Can buying a home ever be a true end-to-end online service?

Written by Geri McGaan – Principal Client Advisor

Today we don’t give a second thought to buying online. From products like groceries, clothes, and books, to services like TV subscription, flights, and insurance. For most of us, it’s an everyday occurrence. But what about bigger, more significant purchases, where we are parting with large sums of money? Will there come a time when, for example, buying a house online is common place? Is it even realistic to expect someone to make an expensive purchase without talking to someone or at least having some human interaction? Is there even an appetite there from consumers to be able to do it?

Depending on the product or service, the complexity of consumer concerns differ, for example, when buying car insurance, our studies show that the top drivers for choosing a provider at final preference are price and (provider) familiarity (1). However, buying a home is one of the biggest purchases we will make during our life so, more complex questions need addressing such as:

  • How do I get a mortgage and how do I know if I qualify?
  • What type of mortgage is best for me?
  • Which product offers the best interest rate?
  • What do my monthly repayments look like?
  • How much deposit do I have to put down?
  • How long will the application take?

Making buying a home a truly end-to-end process brings with it a wide variety of challenges for providers. In 1981, 22% of home buyers read newspaper ads to find a home and eight percent used friends as an information source. In 2016, 44% looked for properties online first (2). So what about the mortgage application process itself?

A Global Reviews study undertaken in Q3 2016 identified that 26% of participants (N=250) want an end-to-end online mortgage application form service (figure 1), however completing one feels more appropriate at certain stages in their purchase journey and varies depending on their status e.g. a first-time buyer vs a second-time buyer (figure 2).

Figure 1: Please rate how important the following elements would be on a website when deciding on selecting a home loan

Figure 2: When would consumers interact with a home loan provider’s website?

When reviewing the mindset of consumers around online mortgage applications a further study (3) revealed:

  • Most consumers believe that completing an application form online will give conditional approval (with full approval pending confirmation of details of sale and financial details), not full approval. With most expecting to receive an email more so than any other form of communication
  • First home buyers are more likely to use the website to understand their borrowing power rather and seek conditional approval, pending financial and purchase details, however human interaction at some point remains important
  • Having an online application form is not enough of an incentive to encourage consumers to choose a provider, offering discounts on fees and charges makes applying online more appealing for first and second home buyers

So while the home loan providers website has a place, there are still many who want to speak to someone at some stage, regardless of age.

When testing the online application form itself, the highest drop-off for completing an online mortgage application, happens at product selection section, where participants are asked to choose their mortgage. Other issues reported were around duration, terminology, security, and support. With providers looking to cut costs and increase market-share at every stage, if they want to move more complex transaction online, like buying a house, key concerns need to be addressed, such as:

  • Reassuring prospects that the product they have picked is right for them – our study showed that the key moment within the application journey where participants drop-off was at the product selection stage, where participants are asked to choose their product
  • Setting expectations upfront:
    – what are the qualification criteria for applying online – only existing customers?
    – how long can they expect the application to take?
    – what information do they need to have to complete it?
    – how will they be informed of application approval and how long will this take?
  • Providing the appropriate level of help and support at the different stages of the process bearing in mind that first-time buyers may need more hand-holding
  • Being transparent and providing information such as the cool-off period
  • Making them feel their information is safe and secure

But having an online application form is not enough of an incentive for consumers to choose a home loan with that bank – monetary incentives, such as discounts and special rates are more likely to motivate consumers.

What’s likely to influence customers to use an online application form?

So, while some financial institutions are already enabling customers to buy their house online consumers current (and correct) perception (and their expectation) is that most application forms are conditional approval rather than full approval. With many challenges that still need to be overcome providers have some way to go before consumers embrace a fully online end-to-end service from mortgage research, to application, to approval. Totally ‘replacing’ human interaction is not currently realistic. New design patterns are emerging that look at supporting the decision-making process and providing that human-interaction in an online context, but more on that in my next blog…

(1) Global Reviews Fruition Motor Insurance IE October 2017 N=201
(2) Nar Real estate in a Digital Age 2017 Report
(3) Global Reviews Home Loans Application Form AUS March 2017 N=103

Download our free report and view our recent mortgages webinar for more insights into industry trends and how consumers are interacting with provider websites.

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How to improve conversion on Motor Insurance websites (webinar 14 July)

Motor Insurance infographicGlobal Reviews is delighted to announce a webinar on Friday 14 Julyth at 10am BST utilising data from our recent Fruition study of the Irish Motor Insurance industry.

Join our webinar and find out:

– If you’re one of the brands losing over 75% of potential clients
– How your competitors are scoring
– What you can do to win clients
– How you can convince users that you have good online member services

Motor Insurance headerGlobal 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 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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3 Top Tips for Winning More Credit Cards Customers & 4 Brands Who Are Doing It Best

How Do Consumers Find The Online Experience Of Looking For A Credit Card?

Global Reviews researched 400 in-market credit card consumers across desktop and mobile channels. Our research identified the issues that 95% of consumers are experiencing online.  The evidence from our research programme, Fruition, is showing that when users encounter problems while trying to find fees, up to 13% of users will abandon the website to check out a competitor instead.

Is your credit cards acquisition journey helping users find the right credit card that suits their needs and are the options presented on your website easy to understand?

In short, these are the three best practice tips to optimise your conversions online:

  1. Enable easy direct comparison between cards
      • Use for instance; tick box side by side comparison or concertinas
      • Rationalise and match the features promoted on account list page to increase ease of scanning and comparison
      • Use icons and larger text to make features easier to scan
      • Put the same features next to each other and indicate where options are not available
  1. Elevate reasons to continue browsing: using hero images and menu options
  2. Clearly define the benefits of your product

 

Top 4 Credit Card Brands Optimising Conversions:

MBNA and Lloyds offer lists, and the consistency of layout makes comparison easier.

MBNALloyds

American Express promote reasons to apply up the top of product pages. On compare pages, card images float down the screen as users scroll.

AmexCBA’s comparison table offers functionality to make it more user friendly on a mobile device.

CBA1

Pop up messaging appears when the consumer does not scroll right, notifying them that more content is available. This could be used in a number of scenarios to aid mobile usage.

CBA2
Allows consumers to choose to view more features but less products in portrait view OR less features and more products in landscape view.

CBA3

Simplified sticky headers and the ability to remove a product from comparison makes it easier to compare than at most other banks.

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 FRUITION research, please contact: 

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

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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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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.

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

Watch our webinar to learn more:

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 can casino game providers improve the journey…and conversions?

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

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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