Importance of SEO for financial services
Digitization is creeping in to every business in every industry these days. This is owing to the global reach and clout of the internet. It is the same story with the finance industry. Financial institutions of every type are building a website for themselves to enhance their reach and have a better rapport with their customers. However, just building an official website for your financial business is not enough. You must avail SEO services for your official website from the best SEO company in your country to make it rank on the first page of Google’s search results. How many types of financial institutions are there and what benefits do SEO services give to their websites and business? Kindly read on to find out.
Table of Contents
Different Types Of Financial Institutions You Should Know About
The Advantages Of SEO For Financial Services
- Heightened brand awareness and website traffic
- Enhanced lead conversions
- Will give your users a great user experience
- It will give you a high ROI
Tips For Financial Institutions To Heighten Lead Conversion Rates
Why we are considered the best SEO company for financial services
Most people are acquainted with only one type of financial institution which is a bank that provides various kinds of loans among other services to people but you might be surprised to know that there are other kinds of financial institutions apart from banks which are described below.
Commercial banks can be publicly or privately owned. They deal directly with customers. They provide various kinds of loans to people like vehicle loans, housing loans, gold loans, educational loans, personal loans, etcetera.
The interest they charge their customers depends on the type of loan taken. Generally speaking, personal loans have the highest rate of interest upto 20%. In India, the interest rates charged by banks is directly propotional to the repo rate charged by India’s central bank, the RBI.
A central bank is the chief financial institute of any country. It is always founded, owned, and run by the central government. It is responsible for providing lonas to all the other financial institutions in a nation.
India’s central bank is the Reserve Bank of India (RBI). It provides loans to other banks in India at an interest rate called the “Repo Rate” which is determined autonomously by the bank. People cannot directly get in touch with central banks. They transact via commercial banks which have dealings with central banks.
This is a relatively new concept ushered by the advancement of internet technology over the past decade. Internet banks can be classified into two types which are digital banks and neo banks.
Digital banks are basically apps of existing public and private sector banks. Such commercial banks now offer their financial services even via their dedicated apps. Neo banks are banks that only have an online presence or dedicated apps for themselves. They offer their financial services only via their respective apps and do not have brick and mortar branches anywhere.
Credit unions are usually founded, owned, and run by a community of people living in a certain geographic location like a village, town, city, state, or a nation. Traditionally, such unions only used to offer loans to their specific community people such as teachers, doctors, labor unions, truck association, etcetera.
Their interest rates are also significantly lower than commercial banks. Now, these credit unions have opened themselves up to the general public and anyone can avail loans from these credit unions
Savings and loan associations
This type of financial institution is partially owned by its customers. A few customers will have stakes in any savings and loan associations. These type od financial institutions enable people to open savings account, apply for various types of loans, and enable then to mortgage their homes and other properties.
Generally, savings and loan associations are privately owned. Savings and loan associations lend people money at rates that are significantly lower than commercial banks.
Investment banks were formerly known as mutual fund organizations. Such financial institutions do not provide loans to people directly or accept their deposits but rather help people and organizations secure loans and investments by issuing securities to them.
Investment banks have various mutual fund investment schemes via which people invest money in these institutions and get positive ROIs after a span of a few months or a few years.
Investment banks also play the role of a mediator when public or private firms in any industry undertake complex and elaborate financial processes such as going for an IPO, issuing pensions, settlement of foreign debt, etcetera.
Brokerage banks act as a mediator between customers and investment banks. They help people buy and sell securities, stocks, bonds, and Exchange Traded Funds (ETF).
Companies that protect people against financial loss due to loss of life, damage to property, disability, and other misfortunes are known as insurance firms.
To undertake any kind of insurance like car insurance, house insurance, any appliance insurance, etcetera, people need to choose from the insurance plans available and pay monthly premiums until their insurance policy matures.
These financial firms lend loans to people if they mortgage any one of their equivalent properties. Such firms’ money is funded by other specialized financial institutes. Mortgage firms’ interest rates are about half that of commercial banks. Hence, they are an attractive source of loans for people.
The advantages of SEO for financial services
As mentioned before, just having an official website for your financial institution is not enough. You must apply appropriate SEO techniques on it to make it rank on the first page of Google’s search results so that your website will be visible to your target audience and can get a lot of online traffic. Given below are some of the important benefits that SEO services give to financial institutions and their websites.
Heightened brand awareness and website traffic
Most of the people these days discover brands via search engines like Google, YouTube, etcetera. Long gone are the days when brand awareness was created by word of mouth and other traditional means of advertising.
