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Why Financial Services Needs Drupal 8 to Innovate

Why financial services needs Drupal 8 to innovate

The wave of digital disruption continues to travel from sector to sector. Outside of market trading technology, financial services organizations have a decades﹣long history of innovating very little due to regulatory compliance concerns and in turn keeping legacy technology in market that is past its prime. But every year the number of consumers that grew up with technology steadily increases ﹣an unstoppable force driving digital transformation across every industry.

This increasingly large number of digital natives has finally begun to exert pressure on one of the most regulated sectors in the US economy: financial services. In this need to rapidly innovate, modernize and deliver the kind of experience consumers are expecting, these organizations need to turn to and will find great success with Drupal 8.

Take a recent example: While the specific brand cannot be shared publicly, this company is one of the world’s largest leveraged buyout organizations, having owned many iconic American brands over the years. With a portfolio valued in the billions and a highly successful track record, this organization is among the highest caliber investment companies in the world. But their digital brand did not match this reality. This is where Drupal 8 comes in.

With a rapid rebrand and new, fully responsive design Third&Grove helped the client realize some immediate gains. We compared the performance of several key engagement metrics between the old site (Joomla) and the new Drupal 8 powered site, and the results were phenomenal:

  • Total traffic up 66%
  • Unique users up 53%
  • Time on site up 44%
  • Total pages visited up 97%
  • Pages per visit up 19%
  • Bounce rate down 21%

How did we achieve such startling improvement? Drupal 8 made a variety of refinements possible:

  1. With strong support for SEO and responsive design out of the box, search engine rankings were dramatically improved, and so, in turn, was traffic.
  2. By using a unique process that was both user-centered and data-driven, it was seamless to steer the client towards a design that improved customer engagement rather than hindered it (think story carousels of regret).
  3. Drupal 8’s awesome support for in-place editing made it easy for marketing to refine content to maximize engagement, instead of being a dreaded process of logging into the cumbersome editorial backend of doom.
  4. Being open source we could leverage Drupal 8’s large ecosystem of free modules that provide additional functionality so that the project budget could be focused on improving engagement rather than building features from scratch.

The pressure for increased digital innovation in the financial services sector continues to grow, and Drupal 8 continues to deliver. But the track record isn’t just isolated to marketing sites. Nasdaq chose Drupal 8 to power their investor relations site platform which is leveraged by some of the largest companies in the world. With such a strong value proposition and demonstrated track record of success, Drupal 8 is emerging as a digital content and experience management system of choice in financial services.

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