SEO for Financial Services: What you need to know

Welcome to our comprehensive guide on SEO for Financial Services. In the fast-paced digital landscape, Search Engine Optimization (SEO) has become a fundamental aspect of marketing for financial service providers. As the competition intensifies, the ability to be visible and rank higher in search engine results is crucial for attracting potential clients and growing your business. This blog delves deep into the world of SEO tailored specifically for financial services, uncovering the strategies, best practices, and industry-specific insights that will help you enhance your online presence, drive targeted traffic, and ultimately achieve your business goals.

Whether you’re a financial advisor, bank, insurance provider, or any other financial service professional, join us on this enlightening journey to unlock the power of SEO and propel your financial services to new heights of success.

Marketing Challenges of a Highly Regulated Company

The financial services industry faces unique challenges due to its stringent regulations, making navigating the constantly evolving online market difficult. Companies in this sector must comply with various federal, state, and local regulations and adhere to Google’s specific advertising restrictions for financial products and services.

To effectively implement an SEO and marketing strategy in the financial industry, it’s crucial to understand and address these obstacles. Financial firms can develop a sound and compliant SEO and marketing approach that aligns with their business objectives by being aware of the regulatory landscape and Google’s guidelines.

Navigating the online market in the financial services industry requires careful planning, adherence to regulations, and a comprehensive understanding of digital marketing strategies that are both effective and compliant. With the right approach, financial companies can establish a strong online presence, attract targeted audiences, and achieve their marketing goals while staying within the bounds of the industry’s strict regulations.

Legal Obstacles of Digital Marketing and SEO

Dealing with strict regulations in the financial services industry can lead to delays and prolonged marketing processes as legal teams review content and materials. This situation may result in a backlog of content awaiting approval or website changes that never materialize.

There are two effective approaches:

Hire a writer with a legal background and experience navigating highly regulated industries. Having a writer on your marketing team who understands the intricacies of financial regulations can streamline the content creation process. This writer can proactively ensure that the content aligns with the legal requirements, minimizing the need for extensive legal reviews.

Foster close collaboration between your writers and a dedicated legal team member. Having a legal expert involved in the content and marketing review process can identify and address potential compliance issues early on. This collaboration allows for swift and efficient reviews, reducing delays and ensuring marketing materials comply with all relevant regulations.

How Silos Slow Success

The previously mentioned high regulations can also lead to silos between internal departments.

Separation Can Cause Brand Inconsistency

Brand inconsistency can be a significant consequence of silos within a company. It occurs when there is a need for a unified brand voice and message across different departments and marketing efforts, leading to missed opportunities to connect with customers effectively.

One of the main problems resulting from brand inconsistency is that customers may need to fully understand what the company does or what it stands for. Customers can understand the company’s offerings, values, and mission with a clear and consistent brand identity.

The entire company must follow strict brand guidelines. These guidelines should define the company’s brand voice, visual elements, and key messaging. By adhering to these guidelines, all departments and marketing initiatives can ensure a cohesive brand experience for customers at every touchpoint throughout the customer journey.

Impacts of Limited Internal Resources

Limited internal resources pose a significant challenge for companies in the financial industry regarding marketing campaigns and SEO optimization. Budget constraints, technological limitations, and a lack of skilled personnel can hinder the implementation of comprehensive and effective strategies to reach users through various channels.

In an ideal scenario, a company already has a well-equipped team with diverse expertise to handle marketing and SEO tasks. However, if internal resources are limited, partnering with a marketing or SEO agency is an alternative solution. Working with such an agency provides access to a full team of industry-specific experts with advanced technical tools that may be too costly for a single company to invest in.

A strategic SEO for financial plan is crucial due to several factors. Firstly, the financial industry faces slow-moving and highly regulated processes, making it essential to have a well-thought-out approach that aligns with compliance requirements. Secondly, the financial sector is one of the most competitive verticals online, making it challenging to stand out and attract potential customers.

SEO for Financial services is a digital marketing strategy that optimizes a financial company’s website to improve its visibility and ranking on search engines. Companies aim to drive more website traffic and increase conversions by implementing effective SEO strategies.

The Siege has gained valuable experience working with notable finance companies like The Zebra and Homebuyer. Through these partnerships, they have honed repeatable SEO strategies that perform exceptionally well in finance markets.

Marketing Challenges of a Highly Regulated Company

The financial services industry faces significant challenges due to the strictest regulations, making navigating the constantly evolving online market difficult. These companies must comply with many federal, state, and local regulations and adhere to Google’s specific restrictions on advertising financial products and services.

