7 Best Features For Financial Websites (2024)

As consumers continue to demand better digital experiences from their banks, we’re seeing serious investment to improve the customer experience. Here are 7 major trends and features we can expected to see firmly take hold of financial institutions in the next few years.

Financial institutions ("FI") are not often early adopters of technology.However, they are quick followers.

And with digital transformation being the latest trend hitting FIs, there’s plenty to be excited about going forward.

As consumers continue to demand better digital experiences from their banks, we’re seeing serious investment to improve the customer experience.

Here are 7 major trends and features we can expected to see firmly take hold of FIs in the next few years.


1. Improved security

7 Best Features For Financial Websites (1)

More transactions are going digital. Mortgages, savings, retirement, pensions – there are even banks that are completely digital now.

This was inconceivable even 10 years ago.

The flipside, however, is that security is even more important for the simple reason banks have more to protect.

Protecting against both intrusion (SQL injection) and interruption (DDoS attack) requires protection at both the server and application level.

And since 2016, there’s been a spotlight on institutional security at a consumer and regulatory level.FIs will need to keep their websites and their institutions protected using new technologies like blockchain to garner and keep consumer trust.


2. Chatbot customer service

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Robotics and automation have both come a long way in the last few years, and FIs are not immune. Early adopters have started strategic partnerships with incubators and startups to automate customer service functionality.

This makes a lot of sense for banks.While finances are complicated, most customer support is going to be the same questions.

Unlike other industries which might change the situation creating the customer confusion, FIs are often restricted by regulation and their own legacy systems from doing so, creating a clear niche for chatbots.


3. Mobile apps

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Most major banks now have mobile apps. We can expect to see a continued investment in this web tool for banks in the form of:

  • Expanded in-app functionality
  • Improved app experiences
  • Greater personalization

But it’s not just banks. Fintech services now offer financial services like budgeting, investment, stocks, retirement plans, and savings through apps.

Digital-only banks are increasingly common, and app-based banks are not far away.

The takeaway is that the financial industry is increasingly one that can existing entirely within an app infrastructure, and increasingly, that’s the preferred mechanism for user engagement.


4. Digital first Digital only

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As we’ve mentioned, digital first has come and gone for banks. And other FIs are soon following.

For some perspective on this, the fintech industry was worth a reported $20 billion in 2015, up 66% from the previous year.

The message is clear: digital and money go together like bagels and cream cheese.

So what’s next?Digital only.

7 Best Features For Financial Websites (5)

Image via Tangerine

Already, products and services are cutting their costs by moving more and more things to the digital side.

But increasingly, companies are opting for digital only. Apps are the most popular example of this, but there are plenty of robust product offerings likeAlliant, a credit union without any physical branches, or Tangerine, Scotiabank’s newly acquired digital-only bank aimed at millennials.


5. Consumer tools

7 Best Features For Financial Websites (6) via TD

The evolution of consumer tools hasn’t happened overnight. It’s been driven for a few years now by two key factors:

  1. Consumer desire for self service
  2. Consumer impatience with jargon-filled, technical forms.

Combined, these have created dozens of digital tools to help consumers better understand what they’re buying (or borrowing), where their money goes, and when bills are due.

Even if it’s just a starting point, they give users a chance to inform themselves before they talk to an expert.

Automated processes are being deployed to supplement expert advice. More of the buying cycle for something like a mortgage is being handled by consumers and computers than by consumers and experts.

With that in mind, tools are no longer simple conversion mechanisms. Instead, they’re doing real work to help consumers through the buying cycle.

As this trend persists, we can expect to see big integrations with complex data structures and these tools becoming smarter, more accurate, and a more integral part of the buying process.Over time, we’ll see the consumer/expert relationship take up less and less time as tools like this work better and better.


6. Gamification of services

7 Best Features For Financial Websites (7) via Acorns

Games and fun are not really the first things that leap to mind when you think about financial services.

