Banc of California

Effective digital marketing in banking

Situation

Not all sectors have developed digitally at the same pace. It’s not as easy for some business as others to rapidly grow a digital presence. And like most difficult problems, it’s not down to a single, simple reason. Organizational structure, regulatory factors and the pressure to keep filling the sales funnel  through familiar approaches can slow development of a digital strategy.

For Banc of California, they’d grown success by building relationships with their clients via offline channels and by developing strong personal relationships with businesses, retail customers and communities in California. But they recognized the growing need for an omnichannel communications strategy to remain competitive with both established players and new FinTech entrants. 

 

There was no lack of ambition to grow digitally but the question asked of Wyoming was where to focus resource to most efficiently make up ground in a hyper-competitive digital market. With cost per acquisition running to hundreds or even thousands of dollars for some products, we knew we had to be super-critical of our own approach and ensure we understood attribution completely, monitoring every impression, click, share, page view and conversion.

Solution

Taking a data-first approach, Wyoming’s demand generation team carried out a digital audit to understand the current digital performance and future potential of Banc of California’s online presence. Comprising of SEO audits, digital market analysis, technical and UX site audits, Wyoming worked with Banc of California on implementing a strategy to drive leads and ultimately conversion.

We focussed in on 3 key areas:

Analytics enhancements

Tag everything, always, everywhere. By applying cross-domain tracking and adding user journey centric goals with Google Tag Manager we’ve developed attribution modelling to get the most out of every cent spent.Google Tag manager 796x398

Marketing automation and Eloqua development

Wyoming developed easy-to-use email templates and landing pages, delivering cost savings by taking the complexity out of asset production. With a specialist and complex product such as Eloqua, our expertise helped demystify what for the end user, seems like black magic. We view it as the application of common sense to make the best of our clients’ investment in us.

Paid search

When a click costs you north of $150 dollars you need to be sure that you’re getting the right person behind the click. We built out targeted campaigns that made use of the wealth of experience Banc of California had in what an in-market prospective looks for. We balanced budgets across search and display, constantly monitoring search queries and target sites to ensure that relevancy was always on point and landing pages spoke directly to the user’s need state.

Outcome

We made sure we learned from each conversion to further optimize our strategy and ultimately, we saw significant reductions over historical costs. We achieved:

  • 89% decrease in cost per conversion
  • 145% increase in conversion rate
  • 747% increase in conversions

Our work delivered prospects at over 25% less than offline campaigns and, year to date, ROI for new account sign-ups stands at 2,712%.

Having built a solid foundation with Banc of California, we’re ideally placed to help grow their presence online. Our collective objective is to help internal stakeholders make the best of use of digital in order to keep the lead funnel full.

Banc of California landing page (Desktop)
Banc of California landing page (Mobile)