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Traditional retail banks feeling the pressure in online search, according to report

Traditional retail banks are coming under increased pressure in the battle for online market visibility, according to a research report by digital agency Stickyeyes.

The Online Consumer Finance market report looked at the performance of the top 50 consumer finance brands to determine what search terms are driving market visibility, what brands are doing to achieve market share and what social media methods finance brands are using to engage customers.

Key findings from the research are:

  • Pay day loans search volume has been the fastest growing market, increasing by 218 per cent since 2008, with the single biggest increase occurring in 2011
  • MoneySupermarket is the only brand which features in the top ten for all markets analysed
  • Social media remains an underutilised marketing channel within the online consumer finance market. With a score of 71 out of 100, Compare The Market was the top performing brand in the social media score index
  • Paid search (Google AdWords) is the primary route for many retail banks as they find themselves hedged out of the natural Google listings
  • Over 69 per cent of all search impression volume comes from the insurance and loans keyword markets
  • Price comparison operators dominate both search marketing and social media

Further insights from the report can be found here.

Bank image via Shutterstock