Understanding and acknowledging the unique obstacles of the financial industry is crucial to developing and implementing a successful SEO and marketing strategy. By being aware of the regulatory landscape and the limitations it imposes, companies can tailor their approaches to reach their target audience while staying within compliance boundaries effectively. A sound SEO and marketing strategy considers these obstacles and aims to optimize online presence, improve visibility, and attract potential customers while adhering to all relevant regulations.

Legal Obstacles of Digital Marketing and SEO

Due to the many strict regulations in the financial industry, marketing processes can often be slowed down and prolonged as the legal team reviews the content and materials. This can lead to a backlog of content awaiting approval and may result in website changes getting delayed or not implemented at all.

There are two effective strategies:

Have a writer on your team with a legal background and experience dealing with high regulations. This individual can ensure that the content is aligned with the industry’s compliance requirements right from the initial creation, minimizing the need for extensive legal reviews.

Foster close collaboration between your writers and a dedicated member of the legal team, specifically involved in assisting with content and marketing reviews. This partnership enables timely feedback and swift resolution of potential compliance concerns during content creation.

How Silos Slow Success

The strict regulations in the financial industry can result in the formation of silos between internal departments within the same company. This means that different departments may not communicate frequently and may not share information or plans effectively.

It is essential to have regular monthly internal company meetings that involve all relevant departments. These meetings provide a platform for different teams to come together, share insights, and align their strategies. By encouraging open communication and information sharing, companies can break down the barriers of silos and foster a more cohesive and collaborative work environment.

Separation Can Cause Brand Inconsistency

Brand inconsistency is a potential consequence of silos within a company, where different departments operate independently and lack a unified brand voice. This lack of consistency can lead to missed opportunities to connect with customers effectively.

The most significant problem arising from brand consistency is that users may need to fully comprehend the company’s offerings or core values, resulting in a need for more clarity about its identity. Customers needing consistent messaging or branding across various touchpoints can create confusion and weaken the overall brand perception.

The entire company needs to adhere to strict brand guidelines. These guidelines should encompass visual elements, tone of voice, messaging, and other brand attributes. By following these guidelines, all departments can ensure that their communications are aligned with the brand’s values and personality, providing customers with a consistent experience at every interaction.

Impacts of Limited Internal Resources

Limited internal resources pose a significant challenge for companies in the financial industry. It can manifest in various ways, such as constrained department budgets, lack of advanced technology, or insufficient staff.

Marketing campaigns and SEO optimization require investments, especially when aiming to reach users through multiple channels and touchpoints. The costs can quickly add up, making it difficult for some companies to allocate the necessary resources.

Ideally, a company would have a well-equipped team with diverse expertise to handle these challenges. However, only some companies have the luxury of having all the necessary resources in-house.

One effective solution to overcome resource limitations is to partner with a marketing or SEO agency. These agencies can provide access to a team of industry-specific experts who possess the skills and experience needed to execute successful campaigns. Additionally, they often have access to advanced technical tools that might be too expensive for a single company to acquire independently.

By collaborating with a top-tier SEO agency, financial companies can tap into their expertise and resources, ensuring that their marketing and SEO efforts are effective and yield positive results. This partnership allows the company to focus on its core competencies while leveraging the agency’s specialized skills and tools to drive growth and achieve marketing goals.

Appeasing Digital-First Customers

Digital-first customers demand a seamless and flawless experience accessing their financial services across various digital platforms like email, websites, or mobile apps. A recent study revealed that 85% of Americans prefer online banking, while 55% prefer mobile apps.

With such high customer expectations, it challenges many financial institutions that may need more resources to deliver a seamless digital experience. Meeting these demands requires significant investments in technology and expertise.

That’s a choice between investing in a mobile app or a website. It is recommended to prioritize creating an exceptional website for your financial services. A website is a critical customer touchpoint and can provide a smooth and efficient experience. Investing in an outstanding website ensures your digital-first customers interact positively with your brand, which is crucial for building trust and loyalty.

Why SEO Strategy Is Necessary for Financial Services

In the highly competitive financial services landscape, standing out from the crowd and achieving top search engine rankings requires mastering Search Engine Optimization (SEO). SEO is crucial because it enhances your website’s visibility, driving more traffic and conversions.

