Ideas & musings about consumer behaviour

If Banks took a “Selfie” would they be Happy with the Picture?

Digital Sales Effectiveness

Author: Marie Sheehan

Would the Picture show a great Digital Customer Experience?
According to financial futurist Scott Bales, Bankers need to talk to their customers and develop empathy for their problems, behaviours and motivations. “The goal is to build experiences, not products”.

While most customers have a positive online banking experience, there is room for improvement. Across the industry three in every four customers want helping in deciding with which bank they should open their Online Savings Account. There’s plenty of opportunity to improve initial engagement and steer customers in the right direction (to purchase).

For example when it comes to credit cards two thirds* of customers are satisfied with banks’ websites. However, only 30%* can find support to answer their queries and only 30%* feel like they can complete the online application form efficiently. More worryingly only one in five* customers feel that there is appropriate support and contact information available to them. In the digital era of online banking, are customers are missing the human touch (point)?

How can Banks answer the question ‘Are customers better off with us instead of with our competitors?’

1. Make it easier for customers to open an Online Savings Account
Global Reviews can tell Banks what’s making it difficult for their customers to open Savings Accounts from them online, as we are the only research company globally that identifies the difficulties that 95% of prospective customers experience on their websites. We also let Banks know how they compare to their competitors and to best practice leaders internationally

2. Make it easier to find everything to measure, diagnose & improve digital sales effectiveness
Global Reviews delivers results and insights within a single environment via our portal. This means that everything they need to analyse and action is in one place, where they can find a dashboard of their key customer and performance metrics across each stage of the customer journey.

3. Make winning digital sales plans with absolute confidence
Global Reviews takes subjectivity out of decision making, as the actionable insights we deliver are based on evidence and cannot lie. We are the only company who can provide absolute proof of the sales effectiveness of websites. Our four dimensional approach is based on the evidence, behavioural studies and audits of ‘in market consumers’ which we overlay with our own industry best practice audit.

Launch of our Online Savings Accounts Digital Sales Effectiveness Study May 2014

Global Reviews can help Banks to improve online conversion and build customer loyalty. Our insights will help to maximise the digital customer experience through an actionable assessment of the digital sales journey from the customer’s viewpoint.
For Banks focusing on increasing online Savings Account, we will launch the most advanced study ever conducted focusing on how well UK Banks are meeting the needs of their customers when it comes to Online Savings.

We are better than anyone else at helping banks measure, track and optimise their online sales effectiveness at a tactical and ecommerce level.

Study: Digital Sales Effectiveness: Online Savings Accounts
Date: May 2014
Banks included: Barclays, Halifax, HSBC, Lloyds, Nat West, Nationwide, RBS, Santander and Virgin Money
If there is another bank/company you would like to see included in the benchmark, please contact us.

More
To arrange a call back or meeting to discuss this study in more detail, and find out more about the full scope of the research as well as the actionable insights Global Reviews deliver please contact us.
To register your interest for our free webinar on this study or to receive our free white paper, please contact us.

*Global Reviews Digital Sales Effectiveness Programme: UK Banking – Credit Cards (Q3 2013)
Our report on UK Credit Card providers is aimed at measuring the effectiveness of the digital sales journey. For more info please contact us.

 

 

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