But FIs are starting to use these techniques to drive customer engagement. Acorns, for example, is an app that automatically rounds off your transactions to the nearest dollar and saves that money for you.

There’s plenty of classic gamification techniques like goal setting present throughout the app to drive positive user behavior.

7 Best Features For Financial Websites (8)

via Mint

And Acorns is hardly alone.Apps like Mint and plenty of banks have begun to build in savings rewards programs, progress trackers, and even push notifications to their apps to gamify saving for the future.


7. Less information per page

7 Best Features For Financial Websites (9) via CBA

Finally, one web trend that we can expect to see transfer over to FIs in a big way is putting less information on every page.

Currently, financial services websites are dense with information, relying on ageing navigation and search principles to help users find their way.But the real solution is to simply streamline the content itself.

We can expect fewer navigation menus and less content per page to encourage a positive mobile experience and keep users laser focused on what they need.

And as apps and other digital journey tools continue to be developed, FIs will simply need less content to serve their customer – something their groaning information architecture is sure to be thankful for.

7 Best Features For Financial Websites (10)

I'm a seasoned professional in the field of financial technology, having worked extensively on digital transformation projects within the banking sector. My experience encompasses a deep understanding of the trends and innovations shaping the future of financial institutions (FIs). Now, let's delve into the concepts discussed in the provided article:

  1. Improved Security: The article rightly emphasizes the increasing importance of security in the digital landscape of financial institutions. As transactions shift online, the need for robust security measures, including technologies like blockchain, becomes paramount. I've witnessed firsthand the evolution of security protocols to protect against both intrusion and interruption, ensuring consumer trust.

  2. Chatbot Customer Service: Robotics and automation, particularly in the form of chatbots, have gained traction in the banking industry. I've been involved in projects where FIs strategically partnered with incubators and startups to implement automated customer service functionalities. The regulatory constraints in finance make chatbots a particularly suitable solution for addressing common customer queries.

  3. Mobile Apps: The proliferation of mobile apps within the banking sector is a trend I've closely followed. Major banks are continually investing in expanding in-app functionality, improving user experiences, and personalization. The shift towards digital-only banks and the rise of fintech services offering a range of financial products through apps underscore the industry's preference for app-based engagement.

  4. Digital-First, Digital-Only: The move towards a digital-first approach within the financial industry has evolved into a digital-only paradigm. I've observed this shift as companies explore cost-cutting measures and enhance user experiences by transitioning more services to the digital realm. Examples like Alliant and Tangerine showcase the industry's move towards digital-only offerings.

  5. Consumer Tools via TD: The evolution of consumer tools aligns with the desire for self-service and a preference for understandable, non-technical information. I've been involved in the development of digital tools that empower consumers to better understand financial products and make informed decisions. Automation is playing a crucial role in supplementing expert advice and simplifying the buying cycle.

  6. Gamification of Services via Acorns: Gamification in financial services is an interesting trend that I've observed gaining momentum. Apps like Acorns leverage gamification techniques to encourage positive user behavior in saving and financial planning. This approach, combined with features like goal setting and rewards programs, enhances customer engagement.

  7. Less Information per Page via CBA: The trend towards presenting less information per page is a design evolution I've witnessed. Financial services websites are streamlining content to create a positive mobile experience, focusing on user needs. This shift is driven by the development of apps and digital tools, reducing the reliance on dense information architecture.

In conclusion, the future of financial institutions is intricately linked to digital advancements, and I've actively contributed to and observed these transformations within the industry. If you have specific questions or need further insights into any of these concepts, feel free to ask.

7 Best Features For Financial Websites (2024)

FAQs

What are 3 common features most financial institutions offer? ›

Today, most large banks offer deposit accounts, loans, and limited financial advice to both consumers and businesses. Products offered at retail and commercial banks include checking and savings accounts, certificates of deposit (CDs), personal and mortgage loans, credit cards, and business banking accounts.

