CapitalOne.com finishes on top once again in follow-up study of the online credit card market

By |2018-05-04T21:15:38+00:00April 18th, 2018|

SAN FRANCISCO – CapitalOne.com cruised to victory the last time WUA measured the online market for credit cards. The banking giant beat out the competition by providing the best customer experience for both desktop and mobile. In our latest benchmark study into this market, CapitalOne.com came out on top once again, although by a smaller margin of victory than the last time around. Let’s have ourselves a more in-depth look into the results of our most recent Digital Sales Scan.

  • Digital Sales Score Ranking
    Name study: Credit Cards
    Measurement: April 2018
    Country: United States
  • Total Desktop Mobile
  • 1 CapitalOne.com 65 65 65
  • 2 Chase.com 61 59 63
  • 3 Discover.com 59 60 57
  • 4 AmericanExpress.com 55 54 56
  • 5 BankofAmerica.com 55 55 54
  • 6 Citi.com 55 55 54
  • 7 Visa.com 54 54 54
  • 8 CreditCards.com 54 52 56
  • 9 CreditKarma.com 54 53 54
  • 10 NerdWallet.com 53 51 55
  • 11 MasterCard.com 53 53 53
  • See full list
  • Highest total score
  • Highest score on device

Aim of this study

The aim of the study is to precisely identify the digital experience of consumers when they search for a credit card. Who do they choose to get a credit card from, and mainly: Why? Using a proven model WUA has worked on over the past eight years, we map out what it is exactly that consumers want, what the best practices are, and what the areas for improvement are. In this study, customers evaluated the following websites:

The Task

The 400 respondents in this study were given the following task: “Go online and search for a credit card that matches your current needs. Please asses all the steps to apply for a credit card, however, don’t actually finish the application.” Half of the respondents searched for a credit card using their smartphones, while the other half used desktop computers. Each respondent started their customer journey from a blank web page and could use any method they wanted to find a suitable credit card.

Digital Excellence: Who gets the highest preference?

Being the most preferred credit card provider two studies in a row is a telling sign that CapitalOne.com is doing something right. 16% of respondents in this study chose the company as their top choice, which is 5% higher than second place finisher Chase.com. Part of Capital One’s success can be attributed to their high rate of findability. A whopping 42% of respondents found themselves browsing on CapitalOne.com. That’s 10% better than the company in third place, Discover.com, and nearly twice as much as Citi.com. Diving deeper into the data, we see that respondents are impressed by the website design of CapitalOne.com as the respondents ranked the company highest for the subjects “Find information right away” and “Website looks attractive.” Still, while CapitalOne.com scored highly in these subjects, there were are a number of areas where the site was outclassed by other credit card providers. Let’s take a look into some of the other intriguing insights that came out of this study.

Some of the quantitative findings of our study

The data we extracted from this Digital Sales Scan provides a snapshot of digital excellence within the online market for credit cards. Here’s what we can take away from this study:

  • Giving a good first impression plays a major role in determining whether or not the customer will continue on their journey after initially entering a website. CapitalOne.com scored highest for Look & Feel during the first impression phase. Subsequently, Capital One had the highest rate of continuation, with 9 out of 10 respondents moving forward on CapitalOne’s website after the first impression. On the other side of the coin we have AmericanExpress.com and BankofAmerica.com. Both banks paid the price for being bottom dwellers for the category Look & Feel, with 1 in every 6 respondents ending their customer journey after the first impression.
  • Mastercard.com has some work to do on their mobile website. While the credit card provider finished best for the category “Application Process” on desktop, the company finished in 9th place for the same category on smartphones.
  • When it comes to brand, AmericanExpress.com is the most highly regarded in this study. AMEX, as their known, scored best for the subjects “Company seems knowledgeable” and “Company seems professional.” This most likely explains why the credit card provider was also given the best score for “Trust in handling correctly.” The data shows that AmericanExpress.com is doing a superb job in communicating their brand to customers.
  • Website design and a trustworthy brand undoubtedly works to impress customers, but when it comes to credit cards, customers ultimately want a good deal. For the category “product offer,” credit card providers Mastercard and Visa finished first and second. This can be explained by the number of options they provide customers, which come from a variety of different banks. Out of the major banks featured in this study, Discover.com and CapitalOne.com finished in joint-first place with a score of 86.
  • AmericanExpress.com could really benefit from stronger findability. The company had the second-highest conversion rate in the entire study, standing at 34%. Unfortunately, their poor findability rate of 23% means that their conversion rate isn’t leading to the amount of customers that banks like Chase and Capital One are able to reel in.
  • One essential feature that every website most have is a straightforward, simple application process. This holds true across all industries. Out of all the major credit card providers featured in this study, Discover.com finished best with a score of 88. On the flip side, BankofAmerica.com finished last out of all 11 websites evaluated in this study with a score of 79. One respondent had this to say about the bank’s site: “They ask you to share feedback, they want a free promotion from you, and there’s no direct mention of tech that provides encryption.”

To beat the competition, you have to offer an excellent digital experience

This study shows once again that Digital Excellence is an absolute necessity. To beat the competition, you have to offer an excellent digital experience in the entire customer journey, and take the number 1 position when it comes to preference. Being found and scoring high in Google isn’t enough.

Would you like more insights into the US market for credit cards? We have a crystal-clear image of your position and results. Download your free copy of the latest market report on credit cards here.

Full Report: Digital Sales Scan Credit Card April 2018

The full Digital Sales Scan Credit Card 2018 report is a unique report including all scores and recommendations. It gives direct insight how to optimize the customer experience and increase conversion.

Credit Card Digital Sales Scan

  • Know where you stand relative to consumer-expectations and experience that others in the market

  • Know your major improvements and highest priorities for conversion optimization

  • Learn from best practices within and outside your industry and learn from the best

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