Switching Financial Services suppliers has never been simpler for consumers. With a wealth of comparison sites, app stores and social comment at their fingertips – and limited differences between the services being offered – it is a ‘consumer’s market’. Customer experience is fast becoming the reason to leave or stay.
So what does that mean, exactly?
First and foremost, providers must create an engaging, consistent customer experience across all the channels they offer. FinTech challengers like MetroBank, AtomBank and Monese have taken a customer-focused approach, building an experience to meet their customer’s’ needs rather than ‘selling the benefits’ of a more standardised experience.
Established players may rely on their reputation, but increasingly, challenger brands are able to provide relevant and personalised content and communication. Moreover, such challenger brands are not constrained by legacy technology investments and find it much easier to offer a consistent experience across mobile and web.
Website conversion rates amongst financial and insurance service providers are almost double that of other industries, but interestingly, bounce rates are higher than the general average. Consumers are visiting financial sites with a purpose, and if their requirements are not met or the experience does not match expectation, they move on. (1)
How can established financial services brands deliver digital experiences designed specifically for the modern consumer?