Financial services companies are focusing more on expanding on-line
and wireless products than improving their existing web sites for
customers, according to the latest report from market research firm
Jupiter Media Metrix.
According to the US report, four times as many business leaders
said they are more interested in increasing their mobile and online
offerings than did the number of business leaders who said making
their sites more user-friendly is a priority. Jupiter analysts warn
that financial services businesses will lose major market share if
they fail to offer integrated, customised and simplified online
offerings that better suit customer needs.
"Major financial institutions are in a race to outdo one another
by developing new on-line and wireless products to gain market
leadership, but are leaving usability and customer satisfaction in
the backseat," said James Van Dyke, a Jupiter analyst. "For
financial institutions, the key to winning in this economy is to
simplify and integrate basic services, such as banking and lending,
insurance, investment and payments."
Jupiter analysts offer the following advice for financial
institutions that want to maximise their on-line offerings by
meeting customers' needs:
Invest heavily in personalisation and customisation
capabilities. According to Jupiter analysts, financial companies
must present each customer with unique offerings based not only on
explicitly requested services, but also on additional content and
services from gathered usage data.
Position on-line products based on customer needs, not as the
latest technology. Financial institutions must accommodate the
customer's experience by integrating basic needs such as banking
and lending, insurance, investment and payments, into one simple
interface.
Invest in integration of disparate systems and capabilities in
order to minimise the growing complexity found in today's on-line
financial services web sites. Companies can drive higher customer
activation and asset retention by elevating the quality of customer
experience over the quantity of new products and features.
