Transform UK: Ten ways to improve online customer experience

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A recent Transform study into the online capabilities of the UK's building societies highlighted some key issues that need to be addressed if they are to retain customers and grow their revenues through online channels. In this presentation Transform talks through ten key steps that can be taken to improve the online experience for consumers and ultimately lead to enhanced loyalty and profitability. This presentation was presented as a webinar which you can view here: https://vimeo.com/99632920

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TEN WAYS TO IMPROVE THE ONLINE EXPERIENCE

•  Chair: Johan Hogsander

Deputy Managing Director

Transform

•  Presenter: Simon Kirby

Associate

Transform

Please Note:

•  You can submit questions during the webinar using the panel on the right hand side of your screen

•  This webinar is being recorded

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Our research

•  Digitally Mutual – research into the online capabilities of the UK’s building societies

•  Tested 22 factors that drive customer experience online

•  Ranked all 52 building societies

•  Press coverage in various publications including FT Adviser, FS Tech and Finextra

DIGITAL MATURITY BENCHMARK

PRESENTING INFORMATION

ONLINE SALES

ONLINE SERVICE

CHANNEL INTEGRATION

DIGITAL INNOVATION

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Principle 1: QUEUEING OUT OF THE DOOR

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Principle 1: QUEUEING OUT OF THE DOOR

•  The purpose of an online transaction form is to make it easy to buy

•  It’s not a general data capture mechanism nor a communication device

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Principle 1: Make it VERY easy to buy

Source: Transform analysis

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Scottish Friendly

Sheffield Mutual Police Mutual Teachers Assurance

Foresters Friendly

Wesleyan Assurance

Shepherds Friendly

Virgin Money MetFriendly

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Principle 2: WHAT’S IN AND WHAT’S OUT?

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Principle 2: Eliminate non-essential form questions

•  Form completion declines with each additional question asked

•  As a rule of thumb, we suggest a design rule in which every question is given a cost in terms of % of lost conversion

•  Some types of form control are more prone to drop-out than others

Source: Hubspot

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Principle 3: THE NATURE OF LAZINESS

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Principle 3: THE NATURE OF LAZINESS

•  Online users are ruthlessly efficient in the way they use sites

•  Hard to find information is one of the biggest causes of drop-out

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Principle 3: Don’t make users work harder than they have to

•  Common pain points include: –  National Insurance numbers

– Membership numbers

•  Either design these out or use manual follow-ups

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Principle 3: Don’t make users work harder than they have to

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Principle 4: DO YOU WANT A RELATIONSHIP?

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Principle 4: Don’t assume that users want a relationship

•  We may want a relationship with customers but often customers just want to transact

•  Online accounts trigger anxiety about privacy

•  Some studies (eBay) suggest that removing the need for an account to buy increased conversion by 24%

•  Best practice:

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Leave account registration until after the purchase for new customers

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Principle 5: EASY AS…

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Principle 5: Make login credentials easy

•  Unless your service is very high touch, customers are unlikely to remember a customer number ID

•  Put some security parameters into the password. Up to 40% of users may choose very weak passwords

•  Consider two-factor authentication

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Principle 6: I’M USED TO GOOD DESIGN

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Principle 6: Conform to modern form design standards

•  Web users’ expectations are set by their online experiences with Google, Amazon, Apple, etc.

•  This engrains expectations of form design

•  There are probably over 150 design and usability standards for good form design

•  Use them!

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Principle 7: COMPLIANT AND UNIQUE

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Principle 7: Comply, but elegantly

•  Over-intrusive T&Cs defeat compliance, commercial and customer goals

•  The general principles of service design, usability and compliance are fundamentally the same – things should be clear, easy and highly usable for members/customers

•  This requires the right relationship between business and compliance

Source: Transform analysis

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Principle 8: GO WHERE THE EYEBALLS ARE

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Principle 8: Use facial imagery

•  Eye tracking studies have found that facial imagery can increase conversion by up to 95% and also perceived trust

Source: http://visualwebsiteoptimizer.com/split-testing-blog/human-landing-page-increase-conversion-rate/

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Principle 9: CLEAR COPY

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Principle 9: Text is the user interface

•  Strive for simplicity

•  Appropriate formality; retail financial services typically needs a ‘central’ position

•  Clarity of description. Ensure menus “do what it says on the tin” rather than using, e.g. unclear product brand names ß Formality à

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Principle 10: TOES IN THE WATER

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Principle 10: Interaction makes users more likely to buy

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ANY QUESTIONS?

•  Please submit any questions using the webinar control panel

•  If you would like to discuss any of the content from today’s webinar please feel free to get in touch directly

Email: johan.hogsander@transformUK.com