One to One Insights Online Banking Experience Presentation 11.18.2010

www.OTOinsights.com 1
November 2010
Expert Review of the Online Banking
Experience: Winners and Losers
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2www.onetooneinteractive.com
Agenda
Company Overview
Part 1: Context: UK Online Banking Landscape
Part 2: Review of sites
Part 3: Insights & Conclusions
Q&A

OTOinsights Overview

Established in 1997, One to One Interactive is the first global enterprise to assemble a complete solution for brands,
agencies, and publishers executing one-to-one marketing strategies. The company employs over 140 professionals in
7 offices located in North America, Latin America, Europe, and Asia.
One of the 20 “Hottest Independent
Digital Firms” Globally
AdAge, 2007
One of the Fastest Growing Private
Companies
Inc Magazine, 2008

OTOinsights Overview
Established in 2002, OTOinsights has conducted over 400 research
project in over 30 countries.
Specialists in neuromarketing and customer experience strategy,
research and design.
Undertake discrete point-in-time projects and strategic
engagements.
Experience across all platforms including digital (e.g. web,
intranets, mobile devices, PDA’s, i-TV, etc.), call centers, retail
environments and physical products (e.g. laptops, printers, etc.)
OTOinsights Offerings:
Amplifying Engagement
OTOinsights quantemo
Customer Experience Research Neuromarketing Research

OTOinsights | Amplifying Engagement
Brand Perception
Research
Information DesignNeuromarketing
Research
Customer Experience
Research
• Eye-Tracking
• Pre-Cognitive Neurological
Engagement
• Cognitive Emotional Tagging
• Usability Testing
• Focus Groups
• In-Depth/Paired Interviews
• Online Surveys
• Expert Evaluations
• Accessibility Audits
• Ethnographics
• Research/Tracking
• Socially Informed/ Multi-
Channel Personas
• Engagement Mapping
• Cultural Anthropology
• Trend Spotting
• User Needs Analysis
• Information Architecture
• User Scenarios
• Behavioral Use Cases
• Feature Matrix
• Wireframes
• Site Maps
• Prototype Development

PART 1 | Context: The UK Online Banking Landscape

Context: The UK online retail banking landscape
• Almost 60% of UK Net users have researched a
financial product online in 2009, more than in any
other European country.
• 40% UK Internet users have applied for a financial
product online in 2009, which is double the Western
European average.
• So you think that UK bank web sites are all highly
effective sales sites?
• The Internet is now a core distribution channel for most
retail financial products, yet how are banks capitalising
on that potential growth.
Source: Forrester Research
computerweekly.com

• Many of the UK banks' sites are not giving prospective
customers enough help, particularly when it comes to
comparing different accounts and helping customers
work out which account is right for them.
• Given the popularity of using the Internet to research
and apply for financial services amongst Brits, the
nation's retail banks have been oddly slow to develop
world-class web sites to support users who want to
research and buy a product in all phases of the
customer journey.
computerweekly.com

• Many banks are strong in attracting customers — fewer
are good at supporting product comparison and
selection.
computerweekly.com

PART 2: Review sites

Methodology
• Expert Approach
• 2 experienced customer experienced consultants
• Independently reviewed top 10 UK online banking sites
• Focus
• Cash ISA
• Application process
• Positioning
• Information
• Tools and features

Application Process

Results | Summary
The numbers
• 7/10 sites have ability to compare products
• 6/10 sites have ISA link on the homepage
• 4/10 have links on deeper pages
• 6/10 sites allow users to apply for ISA without having
to register with online banking
• 3/6 sites allows users to recover from mistakes
by going back
• 5/10 sites help users make decision by providing 'is
this right for me?’

Results | Application
Key criteria used in the analysis:
Homepage
1. Is the cash ISA link available from the homepage
2. ‘One-click’ to cash ISA product page
3. Efficient search functionality
4. Items of related content are kept together
Product page
5. Good presentation of product (ISA) e.g.: layout,
colour, font, easy to read?
6. Adequate product information to help users?
7. Ability to compare products
8. Help users make decision by providing 'is this
right for me?'

