one to one insights online banking experience presentation 11.18.2010

www.OTOinsights.com 1

November 2010

Expert Review of the Online Banking Experience: Winners and Losers

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Agenda


OTOinsights Overview


Established in 1997, One to One Interactive is the first global enterprise to assemble a complete solution for brands, agencies, and publishers executing one-to-one marketing strategies. The company employs over 140 professionals in 7 offices located in North America, Latin America, Europe, and Asia.

One of the 20 “Hottest Independent Digital Firms” GloballyAdAge, 2007

One of the Fastest Growing Private CompaniesInc Magazine, 2008


OTOinsights OverviewEstablished in 2002, OTOinsights has conducted over 400 research

project in over 30 countries.

Specialists in neuromarketing and customer experience strategy,

research and design.

Undertake discrete point-in-time projects and strategic

engagements.

Experience across all platforms including digital (e.g. web,

intranets, mobile devices, PDA’s, i-TV, etc.), call centers, retail

environments and physical products (e.g. laptops, printers, etc.)

OTOinsights Offerings:

Amplifying Engagement

OTOinsights quantemo

Customer Experience Research Neuromarketing Research


OTOinsights | Amplifying Engagement

Brand Perception Research

Information DesignNeuromarketing Research

Customer Experience Research

• Eye-Tracking• Pre-Cognitive Neurological

Engagement• Cognitive Emotional Tagging

• Usability Testing• Focus Groups• In-Depth/Paired Interviews• Online Surveys• Expert Evaluations• Accessibility Audits• Ethnographics

• Research/Tracking • Socially Informed/ Multi-

Channel Personas• Engagement Mapping• Cultural Anthropology• Trend Spotting

• User Needs Analysis• Information Architecture• User Scenarios• Behavioral Use Cases• Feature Matrix• Wireframes• Site Maps• Prototype Development


PART 1 | Context: The UK Online Banking Landscape


Context: The UK online retail banking landscape

• Almost 60% of UK Net users have researched a financial product online in 2009, more than in any other European country.

• 40% UK Internet users have applied for a financial product online in 2009, which is double the Western European average.

• So you think that UK bank web sites are all highly effective sales sites?

• The Internet is now a core distribution channel for most retail financial products, yet how are banks capitalising on that potential growth.

Source: Forrester Research computerweekly.com



• Many of the UK banks' sites are not giving prospective customers enough help, particularly when it comes to comparing different accounts and helping customers work out which account is right for them.

• Given the popularity of using the Internet to research and apply for financial services amongst Brits, the nation's retail banks have been oddly slow to develop world-class web sites to support users who want to research and buy a product in all phases of the customer journey.



• Many banks are strong in attracting customers — fewer

are good at supporting product comparison and

selection.




PART 2: Review sites


Methodology

• Expert Approach

• 2 experienced customer experienced consultants

• Independently reviewed top 10 UK online banking sites

• Focus

• Cash ISA• Application process• Positioning• Information• Tools and features


Application Process


Results | Summary

The numbers

• 7/10 sites have ability to compare products

• 6/10 sites have ISA link on the homepage

• 4/10 have links on deeper pages

• 6/10 sites allow users to apply for ISA without having

to register with online banking

• 3/6 sites allows users to recover from mistakes

by going back

• 5/10 sites help users make decision by providing 'is

this right for me?’


Results | Application

Key criteria used in the analysis:

Homepage

1. Is the cash ISA link available from the homepage

2. ‘One-click’ to cash ISA product page

3. Efficient search functionality

4. Items of related content are kept together

Product page

5. Good presentation of product (ISA) e.g.: layout, colour, font, easy to read?

6. Adequate product information to help users?

7. Ability to compare products

8. Help users make decision by providing 'is this right for me?'


Results | Application

Key criteria used in the analysis:

Application process

9. New customers can apply online

10. No Unnecessary information needed to complete the application

11. Steps to complete is shown

12. User’s current location is shown

13. Good error messages

14. Interactive elements are easy to use

15. Adequate information to help users in completing application? E.g: set up security phrase etc.

16. Allows users to recover from mistakes by going back

17. Efficient process in terms of time, steps and information required


Key criteria met

6

5

4

3

2

1

9

7

8

10

11

12

13

14

16

15


o Co-operative meet 15/16 key criteria o Application process is particularly goodo New customers are able to apply onlineo Provide adequate content, easy to read and consume

o First Direct gives least useful experience for cash ISAso No ISA link on the homepageo Not easy to compare productso No ‘is it right for me?’ section to help users make decision

o Many banks provide good product information, but the presentation of product is not excellent, the application process is not intuitive enough. Users would think the bank is not thoughtful due to some typical issues:-

o Information of product is not ready-to-consumeo Doesn’t help users make decision by providing 'is this right for me?‘o Inadequate information to help users in completing applicationo Users are unable to recover from mistakes by going back

1st

10th

Overall Key criteria met


Below the fold on 1280 x 1024 screen resolution

Homepage |Location of cash ISA

Not on homepage


Product page |Content & presentation of product

Inadequate content Poor presentation

Adequate content Good presentation

Adequate content Easy to read and consume

Adequate content Logic and fluid presentation


Product page |Content & presentation of product

What is further information?Where is overview?Where are key benefits?

Good flow of feeding information

OverviewHow the account works

Interest ratesApply


Product page | Ability to compare products


Product page | Ability to compare products

o 7/10 banks provide a separate page for product comparison

o First Direct , Nationwide and Yorkshire bank provide key information of products, but users are not able to directly compare different ISAs

o Co-operative provides users with the differences between ISAs. However, this information cannot be found on the product page. The information given is rather short and generic


Product page | Provision of “is this right for me?”


