Persuasive Banking Report

Towards a more persuasive online banking:
How to turn users into clients

David Boronat, Multiplica’s founding partner

© Multiplica 2009 - Page | 1 |

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

Persuadability as a discipline

CONSUMER’S POSITIONING AND
PSYCHOLOGY VALUE PROPOSITION

Persuadability

USER’S MARKETING AND SALES
EXPERIENCE STRATEGY


Two clear challenges: A unique direction

A proactive/smart website

Relevance
and pro-activity

A usable website A persuasive website

© multiplica Persuadability


Persuadability applied to online banking


25 case studies

España Chile

[A sample of 14 leading banks from the US and the UK, and 11 from Spain and Latin America]


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.

#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.


#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.


#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”.


#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


#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?


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


#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.


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


¿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


What we liked


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…


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.


What we liked
03# Family segmentation approach

Suntrust offers the best alternatives for your current and future family situation.


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.


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.


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.


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.


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.


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.


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.


10 Key trends
The future in online Banking


10 trends
01# Only show what your clients are looking for


10 trends
02# Multiple options that facilitate the experience


10 trends
03# Integrate video in a persuasive way


10 trends
04# Full service online branch


10 trends
05# Adapt messages based on client’s profile


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.


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.


10 trends
08# Mash up with other solutions (i.e. Google maps)


10 trends
09# Clients that attract clients


10 trends
10# Specific Apps for mobile phones


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

Persuasive Banking Report

More Related Content

Viewers also liked

Similar to Persuasive Banking Report

More from David Boronat

Persuasive Banking Report