Designing a credit union or bank website in 2024 requires a strategic approach that balances functionality, security, user experience, and technological advancements. This guide will walk you through the essential steps and considerations for creating a website that meets the needs of modern banking customers.
Why Do Credit Unions and Banks Look to Redesign Their Websites?
A new report from Cornerstone Advisors found that credit unions and banks, with an average size of $4.4 billion, more than doubled their investments in digital transformation in 2023 to nearly $425,000 per one billion in assets, up from an average of more than $200,000 per one billion in assets in 2021. The figure is expected to climb even higher this year. Why the deep investment in online architecture? The study identified five key motivating factors:
1. Enhanced Security: With cyber threats constantly evolving, updating a website can strengthen security measures, protecting both customer data and the bank's reputation.2. Improved User Experience: As customer expectations evolve, banks need to ensure their websites are user-friendly, accessible, and intuitive, offering seamless navigation and efficient service access.
3. Technological Advancements: To stay competitive, banks must integrate the latest technologies such as AI, machine learning, and mobile optimization to offer personalized experiences and advanced functionalities.
4. Regulatory Compliance: The banking sector is highly regulated, and website updates are often necessary to comply with new laws and standards, including those related to consumer privacy pages and accessibility.
5. Enhancing Mobile Banking: With the increasing use of smartphones for banking, banks need to ensure their websites are fully optimized for mobile devices to provide a convenient and efficient mobile banking experience.
Understanding the Audience and Their Needs
Before diving into the latest website design trends, it's crucial to understand who will be using the website. Credit union and bank customers range from young adults managing their finances for the first time to older individuals who may not be as tech-savvy. A successful website must cater to this diverse user base with easy navigation, clear information, and accessibility features.
In the banking industry, security is also paramount. Customers repeatedly convey that at a minimum their bank or credit union employs the latest security measures, including SSL encryption, secure login processes, and regular security audits. They look for clearly displayed security certifications that explain how their customer data is protected. Most importantly, they do not want the personal info that they input onto the website to be used for bank or credit union marketing in any way.
Particularly among younger credit union members and bank customers, many look for the most seamless and efficient user experience – particularly on mobile devices. Deal Breakers are non-responsive design and slow load times. Increasingly, members seek personalized experience and chatbot assistance that replicates the individualized approach of in-person banking at the local branch.
Tips for Designing A Credit Union Or Bank Website
So how does a CIO go about tackling the required infrastructure upgrades? In speaking with our clients and others in the marketplace, we’ve discovered that it's all about prioritization: there are core functionalities that all websites must possess but also design features that will separate your website from the pack. Here are our top 12 design suggestions for the year (and beyond):
Embrace the Latest Web Technologies
Leverage the latest web technologies for a seamless and efficient user experience. This includes responsive design for optimal viewing on all devices, fast load times, and the integration of AI and machine learning for personalized experiences and chatbot assistance.
Streamline User Interface (UI) and User Experience (UX)
A well-designed UI/UX is key to customer satisfaction. The website should feature a clean layout, intuitive navigation, and quick access to the most commonly used services like account checking, transfers, and loan applications. Incorporating visual cues, minimalistic design, and interactive elements can enhance the user experience.
Integrate Financial Tools and Resources
Offering financial tools such as loan calculators, budgeting tools, and educational resources can provide added value to your customers. These tools should be easy to find and use, encouraging customers to engage more deeply with your website.
Ensure Compliance and Accessibility
Make sure your website complies with legal requirements and accessibility standards. This includes adhering to the Americans with Disabilities Act (ADA) standards, ensuring that the website is accessible to people with various disabilities. Similarly, depending on your audience demographics, work with an agency with expertise in building fluid bi-lingual copy on your website
Implement an Effective Content Strategy
Content is key to engaging and educating your audience. High-quality, relevant content can help in SEO, drawing more visitors to your site. Regularly update your blog with financial tips, industry news, and product updates to keep content fresh and engaging. Check out our market-specific blog on how to develop a content strategy for your bank or credit union.
Utilize Social Proof and Testimonials
Incorporate customer testimonials, ratings, and reviews to build credibility. Social proof can be a powerful tool in convincing potential customers to trust your services. If you’re concerned about a few negative reviews, don’t worry: most plug-ins allow you to filter reviews by minimum rating and/or require manual approval of the feedback.
Optimize for Mobile
With the increasing use of smartphones for internet browsing, your website must be fully optimized for mobile. This includes touch-friendly navigation, faster load times on mobile devices, and features like mobile check deposit.
Incorporate Online Banking Features
The core of your website should be its online banking capabilities. This includes viewing balances, transferring funds, paying bills, and applying for loans. Ensure these features are secure, easy to use, and accessible from the homepage.
Personalize and Engage
Use data analytics to offer personalized experiences, such as tailored financial advice or product recommendations. Engage with your customers through regular newsletters, alerts, and updates, creating a sense of community.
Optimize for Search (SEO)
Invest in SEO to ensure your website ranks well in search engine results. Use keywords relevant to your services, optimize meta tags and descriptions, and ensure your site has quality backlinks.
Utilize Video and Interactive Media
Incorporate video tutorials, webinars, and interactive media to explain complex financial concepts and showcase your services. This can make your website more engaging and informative.
Provide Exceptional Customer Support
Offer multiple channels for customer support, including live chat, phone support, and email. Ensure that help is readily available for users navigating the website.
Final Thoughts
In sum, designing a credit union or bank website in 2024 is a multifaceted task that requires a keen understanding of your audience, a commitment to security and accessibility, and the ability to leverage the latest technological advancements. By focusing on these key areas, you can create a website that not only meets the demands of modern banking customers but also stands out in a competitive market.
Need more insights into your credit union or bank website redesign? Work with an agency that specializes in getting more clients for financial services companies – and keeping them. Reach out to DaBrian Marketing Group to schedule your free consultation today.