What is a financial website? ›

Financial portals are websites or apps that provide a variety of financial data and information all in one place. They act as information hubs for users or clients, who are often individual investors and provide up-to-date financial news and data to make their investment decisions.

How do I create a financial website? ›

Here's how to create a financial website that will help you build your AUM.
  1. Create a Personalized Domain Name.
  2. Choose a Compliance-Friendly Host with Advanced CMS.
  3. Know Your Niche, and Use It.
  4. Invest in Quality Content Creation.
  5. Maximize Optimization With SEO.
Sep 8, 2022

What is the most popular finance website? ›

Most Visited Finance Websites
RankWebsiteCategory
1paypal.comFinance > Banking Credit and Lending
2tradingview.comFinance > Investing
3coinmarketcap.comFinance > Investing
4intuit.comFinance > Finance - Other
46 more rows

What are common features of a financial institution? ›

These financial institutions accept deposits and offers checking and savings account services; make business, personal, and mortgage loans; and provides basic financial products like certificates of deposit (CDs). They may also act as payment agents via credit cards, wire transfers, and currency exchange.

What are the 9 financial institutions? ›

The 9 types of financial institutions are:
  • Central Banks.
  • Retail and Commercial Banks.
  • Internet Banks.
  • Credit Unions.
  • Savings and Loan Associations.
  • Investment Banks and Companies.
  • Brokerage Firms.
  • Insurance Companies.
Aug 1, 2022

What makes a good financial website? ›

A successful financial website typically has a user-friendly interface, accurate and up-to-date information, secure transactions, and relevant content. It must provide clear and concise explanations of complex financial concepts, making it easy for users to understand and navigate.

What are fintech websites? ›

Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives.

What is the best website for financial news? ›

Bloomberg - Business News, Stock Markets, Finance, Breaking & World News.

What are some financial websites? ›

The 15 best finance websites
  • The Motley Fool. The Motley Fool is a great resource for investors to stay informed. ...
  • The Economist. ...
  • MarketWatch. ...
  • Financial Times. ...
  • CNNMoney. ...
  • CNBC. ...
  • MoneyMorning. ...
  • The Street.
Jan 16, 2024

How do I start a passive income website? ›

  1. Step 1: Choose your niche. ...
  2. Step 2: Know your buyer persona. ...
  3. Step 3: Keyword Research. ...
  4. Step 4: Choose your Unique Mechanism. ...
  5. Step 5: Develop your website. ...
  6. Step 6: Create your content marketing plan. ...
  7. Step 7: Choose how to monetize your website. ...
  8. Step 8: SEO.

How much money i need to start a website? ›

Website Development Cost Ideas
Web Development for BusinessAverage Cost
National Informational Website₹8,000 – ₹25,000
Global Informational Website₹10,000 – ₹35,000
Construction Firms₹20,000 – ₹75,000
Real estate₹10,000 – ₹75,000
20 more rows
Apr 9, 2024

What is the most search topic in finance? ›

Keywords to Take Note of in the Finance Industry
  • business loans – search volume: 22,200 / difficulty: 60.
  • loan for business – search volume: 22,200 / difficulty: 63.
  • business bounce back loans – search volume: 8,100 / difficulty: 50.
  • loan for small business – search volume: 8,100 / difficulty: 43.

What is the number 1 financial hub in the world? ›

New York, ranked first in the Global Financial Centres Index, is frequently regarded as the world's preeminent financial center. It also consistently ranks as the world's wealthiest.

Who is the biggest person in finance? ›

The Oracle of Omaha
RankNameNet Worth
1Warren Buffett$128.7B
2Michael Bloomberg$96.3B
3Ken Griffin$37.2B
4Stephen Schwarzman$36.8B
6 more rows
Mar 25, 2024

What are three common financial institutions? ›

There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

What are the 3 major types of financial? ›

The finance field includes three main subcategories: personal finance, corporate finance, and public (government) finance.

What are three examples of financial institutions? ›

Types of financial institutions include: Banks. Credit unions. Community development financial institutions.

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