As many companies already incorporate SEO into their websites, you need to optimize your website to surpass your competitors fully. This involves a combination of the following factors:

On-page SEO: 

This focuses on optimizing individual web pages to improve their relevance and visibility in search engine results. It includes keyword research, strategic placement of keywords, high-quality content creation, meta tags optimization, and user-friendly page formatting.

Off-page SEO: 

This involves strategies and actions outside your website to improve its online reputation and authority. Key elements include link building from reputable sources, social media presence, guest posting, and online brand mentions.

Local SEO: 

For financial service providers targeting local customers, local SEO is crucial. It focuses on optimizing your online presence to appear prominently in local search results. This includes creating and maintaining a Google My Business listing, local citations, and obtaining positive customer reviews.

Technical SEO: 

This aspect deals with optimizing the technical elements of your website to improve its search engine visibility. It includes ensuring fast loading times, mobile responsiveness, proper website structure, canonical tags, sitemaps, and fixing crawl errors.

Quality SEO-Driven Content Is Required for Complex Topics

You may have heard the popular saying “content is king” in the finance industry; this holds even more significance due to the complex nature of financial topics and their impact on people’s finances. However, more than creating well-written content alone is needed to stand out in such a competitive field. Ensuring that your content is SEO-friendly, catering to users and search engines is crucial.

To make your content SEO-friendly, you should consider the following factors:

Perform a SERP analysis to develop a robust content strategy based on what users are searching for and what your competitors are offering.

Optimize the URL structure to include your main target keyword, making it easier for search engines to understand the content’s relevance.

Create an optimized title tag and meta description, crucial elements appearing in search engine results and influencing click-through rates.

Incorporate keywords naturally into headings and content, ensuring your content aligns with user search intent.

Add alt text to all images, making your content accessible to users with disabilities and providing additional context to search engines.

Optimize the page structure for scannability, making it easier for users to find relevant information quickly.

Include at least five internal links to other content on your website with optimized anchor text, aiding navigation and improving site structure.

Link your newly created page to other relevant pages on your website to enhance its visibility and authority.

Y.M.Y.L. Makes E-E-A-T Essential for Finance Companies

In the finance industry, content falls under the Y.M.Y.L (Your Money Your Life) category, which means it can significantly impact people’s financial and life decisions. As a result, Y.M.Y.L content is held to a much higher standard and requires a focus on E-E-A-T: Experience, Expertise, Authoritativeness, and Trustworthiness.

While E-E-A-T is not a direct ranking factor in Google’s algorithm, it plays a crucial role in their Search Quality Evaluator Guidelines. Websites that lack E-E-A-T may need to rank better in search results. Prioritizing E-E-A-T entails providing valuable content to users that helps them make informed decisions, and individuals with subject matter authority should author it.

In the financial space, this means having content written by a CPA, someone with industry certification, or a writer with substantial experience in the financial industry. The author’s bio should include relevant information such as their education level, years of experience, certificates, licenses, and awards to demonstrate expertise and trustworthiness.

While it’s ideal to have an expert write the content, it’s understood that they might need more time to create in-depth articles on complex topics. In such cases, you can still adhere to E-E-A-T by having an expert review the content after it’s written and stating this on the page.

A great example of adhering to E-E-A-T is seen on Bankrate’s website, which provides information about each post’s writer, editor, and reviewer. Their bios are easily accessible, creating an immediate trust for readers seeking more information.

Data Collection Is a Must

Customer data is a valuable company asset, enabling data-driven decision-making and targeted marketing efforts. However, many companies in the finance industry still rely on outdated legacy technology and fail to collect online data at all.

If your company needs to collect online data from your website and app, it is crucial to take action immediately. We recommend setting up essential tools such as:

Google Analytics: 

This tool tracks various data points, including website and app activity, conversions, etc.

Google Search Console: 

It helps you check indexing status, search queries, and crawl errors and optimize website visibility.

Google Ads: 

If your company engages in paid online marketing, this platform enables you to create and manage ads and gather valuable data from advertising campaigns.

Once you have these tools on your website, you must link them to your Google Analytics account. Consolidating all the data in one place allows you to visualize and derive valuable insights.

Studies show that 71% of customers prefer personalized ads, which are more likely to lead to conversions than generalized advertising. By leveraging customer data, you can create personalized and targeted marketing campaigns that resonate with your audience, leading to higher engagement. Analyzing customer data empowers financial companies to make informed decisions, improve customer experiences, and boost marketing effectiveness, ultimately contributing to the company’s success in a competitive digital landscape.

