Major motor insurance brands losing 81% of “converted” prospects during online purchasing process

motor insurance

81% of customers shopping online for motor insurance decide on a preferred brand early in the process, only to swap to a competing brand at the final purchase stage. This revelation comes from new data just released from digital conversion intelligence company Global Reviews.

To learn how major brands are losing customers during the purchase process, and why Churchill is so effective at taking them, Global Reviews is hosting a free 20-minute webinar. Keep reading for more insights below.

After digitally measuring tens of thousands of behavioural data points from online shoppers in the market for motor insurance, Global Reviews found that the major brands are effective at deploying large marketing budgets to build top-of-mind recall. However, these same brands lose hard-won prospects during the purchase process as a result of uncompelling offers, a lack of access to information, and badly designed conversion pages. These “lost opportunities” were most pronounced at Direct Line, but most major brands also suffered this loss to some degree.

Sankey screenshot

Click to view rollover diagram

In part, the extreme customer attrition is caused by the growing reliance of digital teams on site-centric, single data sources. These packages focus almost exclusively on the company’s own website, thus reducing their ability to view and respond to overall competitive market dynamics. Whole-of-market visibility is one of the major advantages driving the rise of aggregators who exploit their competitive intelligence to intermediate brands and dictate pricing and preference.

For example, consider that Aviva is a well-known brand with high unprompted recall. The Global Reviews analytics discovered that this strong branding led Aviva to be the initial stated preference of a large number of customers, and yet during the purchase process, Aviva lost a substantial number of these hot prospects to lesser known brand, Churchill. To quantity the difference, Aviva’s Lost Opportunity score was 72%, representing a huge loss of revenue and an escalated customer acquisition cost (CAC).

This high Lost Opportunity and the success of Churchill in dynamically churning hot Aviva prospects during the purchase process is unexpected. Global Reviews data revealed that initially, in-market consumers start their purchase journey with an emotional view of Aviva as a reputable brand with great prices, products which match their needs, good customer service and a website that is easy to use. Churchill on the other hand is perceived as undynamic and being behind the technology curve.

However, once their shopping process has begun these consumer perceptions quickly change, and Churchill consistently delivers “delight”. In fact, astonishingly Churchill ranked first across all competitors as the most preferred brand at the end of the research phase of purchasing. Global Reviews can reveal that this was driven by an online narrative focused on demonstrating a range of products and offers designed specifically to suit individual customer needs. The navigation data also revealed an information architecture that made it simple to find key information on their website.

Online customer journey

Customer Journey Mobile Motor

As a reminder, Global Reviews is hosting a free 20-minute webinar where we will reveal how major brands are losing customers during the purchase process, and why Churchill is so effective at taking them.

As usual, to keep the conversation relevant and on point, Global Reviews is making only very limited spaces available and you must be in the insurance or finance industry to attend. We apologise in advance if we cannot accommodate you.

If you would like to book a private conversation to learn more about these or any other Global Reviews insights please contact:

Gerard Farrell
Head of Product and Client Advisory
gerard.farrell@globalreviews.com
+44 (0) 203725 8260

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How well do health insurers encourage online application?

apply online

Recent research conducted by Global Reviews shows that the Australian health insurance industry is failing to provide consumers with a reason to apply for a policy with them online.

The majority of people who are researching health insurance online, also wish to purchase the policy online, however, there are 3 key elements missing from most websites that encourage consumers to purchase online whilst providing them with security and privacy. These elements are:

  1. Poor new/existing customer handling
  2. No promotion of the benefits of purchasing online
  3. Security and privacy features and functions being neglected

There are numerous opportunities within the application form stage that many health insurance providers are missing out on. By enhancing the process, brands can come to deliver an optimal online experience that not only helps the consumer feel secure, but also gives them a reason to recommend the brand and site to others.

