4 needs of finance and insurance customers online
3 min read
1. Better tools for better advice
The need for advice among users of financial services is very high. And the share of purely digital customer journeys is rising. Mobile access is increasing.
Most providers respond to this with mobile-friendly websites. Our study shows, though, that only a few actually meet user needs with them.
It makes sense to integrate tools that guide users effectively and efficiently to the right information. For example, a product finder or an intelligent search.
2. What's in it for me?
The products and services of banks and insurers are usually in need of explanation. As our study shows, some industry websites present content in a structured, understandable way. Often, though, information is too complicated, too extensive, and relevant points aren't immediately clear. As a result, users don't reach a final decision.
Information needs to be transparent, objective and understandable to empower a user to make a decision. A focus on product features and the concrete benefit for website visitors is key here.
3. Clear paths
Good user experience is characterised by simplicity, convenience, mobile-friendliness and flexibility.
The experience users have with a website or an application reflects on the company/brand. Especially in finance and insurance, users are extra cautious and particularly sensitive to disruptive factors. Drop-offs can often be avoided by optimising small details (loading times, mobile display, intuitive forms).
Our study results show that very few application journeys from banks and insurers meet these requirements. Often even a mobile view is missing. As a result, users can't properly use the services or build a relationship with the company.
4. Trust through UX
Providers that consistently align with user needs create positive user experiences and strengthen trust. When it comes to the key factor of trust, traditional companies already have a head start thanks to their brand. But users also want more modern, user-focused websites from financial service providers. In terms of interface design, however, many providers still have room to improve.
Three simple options for positively influencing the user experience are a clear design, speaking CTAs and scannable content.
Companies that take UX seriously start by analysing user needs and behaviour through user research and usability tests.
We keep running our UX user study for banks and insurers continuously, to keep results and insights as current as possible.
In the first edition of the UX user study for banks and insurers, we examined the websites of 65 leading financial services providers from a usability perspective. Insurance and financial services providers play a pioneering role in digital transformation. However, this is not always reflected on their websites.
Our study provides an overview of the key trends and challenges facing the industry. One aspect is identifying the user needs that banks and insurers must take into account. We have compiled four key needs.
- Marian Gertheim
Consultingsynaigy
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