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Transform UK: Ten ways to improve online customer experience

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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Transform UK: Ten ways to improve online customer experience

  1. 1. 1 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
  2. 2. 2 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 1 2 3 4 5
  3. 3. 3 Principle 1: QUEUEING OUT OF THE DOOR
  4. 4. 4 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
  5. 5. 5 Principle 1: Make it VERY easy to buy Source: Transform analysis 37 31 26 26 22 21 20 19 16 9 11 5 8 7 8 9 7 2 0 2 4 6 8 10 12 15 20 25 30 35 40 45 50 Scottish Friendly Sheffield Mutual Police Mutual Teachers Assurance Foresters Friendly Wesleyan Assurance Shepherds Friendly Virgin Money MetFriendly Clickstocompletepurchase Questionstocompletepurchase Questions Clicks
  6. 6. 6 Principle 2: WHAT’S IN AND WHAT’S OUT?
  7. 7. 7 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
  8. 8. 8 Principle 3: THE NATURE OF LAZINESS
  9. 9. 9 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
  10. 10. 10 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 ✖
  11. 11. 11 Principle 3: Don’t make users work harder than they have to ✔
  12. 12. 12 Principle 4: DO YOU WANT A RELATIONSHIP?
  13. 13. 13 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:
  14. 14. 14 Leave account registration until after the purchase for new customers
  15. 15. 15 Principle 5: EASY AS…
  16. 16. 16 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
  17. 17. 17 Principle 6: I’M USED TO GOOD DESIGN
  18. 18. 18 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!
  19. 19. 19 Principle 7: COMPLIANT AND UNIQUE
  20. 20. 20 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
  21. 21. 21 Principle 8: GO WHERE THE EYEBALLS ARE
  22. 22. 22 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/
  23. 23. 23 Principle 9: CLEAR COPY
  24. 24. 24 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 namesß Formality à
  25. 25. 25 Principle 10: TOES IN THE WATER
  26. 26. 26 Principle 10: Interaction makes users more likely to buy
  27. 27. 27 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

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  • RoshanPatel19

    Apr. 11, 2015

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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