Credit Card Lead Generation Form Optimization Process To Reduce Drop Off Rates

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Challenge: Lead Generation Form Optimization

Our client, one of the world’s largest banks, had been using an online application form as the primary channel for registering credit card applicants in its Singapore business. But the form was a point of customer abandonment and had high bounce rates despite several promotions to influence form completion.

Solution

Xerago began by understanding customer activity across all form fields to identify the key drivers of form completion failure. Xerago undertook an analytical approach to solving the challenge and began by mapping all form elements to the client’s existing web analytics platform. This was to accurately measure the customer journey and engagement across the lead generation form and quantify the same with metrics.

Study of the traffic flow data revealed some interesting findings – Customer journey through the lead generation form resembled normal customer behavior save for specific fields where abandon rates spiked significantly. This was observed at several fields through the form until completion rates dwindled to mere single digit figures at the end.

Further analysis of those specific fields revealed an elevated sense of ambiguity in the fields’ labels. For example, a particular field labeled ‘Which Branch do you Use’ flummoxed customers to an extent that customers abandoned the form and headed to the nearest branch to acquire their new cards.

Xerago concluded that the key to high completion rates involved the ability of the application form to correctly and concisely communicate what was required from customers while they filled it out.

With this in mind, Xerago made significant changes in the credit card form in order to bring in clarity and brevity to the credit card online application process. Xerago identified those fields that were superfluous to the web application process and removed them from the form. Apart from this, all the copy was tested and tweaked to reduce confusion and raise completion rates.

Results

The form changes produced a concurrent drop in the abandon rates and a noticeable spike in form completion rates. A significant decrease in drop-off rates was observed for the bank’s SMRT card product by an overwhelming 47%. Overall drop-off rates reduced in the region of around 27%.

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