During the most recent research, AHM was the only brand actively promoting the online channel for application by providing an incentive. At the time of writing this piece, AHM was offering savings up to $200 for taking out a policy online. This simple offer gives consumers a strong incentive to purchase a policy online prior to the offer expiring.

ahm Health Insurance Cheap private health insurance

Whilst incentives are one good way to encourage online application, they are not necessary. Other methods can be used to encourage consumers to begin the application form online such as highlighting key benefits and conveniences including:

  • Ability to apply any day, any time
  • Complete the form in your own time
  • Faster applying than other ways – no wait time

Another key element in this phase is in managing expectations by addressing the following common questions:

  • How long will it take to complete the form?
  • What information will I need to provide?
  • Will the company respond to my application and how?
  • Are there any terms or conditions I should be aware of?
  • Will my information be kept secure?

Surprisingly, most health insurance websites are failing to answer these questions prior to consumers beginning the application. It’s not until they’ve already begun the process that some of these questions start to get answered.

Although there are still a few questions that go unanswered, GMHBA is currently one of the few who answers any of these questions at the quote stage. Prior to clicking through from the quote to the application form, consumers are told how long the process will take and what details they’ll be required to supply. If the consumer doesn’t have 5 minutes or their Medicare and bank cards on hand, they’re given the option to email the quote to themselves so that they can complete the application form at a later stage. This lessens the risk of losing the consumer to someone else if they’re not able to apply right away.

GMHBA Private Health Insurance

Meanwhile, within the application form itself, it is more common to see brands addressing these questions. BUPA is a good example of a brand that helps set some expectations within the form as well as providing support options and demonstrating a sense of security.

  • At the top of the form is the Norton security symbol to give consumers a sense that their information will be kept secure and it is safe to complete the form.
  • Alongside the symbol is an outline of the stages of the form. Whilst an estimated time for completion is not provided, consumers can still easily see how far along the process they are.
  • Below the cost is a box which outlines what information is required to complete the form.
  • Finally, contact details are provided in case the consumer requires further assistance. This includes call centre operation times to advise consumers when they can call.

PHI BupaBy answering some of the key questions listed above both prior and during the online application process, it will help to give consumers a reason to not only trust the brand, but also confidently complete the application online. Both of these reasons can go a long way when it comes to building a relationship with the consumer. Once a consumer is happy and confident with a brand, they will be less likely to go elsewhere and more likely to recommend that brand to others.


To find out more about this research or to ensure your brand is included in our next round of research, contact us today:
Tony Carveth
Senior Commercial Director
tony.carveth@globalreviews.com
+61 3 9982 3400

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6 tips to optimise conversions in the online casino market

Casino programme

In November 2016, we tracked and surveyed 200 consumers to better understand their processes when it comes to finding an online casino site to play on.

Before gamers conduct any research into the best site for them, as many as 75% have a preferred brand in mind. This is typically driven by having used them before in some capacity as reported by 68% of those with an initial preference. This is followed by 54% who said that they are a current customer and 49% who have trust in the brand. Brand loyalty and the comfort of using what you know are key influences in who a gamer is considering.

However, there are factors along the research journey that can impact this initial decision.

The first step for 91% of gamers when finding a site to play on is a search engine. For many consumers, search engines such as Google are a natural starting point for most, if not all, online activities. It is within the search results, gamers are then exposed to a range of brands and any specials/deals on offer. Whether they are driven by the brand name, the games available or available deals, gamers then move on to a brand’s website where the online experience begins to influence the decision-making process.

They say that first impressions last. This rule applies to websites as much as anything else. In fact, 38% of gamers stated that the visual appeal of a brand’s website played a part in the final decision making process. If a website is not aesthetically pleasing and does not provide a layout and navigational path that is easy to follow, then gamers are going to find it too difficult to use and go elsewhere.

Throughout the research and decision making journey, the online casino industry has many ups and downs as the balance of product, price and experience plays its part on the decision-making process. Each brand has its own strengths and weaknesses throughout the journey whether that be in revealing and detailing games on offer, explaining game play options or registering for an account online.

