Two years of COVID-19 has taught most businesses that people are interested in online services and are comfortable doing many of their transactions from their couch. But consumers aren’t interested in the content of financial services websites. These are the findings of Contentsquare’s “The Fate of Finance” report, which shows that almost half (47%) of visitors to financial services websites leave after viewing a single page of content. Additionally, more than a third (39%) of customer-facing content is unseen. Mobile device users are even less engaged, with 51% only visiting one page of content.
The report says that companies have spent around $23 million on content marketing over the past few years. “While financial services brands recognize the importance of digital, there is still work to be done to ensure that the experience and information that customers receive remains consistent across all channels,” said Lucie Buisson, Chief Information Officer. products at Contentsquare. “Online banking has grown at an unprecedented rate in recent years, and as financial institutions invest in making these channels transparent, it’s also important for them to understand the pain points that cause customer frustration. .”
Interestingly, visitors to financial services websites who don’t leave right away view an average of four pages per session, averaging 53 seconds per page.
The Fate of Finance report advises financial services to consider the following:
1. Look at the room – Make sure websites and mobile apps give a good first impression of branding, messaging, and even aesthetics.
2. Invest in user experience – User experience (UX) is the content that keeps the consumer engaged. Things like slower load times, broken links, and poor password recovery can be enough to frustrate consumers and push them away for good. Investing in UX can include these three elements:
- Declutter the homepage with a “no-nonsense” approach
- Added tooltips to forms where visitors may encounter difficulties
- Show the length of forms to keep customers on track and let them know how many steps to take. This will increase the likelihood of them filling out the forms.
3. Help customers find what they need – Make it easier for consumers, who may not even know what they need/want, to find the most engaging and helpful content. Diagnostic quiz, calculators, live online consultation; blogs and engaging product content can help with discovery.
4. Make the site accessible to all customers – Having a clear, concise and well-structured website can help people with disabilities. Fonts, colors, and text size are also important to provide high contrast and make things as readable as possible. The report says it helps struggling customers and can also boost your site in search engine rankings.
5. Create consistency – Whether a customer walks into a physical location or looks online, the brand and message should remain consistent. Consistency inspires confidence and reduces frustration.
Contentsquare also reports that having a mobile-first mindset is key to maintaining customer engagement. Why? Forty percent of traffic to financial services sites comes from mobile devices.
“Users speak with their visits – they want to interact with your brand on their smartphones,” the report says. “It’s up to you to create mobile experiences that help them easily achieve their goals.”
Just because many customers often use their mobile devices to communicate with their financial service provider doesn’t mean the offline experience should be ignored. In fact, the lines are blurred because entering a physical location still allows customers to use things like ATMs or self-service kiosks. In-branch technology should complement the experience of working with people face-to-face, giving customers choice.