Results | Application
Key criteria used in the analysis:
Application process
9. New customers can apply online
10. No Unnecessary information needed to complete the application
11. Steps to complete is shown
12. User’s current location is shown
13. Good error messages
14. Interactive elements are easy to use
15. Adequate information to help users in completing application? E.g: set up security phrase etc.
16. Allows users to recover from mistakes by going back
17. Efficient process in terms of time, steps
and information required

Key criteria met
6
5
4
3
2
1
9
7
8
10
11
12
13
14
16
15

o Co-operative meet 15/16 key criteria
o Application process is particularly good
o New customers are able to apply online
o Provide adequate content, easy to read and consume
o First Direct gives least useful experience for cash ISAs
o No ISA link on the homepage
o Not easy to compare products
o No ‘is it right for me?’ section to help users make decision
o Many banks provide good product information, but the presentation of product is not
excellent, the application process is not intuitive enough. Users would think the bank
is not thoughtful due to some typical issues:-
o Information of product is not ready-to-consume
o Doesn’t help users make decision by providing 'is this right for me?‘
o Inadequate information to help users in completing application
o Users are unable to recover from mistakes by going back
1st
10th
Overall Key criteria met

Below the fold on
1280 x 1024
screen resolution
Homepage |Location of cash ISA
Not on homepage

Product page |Content & presentation of product
Inadequate content
Poor presentation
Adequate content
Good presentation
Adequate content
Easy to read and consume
Adequate content
Logic and fluid presentation

Product page |Content & presentation of product
What is further information?
Where is overview?
Where are key benefits?
Good flow of feeding
information
Overview
How the account works
Interest rates
Apply

Product page | Ability to compare products

Product page | Ability to compare products
o 7/10 banks provide a separate page for product
comparison
o First Direct , Nationwide and Yorkshire bank provide key
information of products, but users are not able to
directly compare different ISAs
o Co-operative provides users with the differences
between ISAs. However, this information cannot be
found on the product page. The information given is
rather short and generic

Product page | Provision of “is this right for me?”

Product page | Provision of “is this right for me?”
o Co-operative provides a ISA quick check tool to help users find out how to
make the most of ISA allowance, but this doesn’t differentiate their product
from others
o HSBC provides ‘choosing the right ISA’, but users still need to read and
analyse before they can make decision
o As an alternative to ‘is this right for me?’ Barclays provides a tool, ‘savings
chooser’ to help users select the right ISA
o Santander provides customers with key benefits of each ISA. Users are
unable to make direct comparison, but it tells users which ISA might suit
them.
o Lloyds TSB provides an account selector tool; answer a few questions the site
will show users accounts that might suit them
o First direct, Halifax, Nationwide, Yorkshire Bank and NatWest do not provide
adequate help to users in finding the right ISA to meet their needs

Application | Number of pages

Application | Time to complete

Application | Number of pages
o NatWest’s application process consists of 9 pages, which
is almost double the length of HSBC’s, Nationwide’s and
Co-operative’s
o An initial deposit is required to open a saving
account, this is why the application asks users to
enter amount they want to deposit, bank detail,
how frequent users want to make regular savings,
how payments will be made etc.
o It is good to have the account well set-up, but
banks need to strike a balance, lengthy
application process can frustrate users and send
them to the competitors

Application process| The Best

• Step 2, Products are displayed side by side; this will help users read key
information of different products.
• Easy to digest information, but could indicate priority/hierarchy of
messages more clearly. Links of product summary and key features can
be easily found on product page. Clear call to action.
• Information of product provided is adequate. It provides users with the
differences between different ISAs. However, this information cannot be
found on the product page. The information given is rather short and
generic.
1 2 2b
• Step 1, an ISA link is available on the homepage.
• ‘Two-click’ to product page.
• Search function is provided on homepage. Users can find
ISA link on the first page of the results
• Links of related product are logically grouped.