Global Reviews

So, how can casino game providers improve the customer journey and ultimately increase conversions? Here are our top tips:

6 ways online gamingEach of these tips not only applies to online casino sites, but across all product and service websites. These are universal requirements to ensure a strong online customer experience and aid in online conversions. By implementing these elements, a brand can go from sitting in the middle of the pack, to creating an online experience that sets an example for the rest of the industry.

To watch the full Casino webinar click here 

Originally written for SBC News: http://www.sbcnews.co.uk/features/2016/12/20/global-reviews-tips-optimise-conversions-online-casino-market/#ixzz4W4ERcqlw

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your Casino brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director
T:         +44 (0) 203725 8260
M:        +353 (87) 1263043
E:         hannah.farrington@globalreviews.com

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The Meme Collider?

meme collider

In 2012, 174 meters below the Franco/Swiss border in a circular tunnel stretching 27 kilometres, the Higgs boson was discovered, through particle collision. It is through the observation of the by-products of these collisions that scientists and researchers are growing our understanding of the universe.

Can we apply the premise of collision to commercial business models; and through observing the by-product, understand the drivers of social and commercial evolution? May we be able to gain a greater understanding of what CX and customer expectation will look like 5 or even 10 years from now?

If we take, for example, Schiphol airport in the Netherlands who provide parking spots and collided it with the business model of a car rental company who invests in car fleets to rent out, what might we observe? Would we discover a company like ParkFlyRent who pairs departing passengers with those who wish to leave their car at the airport for long periods with inbound passengers looking for a car to rent? The pair never meet but trust is established.

Consider the shape of the ‘peer to peer’ model against this ‘peer to business to peer’ model. What is the role of the business? Is it to provide convenience, to provide a marketplace, or something else?

The ability to throw two markets together and turn them into one without affecting people’s access to mobility is surely the premise upon which market places exist.

Convenience is not key. While it may remove friction in terms of customer experience, it may also remove the customer experience altogether i.e. trust, relationships – the human element.

We are moving towards a world where marketplaces are becoming the dominant place for economic transactions. In the past the marketplace may have been defined as ‘an arena of commercial dealings’. Today these new market places facilitate micro-entrepreneurship that only thrive on positive feedback.

Let’s be contentious, let’s say that insurance companies don’t reward their customers with fair play and caution. When the insurance industry collides with a community based model like a social network, what would we observe?  German Insurance broker Friendsurance.de provide a group based claims cash back bonus structure. They group people online who have a similar insurance policy and if no claims are submitted, the members of the group get a cash bonus at the end of the year. For two consecutive years more than 80% of the consumers who took advantage of the claims free bonus received a proportion of their premiums back. Both the insurance companies and the customers can win.

I suggest that all of these examples come from a quickly growing meme which is the consumer viewpoint of what brands are describing as digital disruption: the collaborate consumption economy. Rachel Botsman, in her TED talk, discusses the fundamentals behind the concept of the collaborative economy and predicts that it will evolve every commercial industry that we know today. In the collaborative economy, trust and relevance are the key drivers and what digital has brought to the table is the ability to build trust without having to meet someone.

It is interesting to note that the definition of a community is “the condition of sharing or having certain attitudes and interests in common”.

Is this collaborate-economy an evolution or a revolution of the marketplace? Is the secret to meeting its challenge to reconsider the linear, consumer to business based model and look to the cluster based community model?

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28% of consumers are unable to find the product range on mortgage websites

mortgages

In June 2016 Global Reviews observed and measured 400 consumers as they sought after a new mortgage provider online and found that 28% of consumers are unable to find the product range on mortgage websites.

The ability to quickly and easily locate and compare product options is an obvious top need for consumers when researching products online. This is no exception for those looking for a new mortgage provider so it’s a concern when so many consumers are struggling to complete what should be a simple task.

