The Q3 2022 benchmarking report for UK online banking companies has just been published. Learn how the top 7 UK online banking companies perform across the digital space.
The latest Q3 2022 benchmarking report for UK Online banking companies has just been published. It covers the largest 7 national online banking companies, including Starling Bank, Tandem, Monzo, Chase, Atom bank, Revolut and Monese - it highlights year-on-year digital performance, plus winner and loser comparisons in 20+ online performance metrics.
The research gives an inside track on who is winning the biggest share of voice online, and quantifies the gaps, risks and missed opportunities for other online banking companies to win brand exposure locally and secure online enquiries. The report highlights year-on-year digital performance, plus winner and loser comparisons across 20+ online performance metrics and quantifies the gaps, risks and missed opportunities for online banking providers to improve online visibility and grow the number of new account applications.
To see a preview and contents page of the Q3 report, click here. To get a copy of the full report and the key take-aways, please complete the enquiry form or schedule a call.
The 70+ pages of research benchmarks each brand based on 50+ metrics and indicators of successful digital strategy, including organic visibility, domain authority, paid media ads, conversion performance, technical performance, site speed, universal search, content, social ads, accessibility, and mobile performance.
Some of the leading players in the space are high spenders on paid media channels such as Google, Bing & Facebook - but have a poor or sub-optimal conversion improvement strategy. Without an optimised, sophisticated conversion strategy that maximises the conversion rate, the return on investment is unsustainable or will under-perform. Scaling spend on paid media is not achievable unless the conversion rate delivers optimal performance in the sector. Some in the space have paid media spend levels from 30k+ per month but dedicate minimal resources and budgets to conversion testing. Given the cost per clicks on ad networks will continue to rise, we recommend spending at least 10% of your paid media budget on ongoing conversion optimisation testing schedules to ensure your paid media ROI maintains long term viability, competitive advantage, and sustainability.
Savvy digital marketers know that having a technically sound website is an essential component of a successful fully integrated digital strategy - plus a site capable of maximising conversion performance.
We noted that online banking companies generally are very strong when it comes to avoiding website errors, particularly when compared to other sectors we have reviewed. However, Monzo’s significant 306 4xx errors when crawling their website makes them an unfortunate anomaly! Monzo must ensure that users are not being directed to dead ends on their site, which could lead to them turning elsewhere out of frustration.
When 62% of consumers are less likely to convert if they have a negative mobile site experience, ensuring that your site is quick and easy to load makes a significant improvement on your overall conversion rates.
For online banking companies, which almost universally function through apps, mobile page speed is especially important as users will most likely be browsing for a new online bank using a mobile device. In our research, we discovered that five of the seven online banking companies in our report achieved an ‘okay’ score of 50-89, indicating that Chase and Starling Bank have some serious work to do on improving their mobile page speed to catch up with their competitors.
Domain authority is an essential metric for measuring the effectiveness of SEO performance, and helps create a reliable overall gage of how effective your site is at achieving organic traffic, i.e. ‘free’ traffic that isn’t gained through sponsored ads.
Domain authority is considered average between 40 and 50, good between 50 and 60, and excellent above 60. ‘Good’ DA score depends on the competition level of the industry. However, a ‘good’ DA really comes down to how your competitors are performing. In our research, UK online banking companies saw their domain authorities range from an excellent score of 81 to a good score of 57, from both Tandem and Chase. Though a score of 57 is still a strong achievement, Tandem and Chase should focus on building a stronger backlink profile to compete with those at the higher end of this scale.
A strong organic performance is strategically important as it ensures your site ranks above competitors for key, transactional keywords. When 93% of your customers won’t go past the first page of Google, your absence or lack of targeting for essential keywords will cost you conversions.
Continuous improvement and optimisation is also needed to secure traffic year on year. We found that all but two UK online banking companies have failed to achieved year on year growth in mobile traffic. Concerningly, Tandem and Monese are the two brands to lose the most traffic YoY, dropping 59% and 38%, respectively.
Google Universal Search Results is an evolving opportunity to make your pages visible on a SERP (Search Engine Results Page). Universal results often appear before traditional listings and are eye-catching for users. Universal search results refer to rankings on a SERP that are not the traditional ‘blue line’ Google link, and a brand can appear for universal search results without being strong in standard rankings.
People Also Ask questions seem to be the most popular universal search result UK online banking companies are optimising for, with Monzo and Starling Bank both achieving 1,100 People Also Ask Results. However, online banking companies generally appear to be underusing any universal search opportunities, with most appearances clocking into the hundreds, rather than thousands.
Longtail keywords are often considered high intent and potentially more likely to convert as a searcher is being more specific. Optimising for longtail keywords also puts your content strategy in a strong position to rank for brand new search terms as they enter Google’s index.
Tandem are ranking for no long tail keywords in positions 1-20. Though Tandem are ranking for 292 longtailed keywords overall, none of these are ranking within the top 20. Tandem should be looking at how to improve their rankings on existing longtailed keywords, but also at how they can expand their strategy to include new specific search terms.
With the number of Facebook users in the United Kingdom (UK) forecast to hit over 42 million users by 2022, it is not surprising that companies have jumped at the opportunity to advertise on the social media platform. Facebook’s UK digital advertising revenue has been estimated to have breached 2.6b GB pounds in 2019.
Below, we can see examples of Monzo’s Facebook ads. They’ve used bold, strong, creative to capture the attention of users, including pictures of their famous coloured cards. These ads are effective in both attracting the attention of new customers and bringing back old customers that may not be using their services as regularly anymore, just by having the recognisable cards on show.
When it comes to social media and on-site content strategies, it is important to release content that has a longer shelf life. An article is considered 'Evergreen' if it has maintained its relevancy to an audience for longer. It's great for your brand engagement, but great for Google too, who will recognise content which achieves traffic over a long period of time.
With online banking companies stocking a range of products, there should be a wide variety of content opportunities for these brands to jump on. However, while many of these brands are showing a consistent content output, Monese and Tandem are both lagging behind when it comes to content production. This is a missed opportunity for these brands, who could be sharing content, getting involved in the social media crazes, and sharing information about special offers.
20% of people in the UK have a disability – 2 million of which are people living with sight loss. In addition, 1 in 12 men and 1 in 200 women have some degree of colour vision deficiency. When websites are not designed to meet these needs, brands lose customer interest as they turn elsewhere.
Compared to many sectors we have reviewed, online banking companies appear to have reasonably accessible sites with fewer errors than we typically see. However, brands which are still seeing errors, such as Revolt’s 86 alerts should still be reviewing and optimising their accessibility.
For a glance into just 6 of the metrics we evaluated these top 7 online banking companies on, check out our quick-look table below;
To get a copy of the full report, please complete the enquiry form. If you want to talk to us about accelerating your digital performance, please call us on 01543 410014 or schedule a call with Mike Movassaghi.
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