AMSTERDAM – When asked to go online to get a credit card, US consumers preferred CapitalOne.com the most. This is the outcome of the latest WUA Digital Sales study in the US credit card market. The independent study is composed of a total of 400 potential customers (n=200 on desktop & n=200 on smartphone) in the US credit card market in September 2017.
With this study, WUA is able to determine customer experience and preference, and how real consumers experience the orientation process in the online credit card market. After discovering possible credit card options, WUA asked 400 potential customers:
- Which providers did you encounter? Which websites you find?
- What is your first impression? Did you give up or continue the customer journey?
- Why did you continue? Or, why did you give up?
- Which website is your final choice? Why?
- What did you like and dislike about the application process?
- And more questions about their experiences.
Digital Sales Score Credit Card September 2017
The September 2017 study provides a snapshot of digital excellence in the US credit card market. The overall winner with a Digital Sales Score of 68 is CapitalOne.com. Discover.com and Chase.com come second and third with 65 and 64 points respectively, while BankofAmerica.com, AmericanExpress.com, and Citi.com come fourth, fifth, and sixth respectively (each 59 points). From the data, WUA found that:
- CapitalOne.com has the highest overall findability (53%), followed by #2 Discover.com (49%) and #3 Chase.com (44%).
- The highest overall conversion is achieved by #10 NerdWallet.com (32%) with an overall findability of just 15%, followed by the #8 CreditKarma.com (32%) with an overall findability of 13%, and the #1 CapitalOne.com (30%).
- In the First Impression phase, Discover.com comes first on Look & Feel and Brand, whereas CapitalOne.com performs best on Product Offer.
- In the Further Look phase, it is CapitalOne.com that comes first on Look & Feel and Brand, and Chase.com performs best on Product Offer.
Digital Excellence: Who gets the highest preference?
Overall, the number one CapitalOne.com was picked by 17% of respondents as their first choice (preference), followed by Chase.com and Discover.com which were first choice for 12% and 10% of respondents respectively. The other providers were put in first place by 7% or less. The top 3 websites were second choice for 11-13% of respondents, and third choice for 8-13%. Relatively little effort is required to get preference from these groups of consumers as well. For example, the overall #1 CapitalOne.com was first choice for 17% of respondents. However, another 11% of respondents picked this provider as their second choice, and 9% picked it as their third choice.
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 they choose to buy from, and especially: 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 of improvement are.
The following websites were assessed by consumers in the study:
Who can benefit from this study?
In the study, WUA’s online experts reveal problem areas and areas for improvement on all topics based on the Digital Sales Scan model. For each provider, conclusions and concrete recommendations are provided in a tailor-made report. At WUA we know that in order to achieve digital excellence, it is extremely important that the following people and departments are involved with / benefit from this study:
- Everyone who is commercially responsible within the organisation: The winner takes it all.
- Management: for the right direction and mind set in the organisation.
- Online marketing professionals: get started immediately with the recommendations for higher conversion.
- Research: Thorough research with validated model is the foundation for digital success.
- Proposition/marketing: In addition to Look & Feel, the Product Offer and Brand topics are key factors in the buying process.
The level of cooperation of the above stakeholders can make or break digital success!