Online Form Optimization Process To Reduce Drop Off Rates

citi-singapores-online-application1

Challenge

Our client, one of 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 form and quantify the same with metrics.

Study of the traffic flow data revealed some interesting findings – Customer journey through the form resembled normal customer behaviour 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 labelled ‘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 siginifcant changes in the 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 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%.

Get in Touch

For queries regarding our Customer Value Maximization platform or our Solutions

* Mandatory

captchaLoading Page - Xerago

dear

Name

Thank You

for reaching out to us. One of our representatives will get in touch with you shortly.

What's your score?

Know what? You are not alone – less than 0.2% of the world’s financial services brands can stake the claim that they can do all this.

See how our Customer Value Maximization Platform can help you maximize value in your engagement with your customers!

Take me to the Platform

congrats-icon

Congratulations! You are probably in the top 0.2% of the world’s leading financial services brands.

See how the Customer Value Maximization Platform can simplify your engagement with your customers!

Take me to the Platform

Score how well you are maximizing customer value

Answer 7 questions to figure out how well you are maximizing customer value.

Do you continuously engage with every customer in your portfolio – even when they don’t visit your branches – not just to wish Happy Birthday or Merry Christmas, but to truly grow value?


Is every non-branch interaction with your customers intelligent enough to consider relationship history, relationship value and customer exhibited behavioral traits and preferences? Every single interaction?


Do you know which customer to include and exclude, when to do so, and with what message, when you want them to buy your products and services? Do you do this without offline / online spamming?


Is there a clearly articulated strategy, understood by everyone? Is it being implemented by all stakeholders cohesively working together, to maximize customer value?


Do you proactively arrest customer value decline, even when customers don’t yell, or send stinkers to support? For example, when card spends decline steeply, do you auto-activate those customers?


Can you do all the above by clicking a few buttons – without investing in an army of IT, Analytics, Marketing and Product Managers?


To sum up, do you continuously grow customer value – measured on both revenue and relationship dimensions – evidenced by portfolio revenue and business value metrics?

To score yourself, you need to take the quiz!

Show Buttons
Score yourself
Hide Buttons