Shopping for financial products and services online is supposed to be easy and convenient. But, the sad fact remains, most of the time it is not. It can be frustrating as financial institutions do not put enough thought to their designs or the path a user will take to reach a particular page or product. This facts hold true for the entire gamut of the financial industry including banks, non-banking financial institutions, microfinance companies, mutual funds, brokerage firms, etc.
Read on to find out some of the common things that frustrate an online shopper:
Imagine a person looking for home insurance and now let’s look at a frustrating scenario from the user’s perspective – on the home page is the insurance, they click and reach a personal insurance page, and then from there they go to home insurance. Now, to reach the information, the first thing they are expected to do is provide personal information. This is tricky, time-consuming and frustrating!
Instead of such a lengthy process, simply add a drop-down menu to the home page, leading to the home insurance page, and the user will be happy to engage with your site. Other things to provide for are – options to alter and amend saved information without hassle, ensuring all CTAs are clickable and going to live links, and most importantly, fast page load times!
No Mobile Compatibility
A survey states that nearly 80% of all searches are online. It is safe to assume that your potential customer will be browsing on the mobile. Is your target audience super-rich or the middle class? Are they more likely to own an Android or an i-phone? Or maybe it is a mix of both. Therefore, each section of your website should be optimized for the mobile.
With Google shifting to mobile-first indexing, it is better to think of integrating your products and services on the site with mobile-first approach. A simple mobile application with intuitive and minimalist interface along with easy navigation is enough to pave the way for a great shopping experience.
There is nothing more frustrating to a user than incomplete information. Let’s take the example from a bank’s perspective – a financial service such as as a home loan is displayed, but the benefits, eligibility, documentation process,a approval process, interest rates, etc., are missing and only tenure is mentioned and loan amount is mentioned. Your users are not getting the information they are seeking and this leads to them moving away.
It is your duty to provide complete and accurate information. Even if you do not want to mention certain points, give a clear CTA asking the user to contact your customer services directly for the information.
Inconsistent Payment Gateways
Now, you have an excellent financial product or service, you know your users will love and are ready to buy, and when it comes to the payment, they are not happy with the performance or the security. The information form is too long, there are not enough payment options (debit card/credit card/cash) or the payment site is taking too long to load. They will be frustrated and they would rather leave a great product than spending time and energy to complete the sale cycle.
A fully-functional and secure payment gateway which seamlessly integrates into the site is necessary for smooth functioning. Your users will be sharing their very personal information with your site when they engage with it. Thus, it is necessary for your online store to have SSL installed. Several Online Payment Solutions, payment gateways, and banks use PCI compliance to add an extra layer of security to their users.