• Good feedback throughout the form.
Progress bar clear shows how much users
have completed. Selected fields are
highlighted.
• Interactive elements are conventional
easy to use.
• Adequate information is given for each
field to help users in completing the
form. It is interactive and helpful.
• Application process consist of 5 pages,
which is good length of process.
3
• New customers can apply Cash ISA
online.
• No Unnecessary information
needed to complete the application.
• Steps to complete is clearly shown
at the top of the page.
• User’s current location is shown.

• Step 2, Good presentation of product information. It is easy to read
the content.
• Product information is displayed in box with clear border lines.
This gives users an overview of different ISAs. The site also
helps users make comparison between different ISAs
• Good Informative product detail is provided; easy to read and
consume.
1 2 2b
• Step 1, the cash ISA link is available on the homepage. However,
the link is not very salient.
• Search function on homepage is efficient. The results returned
are prioritised according to relevance.
• Links of related product are grouped or boxed together.

• Good error messages to help users recover from mistakes.
Interactive elements are easy to understand and use.
• Adequate information to help users in completing application.
• The site allows users to recover from mistakes by going back.
• Application process consist of 9 pages, which is quite long
compare to other online banking sites.
• New customers can apply Cash ISA online.
• No Unnecessary information needed to complete the application.
• Steps to complete is shown. The title of the steps informs users
what information they need to enter.
• User’s current location is shown. users know where they are and
how many pages more to complete the application.
3

Sign-up | The Worst

• It is not easy to distinguish between rows due to the colour used. Titles are not
hyperlinked
• Product page has 3 tabs which helps break down the info. However, overview of
product information is shown in bullet point, which can be best shown in tables.
• Information of product provided is adequate, but lack ‘is this the right one?’ information
for users.
• The site provides key information of products, but they do not allow users to directly
compare different ISAs.
1 2 2b
• Step 1, the cash ISA link is not available on
the homepage.
• There is no search function provided on
homepage.

3
• Only existing current account holders
can apply ISA online. New customers
have to apply in branch.

PART 3: Insights & Conclusions

Best Practice customer’s journey (Application) :
Homepage
• Include ISA link on the homepage at least in run up to new
financial year
• At least prominently include the link on the ‘Savings’
page
• ‘One-click’ to cash ISA product page
• Provide an efficient site search function
• Items of related content are kept together to aid reading
and scanning
Conclusions

Best Practice customer’s journey (application) :
Product page
A good mix of sales-oriented, informative, and educational product
content.
• Avoid information which looks like an advert
• Highlight calls to action like ‘Apply’
• Write for the web; concise bullet points, headings etc
• Comparison of products; tables are good for this
Conclusions

Product page
• Ample product information, preferably broken down with
tabs or other means
• Include an overview of products on product page to help
users comparing different products
• Include “is this right for me?” section to help users work
out which product is right for me
Conclusions

Application process
• Allow new customers (without any account) to be able to buy ISA online
• Do not require any unnecessary information to be entered, e.g. initial
deposit, which could be asked for at a later time
• Show steps / progress indicator
• Consider the flow of the users eye in layout
• Ensure few steps, but not at the expense of clarity and feeling of
progression
• Good error prevention and handling
Conclusions

Application process
• Offer interactive help and intuitive interactive elements
• Allows users to recover from mistakes by going back and
saving
Conclusions

Application process
• Include a clear indication on the website that the
application process is complete and has been successful
• Ideally include a clear, separate confirmation page
• Include a clear thank you message on this page
• Provide helpful post-application information online
via email or by post to inform users what they can
expect next
Conclusions

Application process
• Send email confirmation immediately
• Ensure consistency with site i.e. branding and logo,
etc.
• Include a link back to the website
• Include contact details
Conclusions

Questions?
Dr. Alex DeWitt:
adewitt@onetooneinteractive.com
For copies of the presentation or
further info on OTOinsights services
please email:
marketing@onetooneinteractive.com
Follow OTOinsights on Twitter:
http://twitter.com/OTOinsights

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