Introduction

Reassuring Customers at Every Stage

Best Security Practices for Behind Login

Making digital financial services work for your customersA Clicktale white paper

CONTENTS

Acquisition and Account Opening

Account Management and Self-Service

Information Search and Content Optimization

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The digital and mobile revolutions have enabled financial services organizations to reach and directly engage more customers than ever. Customers now have 24/7 access to their banking and investment information, and when they’re in the market for a new provider or a new policy, they can open an account or receive a preliminary quote with a few simple clicks.

As direct access to financial services has become the rule, differentiating between the options has become more complex for end users. Financial performance, trust, and brand reputation are still a key part of the decision-making process, yet digital customer experience has become arguably one of the most important influencers and differentiators.

Addressing Security ConcernsSecurity is an understandably serious concern for the financial services industry. Regulatory restrictions, industry best practices and concern for reputation – all impact the type of information customers can access in the secure area of a site (also called behind the login), and how it is displayed.

Thus it’s imperative for financial services companies to select a customer experience management provider with ironclad security policies and procedures. At a minimum, the provider should have ISO 27001 certification, conduct frequent security audits and penetration testing, and enact stringent privacy policies, among other measures, to ensure that user data is kept secure.

Digitalizing Financial Services

"Every bank customer is a digital customer: Some consumers have completely 'gone digital' - 2- percent of bank customers are digital-only users, preferring to prospect and purchase online."Accenture: “Banking Customer 2020”

Digital customer experience is a key factor influencing the

decision-making process.

Customer experience mangement providers must

have ironclad security policies and procedures, such as ISO

27001 certification, to ensure that user data is kept secure.

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The first substantial customer interaction with your institution

is where brand reputations are made or broken.

Acquisition and Account OpeningAttracting, enrolling, and onboarding new customers is crucial for your organization’s growth. Establishing a relationship with any new provider or adopting new services from an existing one can be highly stressful. Particularly for personal account holders, hitting the “Get Started Now” button is a leap of faith as they commit their hard-earned resources to your care.

This is why it’s crucial for financial services companies to closely watch and micro-optimize each step of the acquisition or conversion process. Aside from the inherent monetary loss of each tenth of a percent of prospect dropoff, the acquisition funnel – the first substantial customer interaction with the institution – is where brand reputations are made or broken.

Digital customer experience management is crucial for financial services providers across the entire customer relationship lifecycle. At each touchpoint, digital customer experience is the face of your organization, and your customers need reassurance in different ways.

Reassuring Customers at Every Stage

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"The kind of visual information we get from Clicktale allows us to make more informed decisions. While the lift may not seem like a lot, it is significant for our volume, and it was good to know we could make the decision without hurting our KPIs."Web insights manager

Case in point: Leading credit card provider

One the largest credit card providers in the US was committed to providing prospective customers with all the information needed to raise confidence and move them to action. To this end, the page with information about student credit cards included prominent details of the company’ security policies and practices.When the company’s web team noticed lower-than-expected conversions for credit card applications, they used Clicktale to find out why.

Through attention heatmaps, Clicktale revealed that prospects weren’t engaging at all with the security content, which was prominently displayed mid-page. Rather, most were scrolling down further on the page to see the card feature chart. By pinpoint the problematic area, the company built several variations to test its hypothesis. It tested a shortened content panel and removing the content panel altogether. Very quickly, the digital team saw that removing the security content allowed visitors to find the content they were interested in much faster. Upon making the change, the company saw a 1.2% uplift in credit card sign-ups.

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Case in point: Hello bank!

Hello bank! is the digital branch of the BNP Paribas Fortis group, which operates in five domestic retail markets with Hello bank! Belgium leading the online banking business. Hello bank!’s enrollment page is the first step in the registration funnel. In line with best practices, the enrollment form is very short – name, email address and date of birth. To further encourage form completion, Hello bank! provided Facebook and Google+ social connect buttons to automatically populate the fields.

Despite efforts to make enrollment fast and easy, drop-off rates were over 96%.

When repeated clicks on Social Connect buttons showed no results, some customers manually filled fields. Many others simply dropped out of the funnel.

Control Test A Test B

Case in point: Leading financial services retailer

A leading retailer of financial services that targets consumers seeking alternatives to traditional banking was looking to streamline the customer experience on its mobile website.Using Clicktale, the team found that over 32% of potential customers were struggling with an error while filling in the mobile form. Users who encountered the error stayed on the form three times longer than other users, and many eventually abandoned the site.

Clicktale revealed an error message that required the user to enter a “valid” first or last name. Following this discovery of the source customer frustration, the company investigated and identified technical source of the problem.

After fixing this error, loan applications and repayments via mobile increased by 14%, with a 10.2% increase in short-term loans and 18.3% increase in installment loan products. In addition, by using the “Time Report” in Clicktale’s form analytics, the company measured that visitors were able to complete the form five times faster than before.

Read more about this financial services retailer

After fixing the error, applications increased by 14% and form completion rates were five times faster.

Clicktale revealed that 90% of attempts to register via the social connect buttons were ending in failure. 67% of visitors who tried to enroll using social connect buttons abandoned enrollment entirely, and the remainder continued to the next stage of the funnel by manually filling the fields.

