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L2 Inc Recognizes Bank of America, GEICO, and Charles Schwab as the Top Three Digital Performing Financial Services Brands in 2017

NEW YORK, NY - Digital benchmarking firm L2 Inc releases its 2nd annual L2 Digital IQ Index: Financial Services US 2017 Report.

The L2 report benchmarks the digital performance of 95 financial services brands operating in the US. The report features key digital strategies and best practices for B2B, fintech, insurance, and investment and wealth management firms as digital quickly displaces traditional channels in the financial customer experience. The L2 Digital IQ Index methodology examines a brand's strengths and weaknesses across the four digital dimensions of Site and E-Commerce, Digital Marketing, Social, and Mobile. Index brands are classified as either Genius, Gifted, Average, Challenged, or Feeble.

"Since 2015, the use of fintech tools among digitally active consumers has surged from 16 to 33 percent," explained Colin Gilbert, Vice President of Emerging Sectors at L2 Inc. "Such numbers should be a wake up call for traditional finance brands who, in contrast to disruptors such as Robinhood and Acorns, have been slow to implement digital strategies and digital tools for basic payments, financial planning, investing, and borrowing."

Key findings from L2's report include:

Visitor Engagement: A typical visitor to a financial services Index brand site spends less than 4 minutes on site and visits fewer than 6 distinct pages. On average, 34 percent of visitors "bounce," or leave the landing page without having interacted with content in plain view—underscoring a disconnect between visitor intent and available content.

Where to Share: The majority of all financial services social media posts take place on Twitter (79 percent). However, Facebook posts earn 25 times more engagement than those on Twitter, averaging 800 interactions per post versus 31 on Twitter.

Google Optimization: On average, Index brand sites receive nearly 33 percent of their organic search traffic and over 25 percent of their paid search traffic from a single keyword -- their brand name. Over 50 percent of brands generate zero first-page organic search results against unbranded keywords, limiting their ability to raise awareness among new customers.

"Financial Services brands need to refresh their strategies for reaching new audiences as fintech brands have created new customer expectations," noted Liz Elder, Senior Associate at L2 Inc. "Brands should focus on an easy-to-use site experience and content that's understandable and relevant to the growing cohort of digitally-driven Millennial customers."

The L2 report features case studies on brands including but not limited to: Allstate, Bank of America, Goldman Sachs, Merrill Lynch, Robinhood, and Santander Bank.

L2 benchmarks the digital performance of over 2,200 brands across 12 industries globally. Our proprietary Digital IQ Index is the global standard for measuring digital competence. We analyze 1,250 data points to provide brands with actionable, data driven insights on their digital performance.

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