Why are so many bank customers going to Nerdwallet? Well to be honest, most Banks aren’t able to provide the technology and personalized answers that people are looking for.
Banks have invested heavily in financial education but the interactive tools and calculators on their websites are still years behind.
With 2 million people searching for financial calculators everyday, the demand is clear. So if you are a bank marketer looking to provide high quality interactive calculators to use in campaigns and on your website, how do you choose the right calculators?
You can weigh a number of factors in your decision:
- Your most popular products. Key products need supporting tools to promote them online.
- Marketing campaigns. Calculators can help you promote and increase adoption of new offerings, such as a new self-service online savings account.
- Feedback from the lending team. Simply ask which topics and questions are most valuable during the buying process.
- SEO and keyword opportunities. Look at search data to find relevant trends.
With the right calculators, you should be able to boost your SEO and capture precious website traffic, keep customers engaged with a great personalized experience, and eventually, convert them into opening a new account.
Calculators highlight the financial advantages that customers can gain with real numbers, while also enhancing the digital experience on your website so it aligns with your brand reputation for top-notch service.
Focus on Personalized Content
No, you don’t need ALL the calculators. Less really is more when it comes to the interactive tools that you hand-select for your customers.
You don’t want to overwhelm your site visitors with a lot of noise, but you do want to provide enhancements to their digital experience.
Focus on buying the best calculators that can directly answer your customers’ most important questions as they experience life’s biggest milestones. Some of those might be how much they can earn by opening a high-yield savings account, or what their monthly auto loan or mortgage payment would be if they choose you as a lender.
At Chimney, we offer over 40 different calculator templates but we have taken some time to recommend 5 of the most popular calculators that every bank website should consider:
Growing Deposits: CD Calculator (see it in action)
Why it matters: In today’s economy, who isn’t looking to grow deposits? Banks promote very competitive CD rates to attract potential new customers. We have seen that people are more likely to explore a product if they understand what your promo rate means to them.
Advertising a 5% CD is cool.
Showing someone that they can save $100 is cooler.
How it works: Enter in your deposit amount, term, and interest rate to see the future value of your CD. Customers can run different numbers to help decide which product choice or term length is best for them.
Reaching Homeowners: HELOC Calculator (see it in action)
Why it matters: The average homeowner has $270k in available equity. Banks aim to build strong customer relationships so homeowners can unlock the equity in their homes. Providing great service and competitive rates helps banks win second loans from homeowners. Tools like a HELOC calculator can attract prospective borrowers by allowing them to estimate their borrowing power. This gives banks an edge over competitors by demonstrating how their rates can lead to significant interest savings over the long run.
How it works: Prospective homebuyers can figure out how much they can borrow from their homes based on their equity and the home value. It’s perfect for illustrating how just a slightly lower interest rate can significantly increase savings over time. And that’s a win for you!
Grow your Savings: Savings Interest Calculator (see it in action)
Why it matters: Banks generate new business with competitive APY offers. This allows people to see how their hard-earned dollars can grow over time via an online calculator can help convince them to open a new account.
How it works: customers can figure out how much a high-yield savings account could be worth after a set amount of time based on an initial deposit, regular contributions, and APY.
Credit Card Pay-off Calculator (see it in action)
Why it matters: Credit card debt is at an all-time high, over $1 Trillion (with a T!). can be daunting, but with a clear plan, individuals can navigate their way to financial freedom. Banks can guide their customers in understanding and managing their debt by offering a Credit Card Pay-off Calculator. By showcasing this tool, banks can emphasize their commitment to aiding their customers in achieving financial health.
How it works: users input their credit card balance, interest rate, and desired pay-off timeline. The calculator then determines the monthly payment needed to eliminate the credit card debt within the specified period.
Debt Consolidation (see it in action)
Why it matters: Banks build their lending business by providing loans to consolidate high-interest debt like credit cards or payday loans into a single lower-rate installment loan. This gives the bank a new source of interest income over an extended repayment term while helping to improve the customer’s credit profile. Debt consolidation loans carry lower default risk compared to unsecured debt the customer is paying off. For the person holding high interest debt, the process of consolidating debt can be super confusing.
If only there was an interactive calculator to help people understand exactly how much they would save…
How it works: Chimney’s Debt Consolidation Calculator illustrates how consolidating your high-interest debts into one lower rate installment loan can reduce your monthly payment and overall interest costs. Just input your current monthly payments, interest rates, and loan terms. The calculator will compare your total interest paid on current debts vs. consolidating into a single lower rate loan.
Ready to get started? Check out our full library of calculator templates today.