Moreover, Consumer Behavior Analysis by the Clicktale team indicated that the very presence of Facebook and Google+ buttons were evoking visitor concerns about data privacy policies, further depressing enrollments.

As a result of findings based on Clicktale analyses, Hello bank! redesigned its enrollment page and eliminated the social connect buttons. In just one year, completion rates increased by over 50%.

Read more about Hello bank!

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"Migrating in-branch transactions and improving digital channels can improve a bank’s efficiency ratio by at least 2 percentage points."McKinsey & Company“The Future of U.S. Retail Banking Distribution”February 2014

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Optimizing the digital self-service experience is thus becoming a key priority from an operational perspective. With an aim of providing maximum resolution with minimal support staff involvement – without sacrificing user experience – financial services institutions must watch visitor interactions very closely, tweaking the self-provisioning and self-service interfaces to ensure they are even more effective than service provided by human agents.

Case in point: Fortune 500 financial services provider

The US Federal Income Tax season is a busy time for customers of one of the world’s leading consumer financial services providers. Customers rely on the company to make their personal tax documents accessible in a timely and intuitive way.

The company’s tax form availability page is one of the most visited pages during tax season, yet the digital team was seeing low engagement and high exit rates from this page.

Using Clicktale, the company discovered that its customers weren’t reading below the header content, and thus not finding the information they needed. After redesigning the page and adding embedded links to tax forms within the body of the page, the page exit rate dropped 34%, and page engagement rose dramatically.

Account Management and Self-ServiceCustomers now expect a seamless user experience across all their digital channels, and many financial services providers are committed to digitizing services in order to meet this need. Interestingly, a recent McKinsey report on retail banks in the United States found that the more interactions customers have with their banks through the web, the more they require human interaction with a branch or a call. In other words, banks still have a long way to go towards providing a seamless digital experience.

Before After

Optimizing the digital self-service experience is a key

priority from an operational perspective.

Information Search and Content OptimizationFinancial services providers are also trusted sources for important information about taxes, regulations, financial vehicles, and more. In order to create the trust that impacts brand value and ultimately the bottom line, customers rely on their provider to deliver the right information, in the right dosage. Customers need to find the content and the data they’re looking for quickly and smoothly, without being overwhelmed by extraneous details. The answer? Better design and management of the digital customer experience.

Case in point: Major investment house

Customers are not always familiar with the exact financial terms used by financial services professionals, and thus the search results can be hit or miss. The professionals – so steeped in industry language – might not think to tag content with terms that a customer would use.

In an analysis for one major investment house, Clicktale’s Customer Experience consultants analyzed the efficacy of the client’s search results page. Surprisingly, the investment house had neglected to define some basic financial terms for which customers were searching. Clicktale’s platform indicated that customers were frustrated as a result, and continued to conduct repeated searches or abandoned the idea of using the search function completely. When the investment house added these basic search terms, it saw a reduction in the number of frustrated visitors.

"When asked, 33% of millennials said they would be open to switching banks within the next 90 days, highlighting the importance of keeping these customers satisfied."

"43% of millennials listed online banking as the first or second most valuable aspect of their day-to-day banking experience, and 23% listed mobile banking."First Data, "The Unbanked Generation, a Guide to the Financial Habits of Millennials"

To create the trust that impacts brand value, customers rely on their provider to deliver

the right information, in the right dosage.

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Learn more about Clicktale's security practices and policies

No Personally Identifiable Information (PII)

No Server-Side Changes

Fully Compliant

Clicktale identifies and automatically blocks PII in the HTML itself using special tags, eliminating the need to manually block every instance of PII.

For customers who are not interested in making server side changes to their code, there is no need to deploy Clicktale on the whole site. Rather, Clicktale can record pages incrementally, deploying code based solely on the relevant area of focus or analysis priority.

Clicktale is ISO 27001 certified and never collects or transmits PII, retains IP addresses, or uses third-party cookies. These strict standards allow our Fortune 500 clients to enjoy the benefits of Clicktale, while still fully complying with PCI, HIPAA, GLBA and similar laws regulating PII.

Clicktale is utilized behind the login by a number of major financial services providers, and has identified a number of best practices for ensuring that customer data is never shared or compromised.

BEST SECURITY PRACTICES FOR ACCOUNT MANAGEMENT(BEHIND LOGIN)

Clicktale lights up the digital world, revealing customer behavior, needs and intent across all key touchpoints: web, mobile and apps. The world’s #1 enterprise-class experience management platform, Clicktale’s deep drill-downs get to the heart of the “how” and “why” behind customer behavior. Via session replays, high-fidelity heatmaps, conversion analytics, powerful integrations and in-depth expert analysis, Clicktale provides critical insights needed to remove friction, delight every customer and achieve digital success. Winner of the Adobe Marketing Cloud Innovation Partner of the Year, Clicktale is also an inaugural Premier Partner in Adobe Exchange. Clicktale's global customer base includes Fortune 500 brands and leading financial services providers such as UBS, MetLife, Bank of America, Allstate, BNP Paribas, and Allianz.

About Clicktale

Interested in how Clicktale can help you improve the Customer Experience on your website, mobile site and apps?

Clicktale Security Data Sheet

Hello bank! Case Study

RSA Case Study

Recommended additional reading:

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Learn more about Clicktale's security practices and policies

No Server-Side Changes