How to quickly uncover friction points in your consumers’ digital journeys

During one of our recent credit union digital marketing engagements, we assessed the online application and onboarding process for a mid-sized financial institution. In the initial phase of the engagement, we identified several friction points in our evaluation, from the website to the online application and finally in the onboarding process.

Because many of the friction points seemed quite obvious, I decided to informally survey the employees who were in attendance of our Digital Growth Blueprint presentation.

“Who here has opened an account online with your financial institution in the last year?” I asked.

Just a few people raised their hands.

I then broadened the scope. “How about in the last two years?”

A couple more hands sprung up.

Finally, I asked, “How about ever? Who has ever opened an account online with your financial institution?”

Less than a third of the audience raised their hands, which I found quite interesting. This spontaneous survey then led into a much deeper discussion about consumer expectations, the friction points we identified in our assessment, and the need to continuously assess these activities for ongoing optimization.

This was not a unique conversation.

In fact, this is standard for our credit union digital marketing engagements. The primary culprit is financial institutions assume their online and digital processes are working because applications and forms are still being submitted and received.  

But things change over time.

Consumers evolve.

Technology improves.

Staffing changes.

Processes shift.

And more often than not, the website and application processes remain untouched.

Assessing Your Digital Processes

Like any retailer with a physical location, banks and credit unions audit and review the customer experience in their physical branch locations through the use of secret shoppers. Yet we have found that many financial institutions overlook the opportunity to optimize their website and various digital processes in the same manner.

It’s not necessary for the entire staff of your bank or credit union to routinely review all of these digital processes. However, I do recommend having someone within your marketing and sales department user test your own account applications and processes on a quarterly basis.

The internal processes you could user test include:

• General Phone Inquiry (Sales): Call the primary contact number on your website from the perspective of someone having an interest in a particular product and service.
• Website Contact Form (Service): Complete the website contact form from the perspective of someone having a service and support inquiry.
• Website Contact Form (Sales): Complete the website contact form from the perspective of someone having an interest in a particular product and service.
• Abandoned Online Application: Start but do not complete the online application.
• Completed Online Application: Complete the online application.

While each of the above activities is a bit different, have your employee consider the following questions when reviewing these processes. Make sure their experiences are documented for future discussion.

Phone Inquiries

• Were you put on hold?
• How long did it take for you to speak to an actual human being?
• Was your question resolved on the first attempt?
• Did you have to be transferred to someone else? How long was the wait time?
• Did you have to leave a message for someone to follow up with you? If so, how long did it take the representative to call you back?
• Did you receive any communication from your financial institution following your inquiry?
• How could this process be improved?

Online Inquiries/Processes

• What frustrated you about the process?
• What confused you about the process?
• How long did it take for someone to contact you? Was it via phone or email?
• How many times did the financial institution reach out to you?
• Was your issue resolved on the first attempt?
• Did you receive any communication from your financial institution following your inquiry?
• How could this process be improved?

Taking the time to go through this exercise at your bank or credit union will help to ensure that your digital and internal process are continuously assessed and optimized.