Night Vision for Your Online Branch.

Truth be told, I have spent much of my career outside of banking. But I know everyone sees better with the lights on.

My career has focused on introducing transformational tools to improve how we communicate, transact and make decisions. Many of these businesses/tools have been considered disruptive, completely replacing tried and true methods of performing and measuring those functions. However, in the banking technology space I am focused on the opposite of what most call fintech. Fintech often connotes the replacement of traditional banking through new online (only) applications and services.

For those of us old enough to have always opened accounts at a local branch, our image of our bank or credit union is still likely at a particular physical location. Yet even those that work for banks and credit unions avoid going to a branch for their personal business. Still, the vast majority of us keep our money and take out loans at institutions we think of as local. Many have been around for more than 100 years. With over 10,000 banks and credit unions across the USA, and trillions of dollars securely held by these institutions, they will continue to be trusted keepers of our wealth and our first lenders of choice… as long as we can easily transact.

Yet many fintech’s are offering compelling alternatives with uber and amazon-like experiences. As many traditional lenders wrestle with the + million-dollar annual cost of maintaining each physical branch, they work to incrementally offer more online services. The mindset often is to dabble in online programs that have virtualized their legacy processes of applications, approval & funding. Most have moved to automated loan origination and account opening systems, but still think of their business in terms of geographic regions made up of locales, branches.

In the past, advertising and marketing campaigns could be directly attributed to feet in the door, resulting in sign-ups and deposits or loans. Branch employees could simply ask “what brought you in today?” But online they can't easily ask "why did you walk out?" Until Alpharank.

Those that have created their online branch haven’t had an accurate way of knowing what marketing and advertising is delivering in terms of customers and $. Sure, with Google Analytics they can see “click through” rates and manage their budget in terms of cost per click. But they don’t know which visitors and which campaigns translate into $ booked.

How can they then confidently spend to reach their loan or deposit targets? Most don’t have resources to develop internal reporting solutions tying all this together. And few can be sure of best practices.

That’s what attracted me to Alpharank when I joined at the beginning of 2022. Alpharank’s Optimizer is like night vision goggles. Installed in minutes, our solution illuminates marketing activities so that lenders can have full vision into which campaigns are bringing in the dollars, and which ones are dogs. Our current bank and credit union customers will tell you that they can’t successfully grow their online branch without Alpharank.?

Why should marketers continue to be in the dark, and how can bank and credit union CEOs confidently approve ad budgets??Get an Alpharank guest pass for answers.

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