how audiences are consuming and interacting with this content. It also evaluates this data against all industry data, providing takeaways for areas of improvement.
Conversion rates in financial services webinars are hovering near industry average. However, the average length of attendance is much less. While this isn’t alarmaring, financial services marketers must take note of this and ensure that content lines up to the attention rates of audiences. Importantly, engagement rates are low, leading to the need for financial services marketers to think about their methodologies for aligning engagement opportunities during digital experience and CTAs.
Digital Experience Conversion.
Financial services audiences converted to live and on-demand webinars at rates very similar to the all industry average. For financial services webinars, the conversion rate to live attendees was 35.7% and 23.8% for on-demand versions.
Attendee Time.
The average length of attendance for a financial services webinar was 45 minutes, compared to 53 for other industries.
Attendance.
The average number of webinar attendees in Q1 2021 was 110 overall. The financial services industry trailed that average with 70.8 attendees per webinar.
Questions.
Financial services webinars are lacking engagement through questions from audience members, with an average of 5 questions per webinar, 74.6% less than all industry average.
Engagement Actions.
Financial services audiences were less engaged during digital experiences, taking 68.5% less engagement actions during digital experiences.
Calls to Action.
Financial services audiences were also 71.8% less likely to click a CTA out of a webinar.
Personalized Experience Conversion.
Financial services audiences converted on pace with the all industry average for conversion for personalized experiences at 64%.
Personalized Experience Length of Attendance.
Financial services audiences outspaced industry average by 7 minutes at 35.8 minutes for average length of session within a personalized experience.
Content Experience Conversion.
Financial services audiences converted to attendees of content experiences at a rate that was dramatically lower than industry average, by 13 percentage points.
Content Experience Length of Attendance.
However, financial services audiences that joined content experiences stayed 26.4% longer than industry average.
The key themes coming from financial services organizations for digital experiences include:
Financial services marketers must reimagine engagement during digital experiences. This will come down to leveraging engagement techniques through technology platforms but also training subject matter experts on how to engage audiences during content. As financial services marketers look to outpace the competitions, they must evolve to better engage audiences in order to better understand their audiences and act on these signals across their organizations.
2020 was a year where digital experiences, from a production and consumption perspective, were thrust into the limelight. While the trend towards the digitization of the buyer’s journey had already been started, the global pandemic accelerated this trend in ways that no one could have imagined.
COVID has had an impact on almost every area of business. However, for marketers, it extends beyond simply a change in revenue targets.