Coming up: Follow up study for the online credit card market

By | 2018-03-13T15:29:43+00:00 March 12th, 2018|

When WUA conducted a Digital Sales study into the US credit card market last September, CapitalOne.com came out on top as the winner. The study revealed some extremely useful tips for designing webpages on a smartphones, which can be a tricky task considering the lack of space available on phone screens. Now we’re taking another dive into the online credit card market with a follow-up study to see what might have changed in the past six months.

For major markets such as insurance and credit, WUA will be performing Digital Sales studies every six months. This way we can stay on top of the best new practices within those markets and keep a sharp eye on the habits and preferences of consumers. In this upcoming study, which will be published in April, WUA will be asking 300 respondents to complete the following task:

“Imagine you’re planning a holiday in the near future, and you’re in need of a new credit card to use during the holiday. Go online and search for a credit card that best suits your needs. Please complete all the steps for applying for a credit card, however, do not actually finish the application.”

The set up

The 300 respondents chosen for this study will be a demographic representation of the US population. Half of the respondents will be using a desktop or laptop computer  to complete the task while the other half will be using their smartphones. They will be free to use any method to find their preferred credit card, whether it be through a search engine, a comparison site, or by going directly to the website of a preferred credit card provider. The respondents’ previous browser history, cookies and cache will affect their customer experiences. This allows WUA to benchmark the US market and to discover:

– Which websites do consumers find online?
– Who provides the best digital customer experience?
– What are the industry’s best practices online?
– Who do consumers prefer most? And, why?

The potential consumers give us feedback as they walk through each website based on our different customer experience themes as seen in WUA’s validated Digital Sales Model. They will continue until the point that they can sign up for homeowners insurance without actually getting it. After evaluating 3 to 4 websites, we ask the respondents which website they preferred for signing up for a credit card. We also ask what about their 2nd and 3rd favorite choice, and ask them what those websites would have to do to become their 1st choice.

See how your website performs relative to the competition

Are you an online credit card provider? This study will offer valuable market insights about your website’s performance (on desktop as well as mobile), such as: findability, conversion, preference, and detailed information about how consumers perceive the Look & Feel of your website, your Product Offer, and your Brand… compared to the competition. Furthermore, WUA’s validated model can show which changes in the customer journey will drive conversion the most. Questions our study will provide answers to for example are:

– How often is your website found, and how quickly? Via a search engine or organically, and how can you use this information to improve your findability?
– How many visitors of your website continue after having formed a first impression, and, if they drop out: why?
– If they continue, how do they experience your website when they take a further look? How do they experience the order process?
– How can you improve your website’s Look and Feel, your Product Offer and the way in which it is presented on your website, and your brand perception?

The ultimate KPI

The Digital Sales Scan offers the ultimate KPI to measure the online customer experience, which can be used to set priorities and determine backlogs. The way in which these scores are calculated makes it possible to easily compare websites both quantitatively and qualitatively, as well as different industries and countries. The impact of changes to your website can be measured immediately and continually in order to expose weaknesses and strengths. Our expert analysis and recommendations will give you the ultimate tool to help increase your online conversion!

is a triangulation of the quantitative data and qualitative feedback together with our digital expert knowledge and analysis.

Stay up to date with latest insights within the online credit card market

Expected Performers

Based on previous research by WUA, we expect the following companies to be found and ranked among those providing the best online customer experience journeys. This is not an exhaustive list of the market; companies are listed alphabetically.