Consumers on the ING Direct website had the highest effectiveness rate with 81% for navigating from the homepage to an area dedicated to showing the product range. They were closely followed by CBA with 80% and Heritage Bank with 78%.

Success rate for locating product range

Given their high success rate, it is not surprising that consumers on the ING Direct website had a much higher level of satisfaction in completing the task with a score of 86%, against the industry average of 75%.

Whilst having a direct and clear navigational path from the homepage to the product page is vital, it is equally important to deliver on content once consumers arrive on the page. This includes adequately detailed information, product comparisons and tools to assist the consumer in finding the best product to suit their needs.

Comparing product options

On average, consumers rated the comparison capabilities of mortgage providers at 75%. The ease of comparison was rated at 71% whilst the interactive elements within the comparison tools only averaged a best practice score of 40%.

NAB was the worst performer with a score of just 44% for how easy it is to compare options. Meanwhile, St George and CBA lead the industry with scores of 81% and 80% respectively ahead of an industry average of 71%.

Ease of comparison

Some of the key features the top performers include on their comparison page that help to boost their scores are:

  • Detailed information including whether or not an offset account is available for the product.
  • Information as to whether redraw facilities are available.
  • Displays definitions of industry specific jargon or displays a link to a glossary
  • Ability to compare all accounts in a single location
  • Displays interest rate information for each account
  • Ability to print the comparison table

Minimal tools for matching products to needs

To find the product that best suits their needs, consumers could read about each product individually or look at a comparison table, however, these methods do tend to rely on a certain level of understanding of how the product works. Something that especially those new to the market would have difficulties in doing successfully.

The solution? A needs matching tool.

Five of the eight brands assessed in this study do not offer such a tool and therefore rely on a certain level of knowledge and understanding from the consumer. A risky move given 17% of consumers said they would leave the site and go elsewhere if they faced difficulties on a site.

The three companies within the industry that do use a tool to assist consumers in deciding which mortgage account is right for them are CUA, ING Direct and NAB. By including a tool to assist in needs matching, these brands scored well ahead of the industry average of 36%. CUA scored 67%, ING Direct scored 62% and NAB scored 50%.

Needs matching content scores

A needs matching tool doesn’t have to be extravagant. The use of guiding questions is a simple way of leading consumers towards a product most relevant to their needs. Obviously the more interactive elements and detail the tool includes, the more confident consumers will be in knowing that they have selected the right product to meet their needs. Given how few brands are offering such a tool, even the basics will deliver a better online experience than having no tool at all.

Taking out a mortgage can be a daunting enough task without the added stress of trying to navigate and understand details on a brand’s website. By providing the right information in an easily digestible format, brands can help consumers feel more confident in their decision and therefore instill a stronger sense of trust in the brand.

Mortgages report 2016

 

For more tips on how to improve the online customer experience, download our FREE report.

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How can casino game providers improve the journey…and conversions?

Casino programme

Global Reviews recently ran a hugely successful webinar for the ‘Casino’ sector. Below are some key findings but if you would like to find out more click through to the full webinar here.

The casino customer – what do we know about those looking for a casino game to play? 

Casino PlayersGlobal Reviews’ first wave of Fruition research on the casino market revealed that:

  • 91% begin their gaming journey on a search engine.. so it really is !all to play for”!
  • 56% then move from a search engine such as Google to a brand website. Casino brands should ensure their SEO strategy is focused on this customer journey.
  • 75% already have a casino provider in mind before researching.
  • A casino players’ final decision rests on whether they place ‘trust’ in the brand.

Who is winning at the research stage? 

At the research stage, more than half of the casino players who took part in our Fruition research ended up on these Top 4 sites:

Top 4

What were the reasons for final preference for the Top 4 brands? 

Final Preference

Trust and having used the brand before are the main reason for customers when finally choosing a casino provider. Having a website that is visually appealing and providing plenty of options to choose from are also critical.

