Persuasive Banking Report

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How to persuade users into customers in online banking

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Persuasive Banking Report

  1. 1. Towards a more persuasive online banking: How to turn users into clients David Boronat, Multiplica’s founding partner © Multiplica 2009 - Page | 1 |
  2. 2. A new paradigm: From user to client (Pro-active) Focus on conversion and marketing 2005-2015 The core of our efforts: Turning users into clients (sales) Persuadability t 1995-2005 The core of our efforts: The user (traffic) (Reactive) Focus on the user and his behavior © Multiplica 2009 - Page | 2 |
  3. 3. Persuadability as a discipline CONSUMER’S POSITIONING AND PSYCHOLOGY VALUE PROPOSITION Persuadability USER’S MARKETING AND SALES EXPERIENCE STRATEGY © Multiplica 2009 - Page | 3 |
  4. 4. Two clear challenges: A unique direction A proactive/smart website Relevance and pro-activity A usable website A persuasive website © multiplica Persuadability © Multiplica 2009 - Page | 4 |
  5. 5. Persuadability applied to online banking © Multiplica 2009 - Page | 5 |
  6. 6. 25 case studies España Chile [A sample of 14 leading banks from the US and the UK, and 11 from Spain and Latin America] © Multiplica 2009 - Page | 6 |
  7. 7. A 100-factor quantitative method We determine 100 parameters among 7 categories: Positioning, value proposition and differentiation Credibility and reliability User experience Pressure on product request Brand consistency Customer service Proactive Intelligence A methodology that allows us to quantify what is qualitative. Factor’s weight according Category’s weight Category’s rating to the category Category over the website’s total Subcategory or factor Website’s rating in this category © Multiplica 2009 - Page | 7 | following a defined criteria.
  8. 8. #1: Positioning, value proposition and differentiation We analyze 5 ways of building an online 40% want to identity, as we give value and personality, and 60% don't 60% don’t differentiat differentiate highlight the positive differences we suggest differentiate e for our website. Our aim? We want you to tell us who you are, why you are the right fit for us, and why we should be your client. How do I know you’re the right fit for me. While many websites skip a value definition, others focus on differentiating. The 6 best positioned: Motivos 44% ambiguos ambiguous or nulloreasons nulos 56% concrete Motivos 44% concretos reasons 56% Why should I choose you. Users ask for quite explicit reasons. The Web is simply filled with attractive options. © Multiplica 2009 - Page | 8 |
  9. 9. #2: Credibility and trust In this category we consider 9 reasons for doubts or objections that users may give before they achieve their goals. Our aim? That you give us solutions, guarantee safety and convey reassuring messages during the key steps of the process. Top 5 in positive perception of reliability: Sin 60% without 40% Testimonials referencias references 60% Safety vs. Reliability. While all websites comply with safety requirements, only a few concentrate their efforts in building experiences based on trust. © Multiplica 2009 - Page | 9 |
  10. 10. #3: User experience We’ve made an exhaustive analyis of 55 key issues 22% Traditional for a successful experience as we try to buy a Schemes 44% Explore all the different product. Necesidad consumption es varieties Our aim? That you’re capable to guide us in a clear 34% Explore humanas real needs 34% and intuitive way; that what we’re looking for is listed and accessible in all the possible ways we can think of. User Centric Structures: Context and profile And once we find what we want, you should be able analysis overcome content and navigation path importance. to present it with all the necessary information and the key enablers that help us make a decision. 56% Indifferent search Ausente The 5 best experiences 20% Distracted 20% Preparado para 24% Ready to sell vender 24% The distracted salesman. The search engine is one the of the least considered features, although it’s one of the few “capable of listening”. © Multiplica 2009 - Page | 10 |
