SAN FRANCISCO – THE WUA DIGITAL SALES SCAN™ ON PERSONAL LOANS
WUA recently ran a digital CX benchmark study to understand how Americans research and apply for personal loans online. Starting on a blank web page, each of our 600 unmoderated respondents (300 on smartphones, 300 on computers) completed the following consumer task:
“Imagine that you want to take out a personal loan of approximately $10,000, to pay off Credit Card (or other) debt, to finance a home improvement project or other big purchase. Go online and search for different unsecured personal loans to find options that best suit your needs.
Go through the process of applying for a loan. Go as far as possible without actually taking out a loan or asking for a proposal.”
Consumers were free to find the websites that appealed to them most, discovering at least 4 websites to complete the task. As these potential customers searched online, WUA gains quantitative data and qualitative feedback by asking respondents, who do you find?, how did you find them?, how do you experience the site’s look and feel, brand, and product offer? and, who is your ultimate choice for taking out a personal loan?
The digital customers have spoken! Based on the quantitative feedback of the consumers on the various customer experience themes, LendingTree.com rose above the competition, earning a combined Digital Sales Score of 65. The respondents found and evaluated more than 200 websites. Of those 200, 17 websites were found and scored high enough to make it to the following Digital Sales Score Ranking. The ranking provides an overall score based on the different aspects of the Digital Sales Model, by Smartphone, by Computers, and combined.
Digital Sales Score Ranking
Name study: Personal LoanMeasurement: November 2017Country: United States
- Total Desktop Mobile
- 1 LendingTree.com 65 64 65
- 2 WellsFargo.com 59 60 58
- 3 LendingClub.com 56 57 56
- 4 Chase.com 54 53 55
- 5 BankOfAmerica.com 54 55 53
- 6 CreditKarma.com 51 51 51
- 7 Discover.com 51 52 50
- 8 QuickenLoans.com 50 52 49
- 9 SoFi.com 50 49 51
- 10 CapitalOne.com 49 47 52
- 11 NerdWallet.com 48 48 -
- 12 Avant.com 48 48 48
- 13 Prosper.com 48 48 47
- 14 Citi.com 48 49 46
- 15 OneMainFinancial.com 48 48 47
- 16 RocketLoans.com 47 47 -
- 17 Marcus.com 46 - 46
- Each Digital Sales Scan® is based on the validated Digital Sales Model. With this model, the details of the research and purchase decision-making process are mapped. Eventually the performance of a website is reflected in a single, overall score: the Digital Sales Score.
- Highest total score
- Highest score on device
The November 2017 study provides a snapshot of digital excellence of the US online Personal Loan market. While Lending Tree topped the list, WellsFargo.com and LendingClub.com follow up closely inin the conversion, found and preference measurements as found in the graphs below.
When it comes to findability, the top 3 in the study are far ahead of the other providers. The gap between the 1st place LendingTree.com and 4th place Chase.com is 30 percentage points. In the young and fragmented personal loan market in the United States, being found is king when it comes to preference.
The remainder of the sites succeed at convincing site visitors to choose for them at rates between 12% and 27%. It is interesting to note this variability given a findability range of no more than 10% between place 4th and 17th. If these websites can convert site visitors at comparable rates to Lending Tree and Wells Fargo, they can make big steps in new market share by boosting their findability and web presence.
Aim of this study: Digital Excellence
The aim of the study is to precisely identify the digital experience of consumers when they search for personal loans, who they choose to lend from, and especially: why. Using the validated Digital Sales Model used for the past eight years with more than 18,000 websites, we map out exactly what it is that consumers want, what the best practices are, and what the areas of improvement are for each provider’s website. An overview is given in the Personal Loan update document.
The top 25 websites found by respondents in this study
More than 200 websites were found in the study. The following are the 25 most found websites; each have analytics and insights documented in the Digital CX Study. If not listed in the Digital Sales Ranking, the website was not assessed by statistically significant proportion of the respondents. WUA can ask additional consumers to evaluate your website to be included in the benchmark. If interested in adding your site to our benchmark, please contact us.
The Digital Sale Scan Report: Drive Conversion on Your Site
Based on the results of this study, WUA’s in-house digital experts can create a full Digital Sales Scan report for each provider with custom-made conclusions and concrete recommendations to drive conversion on your site.
The report reveals problem areas and areas for improvement on all topics based on the Digital Sales Scan model. Every Digital Sales Scan Scan report is presented in an Action Workshop with your team to create energy and direction in optimizing your website.
Who can benefit from this study?
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: to get started immediately with the recommendations for higher conversion.
Research: The research provided by our validated model is the foundation for digital success.
Product management: In addition to Look & Feel, the Product Offer and Brand topics are key factors in the buying process.
Cooperation of the above stakeholders can make or break digital success!