The Importance of User Experience (UX) in BFSI
Despite huge investments on technology, financial institutions feel they fall short on customer expectations. Digitally disrupted environment demands banking and financial institutions to humanize their digital customer experience. According to a study building emotional connect with fully engaged customer increases the revenue by 23%.
Increased customer acquisition cost and fierce competition are few reasons why BFSI industry should focus more on customer experience. In this blog we will understand the importance of UX and success story on how Ameex helped client in their UX journey.
Let us understand the impact of UX on business with some quick stats
- Every $1 spend on UX brings a return of $100
- Most of the times the first impression of a website are design related
- 8 out of 10 customers are ready to pay more for better UX
Impact of bad UX on business
- 62% of users share bad experiences with others
- 52% of users feel bad mobile experience makes them frustrated
- 40% of users abandon a site if it is messy
- Slow loading websites causes loss of $2 Billion each year
A success story on how Ameex helped a leading financial institution to revamp their customer acquisition form.
- The client is a leading financial institution with 1600 branch offices across 44 states and their primary service offering being personal loans.
- Their average monthly site visits are over 2.5 million and 90% of customer acquisition happens online.
The client had an old fashioned UX and the customer acquisition form was outdated compared to competitors. As a result of which the customer acquisition page had a higher exit rate.
Our team came up with a customer journey map using analytics data to identify the flaws in the existing form after a discussion with the client.
The number of questions were reduced by grouping the ones with similar goals and the interface was made user friendly to provide better customer experience.
As a result of improved UX the form provided, it reduced the exit rate and increased the form completion ratio