ContentSquare and Mezzo Labs recently hosted a roundtable gathering for digital leaders in finance where, after a few canapés and drinks to warm them up, we discussed the threats and challenges in the industry, and how finance brands can counter the inevitable disruption that’s taking place and threatening their core revenue streams.
Brands like Deutsche Bank, UBS, Barclays, Wonga, Currencies Direct, Octopus, London and Capital, HSBC, Hermes, Barclaycard all weighed in. Here are some of the key takeaways below.
The Fintechs are coming
Fintechs are the big disruptors in the financial services market. They're light, nimble and scaling fast. Pretty much everyone in the UK ContentSquare office uses Monzo. It’s almost as widespread as a Citymapper or an Uber in being a go-to app. Legacy banks must be monitoring Monzo’s rise with great interest (and perhaps a little nervousness) as Monzo’s popularity continues to soar, and it begins to assert itself as a primary challenger bank.
Brands like Monzo excel in one key area, one which banks (and indeed other financial services brands) should really take lessons from:
They primarily compete on their laser focus on user experience
Monzo’s key offering is simplicity, as well as a customer focus that has rarely been seen before. The company is successful because it listens to what its customers want and uses that insight to provide the best user experience on the market.
Traditional banks are not quite there yet. Banking processes still involve a vast amount of long, complicated forms, and bureaucratic processes, making UX a crucial (but often lacking) element of service. After all – apart from customer experience and proposition, what makes a bank stand out from the rest of the pack?
Using the right tools
One of the reasons why many banking services struggle to get their user experience right is they continue to rely on free analytics services like Google Analytics.
While this might suit some businesses, banks face very high drop off rates from their products due to poor UX, so measuring the impact of this on the wider business is of vital importance.
Financial services providers should be measuring metrics like click repetition (how many times one individual clicks on an image or in a specific form field) or time before first click (the amount of time taken hovering over an image before clicking on it). If businesses focus on advanced metrics, they can better measure the ROI coming from their online content.
UX above all
Banks allocate vast amounts of their budget to acquisition traffic, but if their website is not designed to facilitate a smooth visitor experience, then that spend is wasted. If an expensive hero banner takes up all the space on your website but only a small percentage of visitors click on it, then you know you have a problem.
This is easily avoided if you have the appropriate analytics metrics to measure the effectiveness of your website design. This should help you focus your attention and help your visitors have a better experience.
During our roundtable, the brands focused on a range of topics and we put together a handy mini report of the key takeaways. Access your copy here.
It's a jungle out there in the digital experience world. This is where you find your way and make your mark.
AUTHOR Matthew RobinsonMatthew is the UK Head of Marketing based in ContentSquare’s London office. In this role he leads strategic vertical demand generation campaigns and communications as well as occasionally writing about himself in the third person.
In his spare time Matthew enjoys jaunts to pretentious pop-ups, desperately tries to cram in as many trips abroad as possible just for the Instagram likes and tries in vain to understand why anyone would have any other pizza topping than pepperoni.