The High Value of Links SEO for Financial Industry

The financial services sector often experiences lifetime link values exceeding $15,000, and this can be attributed to two main factors:

The Financial Industry’s Value: 

The financial industry is highly valuable, dealing with significant financial transactions and sensitive information. As a result, links from reputable financial websites carry considerable authority and value.

DifthanAcquiring Links: 

Unlike other industries where natural links are more common, the financial industry struggles to generate free natural links to its content. Obtaining links through manual link-building efforts can be challenging and time-consuming, with only a few successful links achieved despite significant efforts.

In the financial sector, people are well aware of a link’s value and may ask for payment in exchange for providing a link. This commercial nature of link acquisition makes it even more difficult to acquire links organically.

The most effective solution to generate natural links is to create exceptional content that stands out from the crowd. This content can include interactive assets or statistics people find valuable and want to reference in their work. By offering unique and helpful resources, you increase the likelihood of others linking to your content voluntarily.

Focus on Local SEO

Local SEO is crucial for financial services with physical store locations, as it helps attract local customers and increases online visibility in specific areas. To effectively optimize for local SEO, consider the following key steps:

Create Individual Location Pages: 

For each physical store location, have dedicated pages targeting relevant local keywords on your website. These pages should include location-specific information and content that resonates with the local audience.

Set Up Google My Business (GMB) Listings: 

Create a Google My Business listing for each store location. This ensures your business shows up in local search results and Google Maps when people search for financial services in their area.

Optimize GMB Listings: 

Provide accurate and up-to-date information in your GMB listings, including business name, address, phone number, operating hours, website link, and services offered. Encourage customers to leave positive reviews on your GMB profiles.

Link Maps to GMB Listings: 

Link any maps on your local pages directly to the corresponding Google My Business listings to enhance local search relevance and user experience.

Maintain Consistent NAP Information: 

Ensure that your business name, address, and phone number (NAP) are consistent and accurate across all local directories, websites, and online platforms.

Use Local Business Structured Data: 

Implement local business structured data (schema markup) on your website to provide search engines with essential information about your store locations, such as address, opening hours, and contact details.

Encourage Local Link Building: 

Seek opportunities to build local backlinks from relevant websites, local business directories, and community organizations. Local link building can improve your local search rankings.

Technical SEO Isn’t Your Top Priority

In the financial industry, most websites have fewer pages, typically around 10,000 or less. This is considerably lower compared to e-commerce sites, which may have hundreds of millions of pages.

A smaller website can be advantageous as it reduces the likelihood of encountering major technical issues. However, you can still ignore technical SEO altogether. Having at least one person with technical SEO expertise in your organization is essential to monitor and audit the website for potential issues.

In the financial service industry, the more common SEO issues are often found at the page level. These issues may require customized solutions to address specific problems rather than large-scale fixes for the entire website infrastructure.

Conclusion

As we conclude our exploration of SEO for Financial Services, it becomes evident that embracing SEO is imperative for thriving in the digital landscape of financial services. By implementing effective SEO strategies, financial service providers can enhance their online visibility, attract relevant traffic, and gain a competitive advantage in the market. Whether a financial advisor seeking to connect with potential clients or a financial institution striving to expand its customer base, SEO presents an opportunity to forge a strong digital presence and establish authority within the industry. As the financial services landscape evolves, staying abreast of SEO trends and adapting strategies will be crucial in maintaining a cutting-edge position and reaching a wider audience. With a well-executed SEO approach, financial service providers can effectively harness the power of online marketing to achieve sustainable growth and success in the dynamic world of finance.

FAQs

How can SEO benefit financial service providers?

SEO offers numerous benefits to financial service providers. It improves online visibility, helping potential clients find and engage with their services. It also builds credibility and trust, associating with reliability and expertise in the industry.

What are some key SEO strategies for financial service providers?

Key SEO strategies for financial service providers include optimizing their websites for relevant keywords, creating informative and valuable content, and building high-quality backlinks. Local SEO is also essential for targeting geographically specific audiences. Additionally, ensuring website mobile-friendliness and optimizing page loading speed contribute to better user experiences and improved search rankings.

How long does it take to see results from SEO in the financial services sector?

The timeline for seeing results from SEO in the financial services sector can vary depending on various factors, including keywords’ competitiveness, content quality, and domain authority. Generally, seeing noticeable improvements in search engine rankings and website traffic may take several months. However, with consistent effort and a well-structured SEO strategy, financial service providers can experience significant growth in their online visibility and client base over time.