Hence, if your website is SEO optimized and ranks on the first page of Google’s SERPs, it will be discovered by your target audience and will thereby boost your brand awareness, lead conversion rates, business volume, and profits. Your website must have relevant and useful information posted on it to heighten user engagement.
Enhanced lead conversions
By giving elaborate contact details and by installing a chatbot in your official website, you can guide your customers and potential customers better on various issues and queries.
The easier it becomes for people to interact with your business and seek solutions, the more will be your customer retention and satisfaction which will give your financial service business manifold benefits in the long run.
Will give your users a great user experience
As every business in almost every industry is going online these days owing to the global reach and influence of the internet, financial service business owners are finding it ever more imperative to create an attractive and SEO-optimized website so that their customers and potential customers get a great browsing experience and will therefore stick with the company.
SEO-optimized websites are generally, neatly laid, informative, and engaging. They create a good impression of the brand in the minds of people which will give financial service businesses manifold tangible benefits in the long run.
It will give you a high ROI
The financial service industry is one of the toughest industries to compete in, especially in India. This is because, a plethora of financial service institutions of every kind have opened up in India leaving people spoilt for choice.
If you want to make your brand visible among your target audience in your service localities then creating an appealing official website and SEO-optimizing it is the only way forward. It’s the only way you can stand out and be noticed amongst your competitors.
The cost of creating, optimizing, and maintaining a website is minuscule when you compare it with the umpteen benefits it will give to your financial service business in the long run. An appealing, informative, engaging, and SEO-optimized website will improve your financial service business in all aspects.
Tips for financial institutions to heighten lead conversion rates
If you run any kind of financial institution and are looking to heighten your lead conversion rate, given below are some effective and time-tested strategies to do so.
Identify the source of your leads
Fortunately, now various digital tools are available to track the online source of your leads and manually or automatically capture their contact details. This will enable you to prioritize your leads and target them more effectively by sending them personalized offers that can address their present pain points.
Prioritize your leads
Among the lead details that you have collected, you can sort and prioritize your leads according to their current financial needs, current financial capacity, their CIBIL score, and the degree of their interest in availing any kind of loan presently.
Before you contact your leads, you have to ensure that your financial institution can provide the kind of financial services they’re currently looking for. If you contact your highest priority leads first, you will achieve a high degree of success and your time will be more effectively utilized which ultimately leads to higher profit margins.
Incorporate all the elements of success in your approach
The success of your lead conversion campaigns doesn’t just depend on a single factor but a multitude of factors. Only if all the elements of success are applied properly, your lead conversion rate will spike. The major elements of lead conversion success are as listed below.
Have a simple financial service subscription process: Your financial institution’s official website must be as simple to understand and easy to navigate as possible lest your leads and other users will get frustrated and leave your website and quite possibly even your financial institution.
Subscribing for any of your financial services should be made as simple and as short as possible on your official website to give your users and leads a pleasurable website browsing experience and increase the chances of your leads subscribing for your financial services. If certain financial services require the physical signatures of your leads then you must ensure that adequate sales representatives are available in all of your service localities.
Your official website must be available in all applicable regional languages: Everybody on earth loves their mother tongue more than any other language in existence. Therefore, it would be preferable if your official website is available in all the regional languages of your service localities so that you may tap the emotional quotient of your leads and users which will most likely result in enhanced lead conversion rate.
Contact your leads at a time when they’ll most likely be free: Your leads will most likely be free post 7 PM on weekdays and during morning and evening times on weekends. Reaching out to your leads during these times will make you most likely get a response from them and thereby heighten your lead conversion rate. Time sense is necessary not just for people but for organizations as well.
Have experienced sales representatives reach out to your leads: Reaching out to your leads is a very important job indeed. The business prospects and the growth of your financial institution depends on the quality of work done.
To derive the maximum possible benefits for your financial institution, it would be advisable to delegate skilled and seasoned sales representatives to reach out to your leads. This is not to say that freshers in the financial services sales domain are not skilled or trustworthy.
Why we are considered the best SEO company for financial services
If you run a financial service business of any sort and if you need to build an official website for your business or if you need to avail top-notch SEO services to optimize your official website to make it rank on Google, we can certainly help you.
We offer a range of high-class professional services, including SEO services at very reasonable and affordable costs. Our jubilant client reviews are proof of our technical expertise and professionalism. So, you’ll definitely get value for your money if you get in touch with us.