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UK bank fixes form error to improve the account opening journey

The company

One of the UK’s largest retail banks

The challenge

Low conversion rates for online account opening experience

Results

4% increase in customer login completion

The challenge

Since the Current Account Switch Service was introduced in the UK, more than three million consumers have moved their bank accounts, often attracted by promotional incentives. Most have chosen to switch or open an account online, but the promise of a stress-free switch is broken when they experience a problem, leading them to find another bank. 

One of the UK’s largest high street retail banks was experiencing low conversion rates with their online account opening process but didn’t know why despite using web analytics tools. Some customers got all the way to the end of the account application form only to be ejected after clicking the final “Submit” button. Plus, they never saw an error message which left customers hanging with no explanation. So when some of these customers consequently called customer service, they didn’t have an error code to give the agent to indicate what was happening. 

The solution

The bank was introduced to Glassbox and the team was immediately impressed by its approach to digital experience analytics. Glassbox’s ability to integrate with their existing web analytics solution, and its experience working with large retail banks around the world, were also huge benefits. 

Unlike their web analytics tools which provided only statistics and trends, Glassbox was able to record, visualize and analyze every digital journey, both on their website and mobile app. With Glassbox in place, they were able to rapidly review and address issues reported by customers, benefitting cross-functional teams including marketing, sales and product development, as well as their fraud investigation and compliance teams.

With Glassbox’s ability to capture both customer behavior and behind-the-scenes technical events, the bank was able to determine that all of the affected customers had accent marks or other special characters in their names. This was causing an error in a back-end system without triggering a communication to the user. 

Results

Today, the bank is capturing approximately 800 million digital sessions per month and has experienced significant return on investment (ROI). The team can now rapidly analyze whether issues reported by customers are one-off occurrences or the symptom of a much larger problem, such as broken or overly complicated processes, page UX design or a technical fault—all without the need for technical expertise. One specific anomaly that Glassbox identified resulted in a 4% decrease in customer login issues.

Glassbox has revealed areas for improvement, as well as opportunities that were totally new to the bank, including highlighting the demand for small, short-term loans by flagging user behavior. By identifying this demand and adapting the loan offering to meet it, the bank was generating new revenue in a matter of weeks.

The bank reports that it can analyze far more data and act on more meaningful insights faster than with web analytics alone. In fact, the time to analyze user struggles has decreased dramatically from one week to 10 minutes on average.

800M

digital sessions per month captured

4%

decrease in customer login issues

10 mins

time to analyze user struggles decreased from one week to 10 minutes

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