There are ups and downs along the casino customer journey! 

There are significant ups and downs along the customer journey. Casino providers certainly don’t make it easy. Industry-wide, ‘Channel Selection’ is a low point.

customer journey

So, how can casino game providers improve the customer journey and ultimately increase conversions? Here are our top tips: 

  • Encourage join up
  • Show users WHY they should choose to game with you
  • Show users how EASY it is to play
  • Enable some FREE play on your site
  • Use multiple navigation routes to get players to game quickly and easily – navigate by ‘types of game’, ‘level of jackpot’, ‘name’ and ‘ease of play’
  • Support channel selection by incorporating contextual help and support, including throughout the registration process

To watch the full Casino webinar click here 

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your Casino brand would like to be included in our next round of FRUITION research, please contact: 

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

 

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Telco Blog Series: UK mobile providers losing customers at a critical stage, ‘online purchase’

UK mobile phone providers

Global Reviews recent Telco Digital Effectiveness study revealed that the two critical stages which cause customer frustration and abandonment are navigation  and online purchase.

Telco brands in the UK are losing at the ‘online purchase’ stage, just as their ideal customers are about to buy from them.

Online Purchase

Once again the basic needs of the customer are not being met at the ‘Online Purchase’ stage.

  • Security
  • Help
  • Privacy

Best Practice: Carphone Warehouse and the need for a ‘consistent basket’ 

Carphone Warehouse was the top scorer for the ‘online purchase’ stage of the customer journey. Help is offered to the customer at every step of the online process. ‘What you will need’ at the checkout, encouragement to buy and also details about what you are buying are featured at every step of the process. The customer is reassured at every step of the process that they are buying the right thing.

Carphone Warehouse

A comprehensive FAQ section offers help and advice relating to the customers’ order, not just general help and FAQs.

What does Carphone Warehouse do to help their customers through the online process?

  • Help through the process
  • Reassurance
  • Encouragement to buy
  • What am I going to need? for the checkout

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your Telco brand would like to be included in our next round of research, please contact us: 

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

 

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Telco Blog Series: Poor navigation frustrates UK mobile customers

UK mobile phone providers

Global Reviews recent study on the UK Telco market looked at how consumers research and buy a mobile phone, sim card or plan to suit their needs online. The Digital Effectiveness study found that UK mobile providers make the process difficult and confusing for consumers. Poor navigation is one area in which mobile providers are failing their customers.

How are UK Mobile Providers performing? 

Telco Industry Scores

The alarmingly low scores, the lowest being 48% shows us that there are key industry pains.

Where are the ‘Industry Pains’? 

Telco Industry Pains

‘Evaluating Options’ is a key pain for providers in the mobile industry. Essentially ‘Evaluating Options’ equates to “Have you got something to suit my specific needs”? for the mobile customer. In order for customers to be able to evaluate their options quickly and easily, and to find product and plan specifics, navigation needs to be addressed.

‘Online Purchase’ is also a key pain and is discussed further here. 

What do UK mobile customers want? 

  • A product to suit their specific needs at the end of the process
  • A phone on a contract that they can afford
  • An affordable PAYG contract
  • Simply want help to just understand their options

Poor navigation frustrates customers and hinders online purchases 

Task 1 – Consumers in our study were asked to find the cheapest 12 month SIM only contract with 2GB or more of data. This task can be replicated across all of the brands in the market.

Task One

  • Tesco Mobile had a 90% success rate, an 84% satisfaction rate and a 90% evaluation rate
  • In general, UK mobile providers perform poorly on this task.
  • The lowest performing brand had a 32% success rate, a 57% satisfaction rate and a 27% evaluation rate
  • 73% of customers for the lowest performing brand had an issue in finding what was asked in the task
  • Less than one third of customers managed to find the SIM only contract for one particular brand

Task 2 – Customers were asked to find the iPhone with the cheapest Pay Monthly price while having 16GB of storage and a front-facing camera

Task Two

With this task there was a lower success rate.

