Despite the increasing share of sales through apps, websites still serve as the primary channel for attracting new clients to banks. Mobile versions are particularly important. As shown by the Cash Credit Acquisition Rank 2021 study, two-thirds of loan applications are submitted via mobile browsers. Therefore, progressive banks pay special attention to adapting websites for smartphone screens and continuously implement new features to enhance usability and increase conversion rates.
In 2020, Markswebb researchers helped one of the systemically important banks improve sales through the mobile version of their website for individual clients. We conducted a comparative study of mobile sites for them.
In the process of purchasing a new product, the customer goes through three stages: first, he selects a suitable product, then makes an application, then receives and activates the product. Using several project findings as examples, we explain how a mobile site can simplify the first two stages of the customer journey and improve the overall impression of the site.
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Comparing parameters and terms of different products is the most natural option when choosing. The difficulty lies in implementing a convenient comparison of more than two products simultaneously on a mobile screen. For example, a website can allow users to choose cards for comparison from two drop-down lists, enabling them to compare several options by changing them in the columns sequentially.
However, during the research, it was found that comparing cards had several issues: the card names in the headers were cut off, and the terms were placed in very long columns, forcing respondents to scroll extensively to find the necessary parameters.
Comparison can be made more convenient by displaying only key information in the columns: service cost, limits, fees, issuance period, and important additional conditions that affect the product experience.
The conditions of loyalty programs in products are not always obvious to clients: it is difficult for them to understand the specific benefits they receive - such as cashback, savings, or bonuses. Clear presentation of the conditions significantly influences the decision to purchase a product. A bonus calculator on the website can help clients understand the specific benefits. At the time of the research, such solutions were found on various bank websites.
For example, on one site, when ordering a card, customers can choose from six loyalty program options and calculate the bonuses. A frequent traveler can immediately see how many bonus miles they will earn based on their activity, which can be a decisive argument before filling out the card application.
When selling cash loans through a website, it is crucial for the bank to filter out erroneous applications from clients who do not meet the credit conditions as early as possible. The most common solution - a credit calculator - does not always help users fully understand the product parameters. This can mislead clients, increase risks associated with incorrect condition assessments, and negatively affect the customer experience and bank's reputation.
For instance, not all bank websites clearly describe the requirements for borrowers: what documents are needed, and what minimum conditions must be met for application approval. This information is often difficult to find on the product selection screen.
Among all the banks studied, one bank had a clear description of borrower requirements: a link to this information was located in the horizontal menu in the loan section, and the information was conveniently grouped and visualized. Icons were used for ease of perception, important information was highlighted, and additional data were hidden by default and expanded upon tapping. This helps clients objectively evaluate the loan application process and prepare for it properly, or decline an obviously unsuitable loan.
Most UX problems on websites during the application stage are related to the routine nature of the process: not all banks simplify field completion, explain their content, or help avoid input errors. This is especially true for loan applications, which involve uploading documents and statements - this feature causes the most UX issues.
One trigger for optimizing the application could be the loan amount: for small loans, the number of required documents can be reduced, and some fields can be removed from the application. It would also be helpful to change the field composition depending on the client's ability to quickly provide the necessary statements: either a standard tax form or a bank-specific form. It is important to explain why each document is needed and where it can be obtained.
For example, for loans up to $4,000, no documentary proof of income is required. For larger loans, the bank can motivate the client to provide more information: the more documents, the better the rate. Such explanations address questions during the loan application process.
Filling out an application in a mobile browser can be interrupted for various reasons: an incoming call or a push notification distracts the user, who may return to the application after a significant delay. Progressive banks save data in site cookies and later remind users about incomplete applications.
Data filled in previous applications can also be stored and automatically populated into the necessary fields by phone number. It is important to consider legal requirements for storing personal data and to show a warning to the user in advance, allowing them to decide whether to use details from past applications. This approach can create a good experience even when the client abandons the application.
After completing the application, communication with the client transitions to other channels: SMS, calls from managers, apps, or messengers. However, at the point of transition, it is critical to make it clear to the client what to do next—how they will be contacted, when, and how they will receive the product.
The best tool is an informative success screen that explains the entire subsequent process. If the application is processed quickly, a countdown timer can be displayed.
With the timer, the client clearly understands that the process is ongoing, can stay on the bank’s website, and wait for further instructions. This can be a decisive factor when applying for loans, where users send requests to several banks and choose the one that approves the application first.
During usability tests, respondents shared their impressions of websites, significantly affecting their desire to continue working with the bank.
These improvements help create a positive perception of the website as the bank’s main showcase.
Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.
