persuasive banking report

Towards a more persuasive online banking:

How to turn users into clients

© Multiplica 2009 - Page | 1 |

David Boronat, Multiplica’s founding partner

2005-2015The core of our efforts:

Turning users into clients(sales)

(Pro-active) Focus on conversion and marketing

A new paradigm: From user to client


1995-2005The core of our efforts:

The user(traffic)

(sales)

(Reactive) Focus on the user and his behavior

t

Persuadability

CONSUMER’S

PSYCHOLOGY

POSITIONING AND

VALUE PROPOSITION

Persuadability as a discipline


MARKETING AND SALES

STRATEGYUSER’S

EXPERIENCE

Persuadability

A proactive/smart website

Relevance

Two clear challenges: A unique direction


A persuasive website

Persuadability

A usable website

Relevance and pro-activity

© multiplica


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


Subcategory or factor

CategoryCategory’s rating

over the website’s total

Website’s rating in this category following a defined criteria.

Factor’s weight accordingto the category Category’s weight

Customer service

Proactive Intelligence

A methodology that allows us to quantify what is qualitative.

#1: Positioning, value proposition and differentiat ion

60% don't differentiat

e

40% want to differentiate60% don’t

differentiate

We analyze 5 ways of building an online identity , as we give value and personality, and highlight the positive differences we suggest 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 .


Motivos concretos

56%

Motivos ambiguos

o nulos44%

How do I know you’re the right fit for me. While many websites skip a value definition, others focus on differentiating.

Why should I choose you. Users ask for quite explicit reasons. The Web is simply filled with attractive options.

The 6 best positioned:

56% concrete reasons

44% ambiguous or null reasons

should be your client .

#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.


Sin referencias

60%

Safety vs. Reliability. While all websites comply with safety requirements, only a few concentrate their efforts in building experiences based on trust.

Top 5 in positive perception of reliability:

40% Testimonials60% without references

#3: User experience

Necesidades

humanas34%

22% Traditional Schemes 44% Explore

all the different consumption

varieties34% Explore real needs

User Centric Structures: Context and profile analysis overcome content and navigation path

We’ve made an exhaustive analyis of 55 key issues for a successful experience as we try to buy a product.

Our aim? That you’re capable to guide us in a clear and intuitive way; that what we’re looking for is listed and accessible in all the possible ways we can think of.

And once we find what we want, you should be able


Ausente20%

Preparado para

vender24%

56% Indifferent search

analysis overcome content and navigation path importance.

The distracted salesman. The search engine is one the of the least considered features, although it’s one of the few “capable of listening”.

The 5 best experiences 20% Distracted

24% Ready to sell

And once we find what we want, you should be able to present it with all the necessary information and the key enablers that help us make a decision.

#4: Online product request push

.* www.santander.cl

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 us go away with irresistible calls-to-action.


Exclusivo web27%

Tiempo limitado

19%

30% Without their own incentives

3% Unlimited gifts

Opportunities. Type of incentives that banks use to boost their online channels proposals

21% Contextualized to date

The best 6 :

27% Web Exclusive

19% Unlimited time

us go away with irresistible calls-to-action.

#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.


Challenges. What’s the best way to adjust our image to the Internet, without affecting usability or the power of those messages?

The 3 least consistent:

above all, a memorable one.

#6: Customer support

Wasted opportunities. Few websites are seriously determined to attract new leads which

20% useslive chat

80% without inmediate assistance

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 requests .

Our aim? To see how websites are capable of good reception and help us make our intended purchase without delays, mistakes or interferences.


are willing to purchase here and now.

Multi-channeling. Flexible proposals customized to your preferences

The 5 best receptions:

7% Instant chat

1% Skype

28% Email

3% We call you

27% Pure online

34% Call us / Come

without delays, mistakes or interferences.

#7: Proactive intelligence

Mensajes generales

68%

68% General messages

When we talk about proactive intelligence we mean the capability of a website to identify and adjust proposals to fit visitor’s needs.

There’re 7 basic resources to add intelligence to our website.

Our aim? To see how you take advantage of the Internet’s technological potential so as to suggest

Basic info. Many websites don’t differentiate between those who are new and those who

32% Differentiate messages


First steps. Most websites already use simulation to give advice to their users. Citibank and Bank of America are the best references.

Internet’s technological potential so as to suggest us a more valuable and wiser user experience than the average websites.

already know them. But this is already changing.

The 5 most intelligent:

20% Use it

80% Don’t use it

Best practice

Accumulated results of all categories

60

70

80

90

100

Final score based on a total score of 100


Persuasivewebsite

practice

Market standar

10

20

30

40

50

USA and UK Spain and Latin America

¿Who are the leaders in 2009?

1 Bank of America 62,60 ��

2 Citi 62,33 ��

3 Barklays 54,02 ��

11 Halifax 40,09 ��

12 Santander ES 38,1 ��

13 Santander CL 37,06 ��

14 US Bancorp 36,8 ��

15 Wachovia 35,03 ��

16 HSBC 34,17 ��

The 10 most persuasive banksComplete list

=


Ranking: (0-100)Based on the average score between the 100 factors analized for each bank

4 ING 53,81 ��

5 RBS 50,09 ��

6 Lloyds 46,40 ��

7 Wells Fargo 46,20 ��

8 JPMorgan Chase 41,90 ��

9 La Caixa 41,30 ��

10 Caja Navarra 40,46 ��

17 SunTrust 31,91 ��

18 Bankinter 31,5 ��

19 BCI Chile 30,63 ��

20 Banco de Chile 27,94 ��

21 BBVA 26,3 ��

22 Itaú 23,8 ��

23 Caja Madrid 23,6 ��

24 Banorte 14,05 ��

25 WaMu 10,29 ��

�� Excelent

�� Best Practice

�� Good

�� Regular

�� Bad


What we liked

01# Thinking about the user based on his/her needs

What we liked


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…

02# Showing how good we are: impressing you

What we liked

What can you ask a What can you ask a Bank that just won Bank that just won an award for Fund an award for Fund Management Management Quality?Quality?

A reward:


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.

Quality?Quality?

03# Family segmentation approach

What we liked


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

04# Content for specific targets

What we liked


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.

05# Communicate in a way that is easy to understand

What we liked


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.

06# Configuration options to get customized proposal s

What we liked


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.

07# A product calculator designed to convert

What we liked


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.

08# Landing pages 100% oriented to sell your produc t

What we liked


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.

09# Forms that leave no room for escape

What we liked


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.

10# With reinforcements when the client has doubts

What we liked


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 trendsThe future in online Banking

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

10 trends


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.

07# A home page that differentiates clients from vi sitors

10 trends


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.

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

10 trends


Thank you!

[email protected]@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

Documents