NestReady Surveys Credit Unions on the Use of Marketing and Advertising Technology Platforms
BOSTON–(BUSINESS WIRE)–NestReady, a technology firm that develops platforms to put lenders at the center of the homebuying process, surveyed 1,500 top U.S. credit unions on their uses of technology for advertising and marketing. While the lion share of them (77%) use Google Analytics, the majority only used two platforms (Google and Rapleaf) out of the more than 64 available.
NestReady surveyed the credit unions about more than 500 different platforms across several technology categories: web analytics, audience data management (DMPs), media buying/demand-side platforms (DPSs), cross-channel retargeting, digital ad exchanges, A/B testing and content/conversion optimization, live chat, marketing automation, video platforms, tag management solutions and social media tools.
Similar to top mortgage lenders and banks, the average credit union uses just two web analytic platforms compared to larger retail institutions which use four to five platforms, according to NestReady findings. Although the majority of credit union have web analytics, only 18% are using advanced behavior analysis tools like recorded user sessions, heatmaps and scrollmaps. However, the study found that 60% of credit unions are leveraging a cross-channel display advertising platform, which is higher than U.S. banks (50%) previously surveyed. These findings indicate that credit unions could use technology to their advantage to more effectively to serve their members.
“Credit unions have played an important role in the fabric of the financial industry by providing a variety of products that meet the specific needs of their membership, many times better than large banks and other financial institutions,” said Mauro Repacci, co-founder and CEO of NestReady. “However, in reviewing the results, they could optimize their use of technology and provide even better service to their members without it being an impossible or expensive effort resulting in a win-win scenario.”
Some other survey findings from credit unions:
- 38% of credit unions leverage a dedicated retargeting platform, and Google retargeting tools dominated the category with 70 percent actively using them for display retargeting campaigns
- 8% percent of credit unions use a dedicated marketing automation tool
- 54% percent of credit unions use a tag management solution to deploy various marketing technologies across their websites from a centralized location, suggesting that credit unions consider organizing and streamlining their digital marketing efforts a top priority
- 30% of credit unions use live chat technology on their websites with more than 70% choosing solutions from LivePerson or LiveChat
- 1 out of 3 credit unions use Facebook custom audiences to better segment and target people on the social network
“More than ever, credit unions have an opportunity to harness the efficiencies of technology and improve the services and the way they provided them to their members,” Repacci said. “In order to keep and grow memberships, credit unions will need to use available platforms.”
The Digital Marketing Tools used by the Top 1,500 Credit Unions in the U.S., including detailed analysis and takeaways, is available here.
About NestReady, Inc.
NestReady is a technology firm that uses integrated software platforms to bridge the gaps between consumers, mortgage lenders and real estate professionals, enabling lenders to offer a personalized and seamless home search process. With NestReady, lenders can enhance their marketing, increase engagement and client loyalty and achieve higher and faster conversions – all through their own digital environment. For more information about NestReady, please visit https://www.nestready.ai/.