  11. 11. #4: Online product request push Our Internet leads are vulnerable. They find a great variety of options, many competitors and few bonds. In this category we evaluate 12 ways of attracting and persuading the user to hire us, here and now. Our aim? That you give us good incentives, you talk about advantages and benefits, and that you don’t let .* www.santander.cl us go away with irresistible calls-to-action. 30% Without their own incentives 3% Unlimited gifts The best 6 : 21% Contextualized to date Exclusivo 27% Web Tiempo web Exclusive limitado 27% 19% 19% Unlimited time Opportunities. Type of incentives that banks use to boost their online channels proposals © Multiplica 2009 - Page | 11 |
  12. 12. #5 : Brand consistency Users are exposed to high communication impacts during the same session. That’s why a persuasive website also requires a well-defined and consistent image. We analyse the 3 keys to adjust our offline image to the web. Our aim? To make a stunning impression and, above all, a memorable one. The 3 least consistent: Challenges. What’s the best way to adjust our image to the Internet, without affecting usability or the power of those messages? © Multiplica 2009 - Page | 12 |
  13. 13. 20% uses live chat #6: Customer support Online customer support adds a level of difficulty. Companies don’t staff experts, albeit the client remains the same. We’ve tested the websites according to 7 main 80% without inmediate requests. assistance Our aim? To see how websites are capable of good Wasted opportunities. Few websites are reception and help us make our intended purchase seriously determined to attract new leads which without delays, mistakes or interferences. are willing to purchase here and now. 7% Instant chat 34% Call us / Come The 5 best receptions: 1% Skype 28% Email 27% Pure online 3% We call you Multi-channeling. Flexible proposals customized to your preferences © Multiplica 2009 - Page | 13 |
  14. 14. #7: Proactive intelligence 32% Differentiate messages When we talk about proactive intelligence we mean the capability of a website to identify and 68% General Mensajes adjust proposals to fit visitor’s needs. messages generales 68% There’re 7 basic resources to add intelligence to our website. Our aim? To see how you take advantage of the Basic info. Many websites don’t differentiate between those who are new and those who Internet’s technological potential so as to suggest already know them. But this is already changing. us a more valuable and wiser user experience than the average websites. 20% Use it The 5 most intelligent: 80% Don’t use it First steps. Most websites already use simulation to give advice to their users. Citibank and Bank of America are the best references. © Multiplica 2009 - Page | 14 |
  15. 15. Accumulated results of all categories Final score based on a total score of 100 100 90 80 70 Best 60 practice 50 Persuasive website 40 Market 30 standar 20 10 USA and UK Spain and Latin America © Multiplica 2009 - Page | 15 |
  16. 16. ¿Who are the leaders in 2009? The 10 most persuasive banks Complete list 11 Halifax 40,09 1 Bank of America 62,60 12 Santander ES 38,1 13 Santander CL 37,06 2 Citi 62,33 = 14 US Bancorp 36,8 15 Wachovia 35,03 3 Barklays 54,02 16 HSBC 34,17 17 SunTrust 31,91 4 ING 53,81 18 Bankinter 31,5 19 BCI Chile 30,63 5 RBS 50,09 20 Banco de Chile 27,94 21 BBVA 26,3 6 Lloyds 46,40 22 Itaú 23,8 23 Caja Madrid 23,6 7 Wells Fargo 46,20 24 Banorte 14,05 25 WaMu 10,29 8 JPMorgan Chase 41,90 Excelent Ranking: (0-100) Best Practice 9 La Caixa 41,30 Based on the average score Good between the 100 factors Regular 10 Caja Navarra 40,46 analized for each bank Bad © Multiplica 2009 - Page | 16 |
  17. 17. What we liked © Multiplica 2009 - Page | 17 |
  18. 18. What we liked 01# Thinking about the user based on his/her needs What do you need? Depending on the life moments, there will be different needs, and some banks propose different ways on how to access products depending on that: Getting married, divorcing, having a child, etc… © Multiplica 2009 - Page | 18 |
  19. 19. What we liked 02# Showing how good we are: impressing you What can you ask a A reward: Bank that just won an award for Fund Management Quality? ING Direct promotes statistics, weather they are the best in the market or not. Bakinter communicates awards received and uses them to launch a new product. © Multiplica 2009 - Page | 19 |
