Finding the right home loan is as confusing and overwhelming as picking the right roof tiles to match the bricks. It is, therefore, imperative that home loan providers make the online research process as straightforward and satisfying as possible in order to minimise confusion and ensure strong conversions.
In November 2017, Global Reviews tracked 350 consumers as they searched online for a home loan provider. Consumers were split across desktop (n=200) and mobile (n=150). After conducting their own searches, they were directed to one of eight provider websites to complete further research.
Once consumers had looked around the homepage, we asked them to find all the available mortgage rate options for first time buyers (new customers). In doing this, it was found that those who completed the task quicker typically had a higher satisfaction rate with the process of completing the task. As can be seen in the chart below, NatWest visitors are the fastest and most satisfied when looking for mortgage rates for first time buyers. Potential customers are getting hugely different experiences across different sites with a 1:28 difference between Lloyds Bank and NatWest.
NatWest had the fastest average task completion time with 2:14 minutes and a satisfaction rating of 81%. On the other end of the scale was Lloyds Bank with an average time of 3:24 minutes and a satisfaction rating of 73%.
Whilst a shorter task completion time generally means higher satisfaction, a longer task completion time isn’t necessarily driving dissatisfaction but rather an inability to find the right answer. This indicates underlying usability issues supported by 20% claiming starting where to look was not easy.
The following chart highlights some of the most common issues consumers faced when trying to locate the product range. From a navigation point of view, the harder it is to find where to start looking as well as the inability to find what they’re looking for is bringing down satisfaction levels amongst customers. There is a strong negative correlation of -0.93 between problems encountered and satisfaction.
By comparing key landing pages for home loans we can see that allowing visitors to easily find what they are looking for with minimal effort and scrolling is key. Successful sites focus on key calls to action within the hero images and top navigation. Having a clearly laid out site with multiple entry points allows for the different preferences consumers have. Some consumers will naturally gravitate to the top navigation, others will look to the hero image and some will look down the page to find where they want to go next.
NatWest directs traffic through a comprehensive menu catering to both new and existing NatWest customers as well as delivering multiple entry points depending on customer research preferences. The menu is split into product, customer type and application stage, as well as grouping in relevant tools such as calculators to help in the research process.
Like NatWest, Lloyds Bank also uses the main header menu to direct consumers. However, they also provide additional entry points throughout the homepage. Within the hero image there are quick links to popular pages. Sitting just below the hero image are more links to key product pages. Having three navigation areas caters for different types of browsers and therefore aids in creating a user-friendly site.