Finding the balance between website consistency and meeting the consumers’ needs

uk banking

There are many reasons why a consumers put a brand on their consideration shortlist, but they generally fall into three categories:

  • Previous experience/impressions of the brand
  • The range of products/deals
  • How easy the website made the research experience

Looking at the reasons why consumers shortlisted various brands for current accounts, mortgages and savings – these categories certainly come into play. However, we start to see some distinct variances in how important each area is depending on the product they are researching.

The following graph highlights some of the differences in the top reasons why consumers consider a brand depending on the product they are looking to apply for.

reasons for consumers shortlisting a brand banking uk*Source: Global Reviews Fruition UK Q4 2018 Research. Current Accounts n=151. Mortgages n=166. Savings Accounts n=151

Previous experience/impressions of the brand seems to be more important amongst those looking for a mortgage.

The range of products/deals is important across the board, but more so for those seeking a new savings account.

How easy the website made the research experience is always important, but consumers specifically think so when looking for a current account.

By understanding the primary drivers behind consumer decision making in relation to various products, brands can tailor their SEO/SEM and landing pages accordingly in order to speak directly to the mindset of the consumer.

For example: the SEO/SEM and landing pages for savings accounts should be centered around product offers and the ability to compare options. Meanwhile for mortgages, the focus should be on brand reputation, instilling a sense of trust and meeting consumer needs. For current accounts the focus should be around making the offerings easy to locate and understand.

It’s not enough to know the differences in how consumers research according to industry, it’s also important to be able to break it down by product – but at the same time ensure a sense of consistency across the site. It can be a challenge to find the right balance, but with thorough research and a broad understanding of consumer drivers, this balance can be met.

 

Contact us to get the full pdf report.

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The advancing & stalling of banking mobile sites (& why Tesco Bank needs to change their site)

The advancing & stalling of banking mobile sites (& why Tesco Bank needs to change their site)

When rating the current accounts landing page on mobile banking sites, Tesco Bank is comprehensively outscored and their product pages are not performing much better. Navigation, appealing visual design and information are all considered by consumers to be lacking from the Tesco Bank site compared to what competitor sites are delivering. These key areas are all contributing to a low average score for Tesco Bank for landing page impressions.Tesco bank scores 7.14 in customer audit

 

A recent study with 170 consumers looking at user experience across UK current account mobile banking sites revealed that Tesco’s unchanging site is falling further and further behind competitors who are continually evolving their site in order to match consumer needs.

Our webinar looked at where Tesco has stalled and how competitors are advancing their sites. These insights will not only help you to avoid making these same mistakes, but also show you what the top performing brands from around the world are doing to ensure they aren’t also falling behind.

Presented by: Rebecca Jennings – Principal Client Advisor

If you enjoyed this webinar you might also be interested in our previous webinar: Why are Santander losing so many potential customers and how can you learn from their mistakes

Let is know what you thought about the webinar and have your say as to what we deliver next!

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Share of Wallet: Best Practice in Cross-selling

Global Reviews has now launched Share of Wallet, a unique data and insights solution that helps your digital and marketing teams to understand the opportunities for a better cross-sell experience for desktop web, mobile web and native app. We’d like to share some information on our methodology with you and show you a few best practice examples.

We conducted research in the banking industry in which we evaluated the current experience and offering of key brands cross-selling within their digital assets and identified best practice in this area across all their products.

With Share of Wallet, we found a solution to:

  • Align/contrast share of wallet performance against the promotion of cross sell opportunities
    • Measure the consumer share of wallet allocation of key brands within banking and insurance industries
    • Audit the implementation of feature and function best practice on digital assets across the same brands
    • Correlate share of wallet performance against the promotion of best practice digital cross-sell strategies
  • Identify best practice in this area across all industries
  • Provide recommendations to improve cross-sell features and functions

Our research shows that there is no correlation between volume of sales a customer has with your company and the volume they have with a competitor. Someone with a current account at one bank, could easily have a home insurance with another bank.

We also can’t focus on absolute satisfaction as a means of understanding share of wallet, for what drives share of wallet, is not what drives the Net Promoter Score (an index that measures the willingness of customers to recommend a company’s products or services to others, used as a proxy for overall customer satisfaction and loyalty to the brand).

Our study on Australian banks shows that the satisfaction rank has no impact on the number of brands customers use.

SoWSatisfaction

So, despite high satisfaction with one product, we found that these are the main reasons for customers to choose a brand for another product they’re interested in:

1. They have the best deals/ offers for my needs (48%)
2. They look like they have good customer service and support features (45%)
3. Their products/ offers were easy to understand (43%)

After our extensive research, our recommendations are:

  • Facilitate quote and applications: This must be a function that is prioritised and provides a good user experience within secure areas, as this is where the existing relationship can play a big part in decision making and ease of completion
  • Help me complete the form: If a current customer is getting a quote or applying, within the customer services area or app, their information should be provided and merely confirmed by the customer (name, address, date of birth, email address, income, employer, assets, debts etc.)
  • Help me understand: Use customer data to provide product recommendations, such as the optimal credit card or loan for them
  • Communication: If you are handing the customer off from one channel to another, ensure that the customer is informed but also that their details are passed on
  • Manage applications and quote: Allow visitors to view and manage applications from within the app, updating them on the progress and status of the application form, and promoting if incomplete
  • Contextual offering and solution approaches: Consider information architecture and content approach, promoting other products softly, in areas where ideal prospective customers may be
  • This content should be shown in a solution/ content manner, rather than an advertisement, in order to be viewed as helpful, UNLESS a strong offer or proposition is available
  • Checking out and quoting functionality: Promote the ability to add, combine, upsell options when quoting or checking out – it is important that cross-buy doesn’t have a negative impact on those who wish to only buy one product
  • Recalling customer data: If an existing customer is following the journey on the public site, they should be given the option to complete in the secure area or recall their details via a policy number etc. to reduce effort required

So how are providers helping existing members to buy more products? Some best practice examples:

SoWAvivaSoWANZSoWANZ2SoWLloydsSoWLloyds2SoWLloydsAviva

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 brand would like to be included in our next round of Share of Wallet 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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Simple tips for current account providers to convert more customers 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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Is banking inertia dying?

Join our free webinar on Wednesday March 5th for an overview of the results of our January Digital Marketing Effectiveness (DME) Study of UK Current Account providers

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