Digital strategy for financial services mutuals, can create astonishing results. Working with an internal team we recently achieved this for a leading mutual society, Police Mutual:
- 85% more ISA sales in digital channels
- 70% more online investment bond sales
- 45% web traffic growth (following three years of static or falling traffic)
Well, the case study below describes exactly what we did. But it certainly wasn’t just a tactical website redesign or an isolated digital marketing campaign.
Digital strategy for financial services mutuals drives growth
Financial consumers are widely dissatisfied with banks and insurers. As a result, they’ve never been more attuned to the mutual values of credit unions, building societies and mutual societies. But the mutual sector is not flourishing like it could and should. There are many reasons for this. One is the sector’s failure to embrace and exploit digital.
British consumers have the potential to fall in love with mutuals.
But they increasingly expect to do business online and they’re increasingly impatient of bad digital experience.
So why have financial services mutuals not embraced digital strategy?
Mutuals were built on their community grassroots. Historically, the branch or advisor wasn’t just a channel. It was the symbol of the mutual’s bond with its community. With that heritage, digital strategy can seem irrelevant. This matters because ultimately a website’s performance isn’t determined by code, content and apps. It’s shaped by the culture, power structures and politics of the organisation that made it.
So how do you reboot digital strategy for financial services mutuals?
Case Study: Digital transformation at Police Mutual
Police Mutual has an ambitious growth strategy on behalf of its member community. It was founded in 1922 to serve the Police and offers a wide range of financial services. With 200,000 members and £830 million of assets under management it reinvests 100% of profits for the benefit of members and the wider police community.
Digital transformation began with a framework to create change across the following areas:
- Front-end web and mobile transformation.
- Digital marketing.
- Re-engineering online purchase journeys.
- Customer relationships
- Strategy, capability and innovation
If you think I can help , contact me for a digital strategy review and discussion.