On average, 61 % of customers had problems finding the phone that matched the specified needs.

  • One brand had an 81% success rate, 70% satisfaction rate and interestingly a 52% evaluation rate
  • One brand in particular had a 0% success rate so nobody managed to find the iPhone on their plan

Voice of the customer suggests frustration 

UK mobile providers do not make it easy to find a particular phone or SIM plan and leads to much frustration amongst customers.

Voice of the customer

Best Practice – Tesco Mobile 

For task one, 90% of customers found the right plan on Tesco mobile with only 10% reporting they had problems doing so.

Tesco Mobile has a simple yet functional and informative table which can be ordered by the top tabs. Customers can decide what is most important and filter options in this way. The page also encourages completion by showing customers the steps along the way therefore encouraging them to buy and to compete the process.

Tesco Mobile

Best Practice – Spark Mobile 

Spark Mobile scored well when we conducted similar research in the Australian market. 52% of customers found success immediately.

A clear page title, relevant terms and labelling and prominent tabs all contribute to a greater task success. Plans and pricing were also clearly labelled from the homepage.

Spark Mobile

  • Tabs labelled according to needs – helps customers to quickly identify each plan type
  • Alternate colouring and bold text used on tabs makes them clear
  • Big, bold text to communicate price – an important factor when matching a plan to needs
  • Clear, consistent headings makes comparing the options quick and easy
  • Insight: Spark visitors encountered the least problems during the match plans to needs task
  • Good comparison tables assist with ‘needs matching’

Best Practice – EDF Energy 

We know that from previous Global Reviews studies, other markets, particularly those with complicated products such as energy retail perform well in these type of tasks. EDF Energy can be used as a ‘Best Practice’ example outside of the Telco industry.Navigation needs to be clear and also needs based. Mobile providers can learn from Energy Retail on how to easily help customers through the process.

EDF Energy

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your Telco brand would like to be included in our next round of research, please contact us: 

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

 

 

 

 

 

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Superannuation companies are not delivering on customers’ top needs

Superannuation companies are not delivering on customers’ top needs

Superannuation is a unique industry whereby consumers are influenced as to which brand they choose by a broad range of inputs such as employers, financial advisors and family. With so many external factors feeding into the decision making process, it is imperative that once consumers are on the website that they’re met with a strong online experience, otherwise they’ll be easily swayed by external factors rather than what the brand can offer them that competitor brands cannot.

The top reasons for consumers to shortlist a superannuation brand for further consideration, as defined by market research conducted in January 2016, were brand recognition (I was familiar with their names 48%) and search engine placement (I saw them when using search engine 40%).

Looking more specifically at website performance in conjunction with branding, top rating reasons were trust in the brand (35%), the website helped compare options (26%), product/offers easy to understand (26%) and looks easy to use (25%).

Top reasons for shortlisting a superannuation brand

Why shortlist brands

All these reasons for shortlisting a company each have their own features which can help improve the overall customer experience. As seen from the scores, one of the most important reasons for shortlisting a company is trust in the brand, however, online customer experience research conducted in July 2016 saw an industry average for building trust on the website at only 54%.

While the industry is already making moves towards including more features and functions that can build consumer trust, there are many features and functions that still need to be improved.

There is currently no company within this industry, that we measured, that is performing outstandingly in the area of meeting expectations and building trust. The top performer is Sunsuper with 61%. Considering the average is 54%, the general performance of the industry is pretty poor. The companies that are not scoring well, such as BT (47%) and EquipSuper (46%), would benefit most from improving on features that will help build consumer trust.

Meet expectations & build trust benchmark scores

Meet expectations & build trust

Given the low scores within the superannuation industry, it becomes important to look to other industries to learn ways in which to improve a sense of trust on a website. Nationwide, a UK home insurance company, is the top performer for building trust. Nationwide scores a perfect 100%, which is 39% higher than the top performer in the superannuation industry.

