Building a successful business in the finance industry is no small feat. It may be easy for successful finance directors to presume that building their firm's website will be a walk in the park by comparison. However, for finance professionals in particular, many hidden dangers come with creating their own website.
We uncover some of the dangers of building your own website in the financial services industry and provide some helpful insights into making your digital mark (safely).
What is the main risk of building your own finance industry website?
Security risk is one of the standout risks of building your own website in the finance space. Typically, anything encompassing financial content in the digital landscape attracts heightened cyber threats — websites are no exception. Diligent business owners should be acutely aware of their digital security needs. Utilising a common Content Management System (CMS) such as WordPress to build your site can potentially leave your website vulnerable to various security threats.
The risk of hacking, malware and data breaches exists for every website, however, vulnerabilities in web applications were found to account for more than 50% of all security incidents in a recent report by the National Cybersecurity and Communications Integration Center (NCCIC). An open-source CMS potentially increases your web application vulnerability. The core software used may become outdated quickly; your site's susceptibility to cyber threats increases without regularly completing updates.
Some other risks of using an open-source CMS are insecure themes and plug-ins, unauthorised logins, denial-of-service attacks and the common mistake of overlooking user roles.
How to reduce your website security risk
To help mitigate some of the security risks associated with your website and landing pages, consider utilising a website-building platform that incorporates enterprise-grade website security — we can take care of this on your behalf.
Uncovering more self-built website dangers
Security risk is undoubtedly a significant consideration when constructing your website, however, many other hidden dangers lurk in self-built websites.
Poor user experience
Designing a user-friendly and visually appealing website requires knowledge of user experience (UX) and user interface (UI) design principles. Without these skills, your website may have a confusing layout, slow loading times, and other issues that frustrate visitors and compromise your conversion rate.
Limited functionality
Building a complex website with advanced features often requires programming skills and knowledge of various technologies. Your stock market knowledge may be the cream of the crop, but if you're not proficient in coding, you may struggle to implement the functionality you want, limiting the overall effectiveness of your site. Plug-ins and applications are great, but as we discussed above, they can potentially pose security threats.
Compatibility issues
Websites need to work across different browsers, devices, and operating systems. Without proper testing and optimisation, your website might not display or function correctly on specific platforms, alienating a portion of your audience (particularly if your target audience are busy professionals who are on the go).
Lack of scalability
If your website gains popularity and experiences increased traffic, it might struggle to handle the load without proper infrastructure. Scalability issues can lead to slow performance or crashes, causing a negative experience for potential clients.
Time and effort spent
Building a website takes time and effort, especially if you're unfamiliar with the process. Learning new skills, troubleshooting issues, and refining your site's design can take time and effort, diverting your focus from other important tasks and time in the market.
Legal and compliance concerns
Working in a strictly regulated industry means you are no stranger to legal and compliance obligations. Websites must adhere to various legal and regulatory requirements, such as data privacy laws (e.g., The Privacy Act 1988), accessibility standards and copyright considerations. Failing to meet these requirements could lead to legal consequences.
Working in the financial services space means that you also need to pass an additional layer of compliance; copywriting. When you produce copy for a financial website, it needs to comply with the relevant Regulatory Guides. Every piece of copy we write is written in line with the relevant industry regulation guidelines from ASIC and the ACCC.
Lack of professionalism
Your website is often your potential client's first impression of your firm. A poorly designed and maintained website can reflect negatively on your brand. Users might perceive your site as untrustworthy or outdated, impacting your credibility. If your competitors include larger financial institutions, the professionalism of your site should be paramount.
Overrun costs and hidden expenses
Many business professionals view their website as an investment, however, building your own website can lead to overspending and cost you more time, money and effort than you receive in return. While building your own website might seem cost-effective initially, hidden costs can be associated with domain registration, hosting, premium themes, plug-ins, security measures, and ongoing maintenance.
Search Engine Optimisation (SEO) challenges
A poorly optimised website might not rank well in search engine results, making it difficult for potential clients to find you. SEO involves various strategies and techniques to improve your website's visibility, and neglecting this aspect can hinder your online presence.
Similarly, in an increasingly crowded market and complex industry such as finance, the average person can't achieve the engaging content that an experienced financial writer can.
Financial copywriting
Producing financial content is not just for finance journalists and economists. Marketing materials on financial topics must be engaging, informed, accurate and compliant. Even your landing page holds more complex subject matter than a standard website. Financial copywriting is a specialised form of writing that focuses on creating persuasive and compelling content related to financial products, services, and topics.
Financial advisors are knowledgeable in writing financial plans, whereas a financial copywriter is equipped with the skills to produce financial copy in line with your content strategy tailored to the financial industry. You may be an expert in financial markets or other financial instruments, but for financial copywriters their expertise is in financial writing.
How does financial copywriting differ from regular copywriting? Financial copywriters take complex subject matter and present it in simple terms. Using a conversational tone and easy-to-understand language, your audience feels more at home on your website than one where they can't understand a single thing.
Set up your site for success by consulting professionals
You may consider consulting many professionals to build a compliant, safe and professional website. Whether it be for design, development, financial copywriting or security auditing, there's no denying that professional assistance with website construction can lead to a better return on investment for your site.
With a team of SEO professionals, leading financial copywriters, and proprietary website-building platforms, at Rerise Digital, we confidently provide website solutions for finance companies. Whether you're an accountancy practice, credit company, financial planning firm, finance broker or other professional in the corporate finance or personal finance industry, let Rerise Digital be one of the building blocks that construct a reliable and secure digital face for your business.
Get in touch with our team to start the conversation!
If you'd like to view financial copywriting examples and our website portfolio, please reach out to us.