Overview: Customer Experience Optimization
A subsidiary of one of world’s largest banks, our client, has had a long stint in India for over a 100 years. With 44 full-service branches in 31 cities and over 700 ATMs across the country, it is an important player in the foreign direct investor segment in India. Implementing the Portal Yield Maximization framework across the portal inventory of a leading bank led to optimized syncing of customer experience or actions and business intents.
The business offers a wide range of cash, trade, and securities solutions with several portals dedicated to its various lines of businesses. But there was a lack of real-time-based context-relevant insights across these portals. Our client wasn’t able to gauge the performance of its individual site units and as result was facing challenges in syncing it’s portal experience to its customers’ expectations.
Solution: Customer Experience Strategy
Xerago was brought on board to help overcome this challenge. Xerago first analyzed goals and expectations, explored the gaps in its current portal management processes and identified a new approach to maximizing yield from its existing portals. Commercially available web analytics solutions worked at page levels offering high-level metrics that could rarely be transformed into actions. It basically could spot that something had occurred but could not explain why it happened in the first place.
Xerago noted that a metric driven Customer Experience Optimization approach was required when it came to portal management functions. A solution that understood performance at a fundamental unit level – taking into account customer actions on one side and the business’s intent on the other, was needed. To this end, Xerago proposed the implementation of the Portal Yield Maximization framework.
First, each portal element was inventoried and categorized. Xerago then identified metrics that would accurately measure the performance of each unit. Using past traffic data, benchmark numbers for each of the metrics were calculated to gauge current performance levels. Each unit was then tracked and monitored in real time, and based on the unit’s performance, changes were recommended to enhance visitor interaction.
This Portal Yield Management framework led to the business adopting a strategic approach to the management of its portal inventory. This led to reduced turnaround times as opposed to the intuition-led optimization and complete portal revamp which used to be the norm.
Some key results include –
- The Feature visual on the Personal Banking page recorded a 6.7% increase in Click Through Rates (CTR) and Impressions to Lead (ITL)
- A product swap accompanied by revised creatives and copy contributed to almost a doubling of the CTR and ITL of the homepage’s feature visual unit.
- A simplification of the dropdown options under the cards section of the homepage increased ITL values from a mere 1.82% to a staggering 10.35%
- A reduction in the number of steps in the form page and instant data validation reduced drop off rates and increased ITL values from 3.89% to 5.04%