So what can be learnt from the home insurance industry when it comes to meeting expectations and building trust, what is done differently and what is similar?

When comparing Nationwide with the superannuation industry, there are a number of features that the home insurance industry utilise better than the superannuation industry.

  • The first feature noticed when comparing websites, is the lack of a phone number on some superannuation websites. The phone number of Nationwide is hidden under the tab additional information, and while this might not be the optimal way for customers to notice it, it is still accessible.
  • The second feature that Nationwide has is a feedback feature on every page. This can be of major importance for companies to help guide website adjustments to better meet customer needs and lessen any problems customers may experience whilst on the site.
  • The last feature that Nationwide has that many superannuation sites do not, is a trust building page about history of the provider. If customers can see the origins of the company, it can instill a greater sense of trust than having no context as to where this brand came from.

Some other functions that can be of great value, but are not used by a lot of companies within the industry are having ‘why choose us/this fund’ content easily accessible i.e. within a click of the homepage/landing page. Superannuation brands all offer similar, if not the same, products so it is important for a prospective customer to be able to differentiate between brands in order to make an informed decision.

Also important is having information available on the fund’s performance within a click from the homepage, and how the chosen fund compares to other funds. This last feature, the comparing of funds, is currently only used by two companies in the industry. This is an important element that should be used by a brand to differentiate themselves from competitors.

To find out more, please download this FREE report.

Superannuation Digital Effectiveness Report (2016)

Next round of superannuation research is about to commence. Register your details to ensure your brand is captured in the next round of studies.

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Simple tips for current account providers to convert more customers online

Search terms used by UK consumers when looking for a current account a credit card online

Global Reviews recently conducted a study amongst customers who were in-market for a new current account in the UK. As part of the Fruition study, customers were asked to recall current account providers in the UK market, unprompted.

Top 5 Current Account Providers – Recalled 

  1. Santander 53%
  2. Lloyds 51%
  3. Barclays 50%
  4. Natwest 48%
  5. Halifax & HSBC 47%

However, it is interesting to note that after further online research in which customers were asked to shortlist current account providers based on finding the best current account to suit their needs, Nationwide features on top of the shortlisted brands. So somewhere along the customer journey online, Nationwide was found to better match products to needs and in turn was the brand that was shortlisted most in our study.

Top 5 Current Account Providers – Shortlisted

  1. Nationwide 40%
  2. Santander 33%
  3. Natwest 28%
  4. Barclays 25%
  5. Halifax 25%

The reasons why prospective current account holders shortlisted a provider was dependant on convenience and trust. The ‘convenience’ of online banking, coupled with the familiarity and trust in the brand were top of the list for current account customers in the UK.

Reasons for shortlist

These key findings from Global Reviews research reveal the factors which influence customer decision-making online and also provides some insight as to why some brands get selected over others.

What can other Current Account providers learn from Nationwide? 

One key online section that the majority of current account providers miss out on is a well structured and informative “Why Choose Us”. Nationwide very clearly and cleverly provides customers with “6 good reasons” to bank with them.

Nationwide

Final tips to convert more current account customers online: 

Current account providers could easily convert more of their ‘ideal customers’ online by simply adding some useful features and functions such as:

  • Industry awards for their current account product
  • A link to email the current account details to yourself or a friend
  • A link to save the current account to a ‘wish list’ or similar in order to make returning visits easier
  • A guide to choosing the best product for the customer, for example, choosing an account that matches your needs and avoid any excess charges

Simple online features and functions such as those listed above would go a long way in helping prospective customers select the current account that is right for them as well as significantly improving and enhancing the online banking customer experience.

Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, please contact: 

Hannah-Rose Farrington – Commercial Director

T:         +44 (0) 203725 8260

M:        +353 (87) 1263043

E:         hannah.farrington@globalreviews.com

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