Product page | Provision of “is this right for me?”

o Co-operative provides a ISA quick check tool to help users find out how to make the most of ISA allowance, but this doesn’t differentiate their product from others

o HSBC provides ‘choosing the right ISA’, but users still need to read and analyse before they can make decision

o As an alternative to ‘is this right for me?’ Barclays provides a tool, ‘savings chooser’ to help users select the right ISA

o Santander provides customers with key benefits of each ISA. Users are unable to make direct comparison, but it tells users which ISA might suit them.

o Lloyds TSB provides an account selector tool; answer a few questions the site will show users accounts that might suit them

o First direct, Halifax, Nationwide, Yorkshire Bank and NatWest do not provide adequate help to users in finding the right ISA to meet their needs


Application | Number of pages


Application | Time to complete


Application | Number of pages

o NatWest’s application process consists of 9 pages, which is almost double the length of HSBC’s, Nationwide’s and Co-operative’s

o An initial deposit is required to open a saving account, this is why the application asks users to enter amount they want to deposit, bank detail, how frequent users want to make regular savings, how payments will be made etc.

o It is good to have the account well set-up, but banks need to strike a balance, lengthy application process can frustrate users and send them to the competitors


Application process| The Best


• Step 2, Products are displayed side by side; this will help users read key

information of different products.

• Easy to digest information, but could indicate priority/hierarchy of

messages more clearly. Links of product summary and key features can

be easily found on product page. Clear call to action.

• Information of product provided is adequate. It provides users with the

differences between different ISAs. However, this information cannot be

found on the product page. The information given is rather short and

generic.

1 2 2b

• Step 1, an ISA link is available on the homepage.

• ‘Two-click’ to product page.

• Search function is provided on homepage. Users can find

ISA link on the first page of the results

• Links of related product are logically grouped.


• Good feedback throughout the form.

Progress bar clear shows how much users

have completed. Selected fields are

highlighted.

• Interactive elements are conventional

easy to use.

• Adequate information is given for each

field to help users in completing the form.

It is interactive and helpful.

• Application process consist of 5 pages,

which is good length of process.

3

• New customers can apply Cash ISA

online.

• No Unnecessary information needed

to complete the application.

• Steps to complete is clearly shown

at the top of the page.

• User’s current location is shown.


• Step 2, Good presentation of product information. It is easy to read

the content.

• Product information is displayed in box with clear border lines.

This gives users an overview of different ISAs. The site also

helps users make comparison between different ISAs

• Good Informative product detail is provided; easy to read and

consume.

1 2 2b

• Step 1, the cash ISA link is available on the homepage. However,

the link is not very salient.


• Search function on homepage is efficient. The results returned

are prioritised according to relevance.

• Links of related product are grouped or boxed together.


• Good error messages to help users recover from mistakes.

Interactive elements are easy to understand and use.

• Adequate information to help users in completing application.

• The site allows users to recover from mistakes by going back.

• Application process consist of 9 pages, which is quite long

compare to other online banking sites.

• New customers can apply Cash ISA online.

• No Unnecessary information needed to complete the application.

• Steps to complete is shown. The title of the steps informs users

what information they need to enter.

• User’s current location is shown. users know where they are and

how many pages more to complete the application.

3


Sign-up | The Worst


• It is not easy to distinguish between rows due to the colour used. Titles are not

hyperlinked

• Product page has 3 tabs which helps break down the info. However, overview of

product information is shown in bullet point, which can be best shown in tables.

• Information of product provided is adequate, but lack ‘is this the right one?’ information

for users.

• The site provides key information of products, but they do not allow users to directly

compare different ISAs.

1 2 2b

• Step 1, the cash ISA link is not available on

the homepage.


• There is no search function provided on

homepage.


3

• Only existing current account holders

can apply ISA online. New customers

have to apply in branch.


PART 3: Insights & Conclusions


Best Practice customer’s journey (Application) :

Homepage

• Include ISA link on the homepage at least in run up to new

financial year

• At least prominently include the link on the ‘Savings’

page

• ‘One-click’ to cash ISA product page

• Provide an efficient site search function

• Items of related content are kept together to aid reading

and scanning

Conclusions


Best Practice customer’s journey (application) :

Product page

A good mix of sales-oriented, informative, and educational product content.

• Avoid information which looks like an advert

• Highlight calls to action like ‘Apply’

• Write for the web; concise bullet points, headings etc

• Comparison of products; tables are good for this

Conclusions



Product page

• Ample product information, preferably broken down with

tabs or other means

• Include an overview of products on product page to help

users comparing different products

• Include “is this right for me?” section to help users work out

which product is right for me

Conclusions



Application process

• Allow new customers (without any account) to be able to buy ISA online

• Do not require any unnecessary information to be entered, e.g. initial

deposit, which could be asked for at a later time

• Show steps / progress indicator

• Consider the flow of the users eye in layout

• Ensure few steps, but not at the expense of clarity and feeling of

progression

• Good error prevention and handling

Conclusions



Application process

• Offer interactive help and intuitive interactive elements

• Allows users to recover from mistakes by going back and

saving

Conclusions



Application process

• Include a clear indication on the website that the

application process is complete and has been successful

• Ideally include a clear, separate confirmation page

• Include a clear thank you message on this page

• Provide helpful post-application information online

via email or by post to inform users what they can

expect next

Conclusions



Application process

• Send email confirmation immediately

• Ensure consistency with site i.e. branding and logo,

etc.

• Include a link back to the website

• Include contact details

Conclusions


Questions?

Dr. Alex DeWitt: [email protected]

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one to one insights online banking experience presentation 11.18.2010

Economy & Finance

otoinsights offerings

online banking experience

customer experience

research project

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expert review