  20. 20. What we liked 03# Family segmentation approach Suntrust offers the best alternatives for your current and future family situation. © Multiplica 2009 - Page | 20 |
  21. 21. What we liked 04# Content for specific targets Credit for young adults? The tone and message has to be different when targeting different clients. Chase knows that, and has created an area for it’s younger clients with all the information needed to ask for a loan. © Multiplica 2009 - Page | 21 |
  22. 22. What we liked 05# Communicate in a way that is easy to understand What do I need if I want a loan? Wells Fargo clearly shows the content we are looking for when we get to the loan site, with clear hierarchy and using images and graphics to help clients easily understand the proposal. All with very clear language. © Multiplica 2009 - Page | 22 |
  23. 23. What we liked 06# Configuration options to get customized proposals What is the best Retirement Plan for you? Bank of America uses a configuration system to help clients get the best option in a simple and intuitive way. © Multiplica 2009 - Page | 23 |
  24. 24. What we liked 07# A product calculator designed to convert Wachovia summarizes in one location both the description of the advantages of their proposal, the details of their costs and included services and a simulator so that you can estimate how much your potential savings can be. © Multiplica 2009 - Page | 24 |
  25. 25. What we liked 08# Landing pages 100% oriented to sell your product For some products or promotions, a good landing page will be a good solution to capture clients. Banco Santander or Chase’s landing pages are effective because of their clear message, outlining figures and the best facts of the service in few sentences and clear call to action offerings that need no scrolling to be accessed. © Multiplica 2009 - Page | 25 |
  26. 26. What we liked 09# Forms that leave no room for escape Chase’s forms offer a good example on how to make a more persuasive form: they indicate the steps and the moment in the process we find ourselves in, explanations of the documents we are going to need, anticipate doubts we might have and reinforcing security. © Multiplica 2009 - Page | 26 |
  27. 27. What we liked 10# With reinforcements when the client has doubts When a user has a doubt, Bank of America detects the situation and proactively launches a chat making suggestions for ways to solve doubts and continue with the process. © Multiplica 2009 - Page | 27 |
  28. 28. 10 Key trends The future in online Banking © Multiplica 2009 - Page | 28 |
  29. 29. 10 trends 01# Only show what your clients are looking for © Multiplica 2009 - Page | 29 |
  30. 30. 10 trends 02# Multiple options that facilitate the experience © Multiplica 2009 - Page | 30 |
  31. 31. 10 trends 03# Integrate video in a persuasive way © Multiplica 2009 - Page | 31 |
  32. 32. 10 trends 04# Full service online branch © Multiplica 2009 - Page | 32 |
  33. 33. 10 trends 05# Adapt messages based on client’s profile © Multiplica 2009 - Page | 33 |
  34. 34. 10 trends 06# Allow client’s participation Allowing clients rate our products and services gives us added credibility. Bank of America, the same way as Amazon proposes, shows us how we can give visibility to client’s reviews. © Multiplica 2009 - Page | 34 |
  35. 35. 10 trends 07# A home page that differentiates clients from visitors While the most effective way to segment clients from visitors is to have different homes, Wells Fargo is a good example on how to do this in one interface, sharing messages and with the appropriate hierarchy to capture both. © Multiplica 2009 - Page | 35 |
  36. 36. 10 trends 08# Mash up with other solutions (i.e. Google maps) © Multiplica 2009 - Page | 36 |
  37. 37. 10 trends 09# Clients that attract clients © Multiplica 2009 - Page | 37 |
  38. 38. 10 trends 10# Specific Apps for mobile phones © Multiplica 2009 - Page | 38 |
  39. 39. Thank you! david@multiplica.com www.Multiplica.com www.persuadability.com “Increasing Internet sales. Persuadability or the art to convert users into clients” Book published on January 2009

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