Every financial services customer is a digital customer

By now, leading banks, brokerages, insurance companies, credit card providers and other financial services companies understand that creating a smooth digital customer experience is mission-critical to their overall success. Customer experience for financial services.

Customers today have come to expect 24/7 access to their financial data – bank accounts, investments, credit card charges, and more. Likewise, when a customer is in the market for a new provider or a new policy, he/she expects to be able to open an account or receive a preliminary quote with a few simple clicks. In fact, a recent Accenture Consulting report stated that “every bank customer is a digital customer” with 20 percent of bank customers being digital-only customers.

At Clicktale, we’ve helped countless global financial services providers – MetLife, Bank of America Merrill Lynch, Fidelity, Allstate, BNP Paribas, and UBS, to name a few – shed light on what they can be doing to improve customer experience. I’ll cover account management optimization in a future blog post, but here are a two quick examples of how companies are transforming the account opening customer experience for financial services:

• A credit card provider was committed to providing prospective customers all the information needed to raise confidence, including prominently displaying details of security policies, however the company’s web team noticed lower-than-expected conversions for credit card applications. Through Clicktale, they could see that prospects weren’t engaging at all with the security content, but rather scrolling down further on the page to see the features chart. By pinpoint the problematic area, the company built several variations to test its hypothesis, and very quickly, the digital team saw that removing the security content allowed visitors to find the content they were interested in much faster. Upon making the change, the company saw a 1.2% uplift in credit card sign-ups.

“The kind of visual information we get from Clicktale allows us to continually make more informed decisions. While the lift may not seem like a lot, it actually is rather significant for our volume, and it was good to know we could make the decision to remove the content panel without hurting our KPIs,” according to the company’s web insights manager.

• A leading retailer of financial services that targets consumers seeking alternatives to traditional banking relationships was looking to streamline the customer experience on its mobile website. Using Clicktale, the team found that over 32% of potential customers were struggling with an error while filling in the mobile form. Users who encountered the error stayed on the form three times longer than other users, and many eventually abandoned the site. Clicktale discovered of the source the error, and once the company fixing the issue, loan applications via mobile increased by 14%, with a 10.2% increase in short-term loans and 18.3% increase in installment loan products. In addition, by using the “Time Report” in Clicktale’s form analytics, the company measured that visitors were able to complete the form five times faster than before.

After fixing the error, applications increased by 14% and form completion rates were five times faster.

Digital customer experience management is crucial at each stage of the acquisition or conversion process, so that providers can closely watch and micro-optimize each step. Aside from the inherent monetary loss of each tenth of a percent of prospect dropoff, the acquisition funnel – the first substantial customer interaction with the institution – is where brand reputations are made or broken.

Book a demo to see how customer experience management can improve your business