As the world celebrates, World Usability Day, Kern presents a research report that reveals the woefully poor user experience (UX) of 32 leading financial institutions that offer car loans to customers. It is rather sad that out of 32 only 1 has a UX Index above 75, which means that only one bank offers decent user experience!
The research report Acquiring Car Loan Customers Online, UX Benchmark Research 2012 is the first ever syndicated research report in India that analyzes the online user experience of customers.
Using a proprietary Katerpillar methodology, the research report analyzes the UX Index of 32 leading banks and financial institutions, their relative position among competing websites, best practices followed by leaders, the roadblocks to customer conversion by laggards, and suggests best customer experience practice design guidelines. The top 5 financial institutions for UX Index (in alphabetical order) are Axis Bank, HDFC Bank, ICICI Bank, State Bank of Hyderabad, and Tata Capital.
According to Ripul Kumar, Director User Research at Kern, “The report is a revelation for financial institutions as they struggle to increase online customer conversion. With detailed annotated screenshots, the report has over 60 design suggestions and guidelines that will improve the UX index of their websites. This will consequently help them improve customer engagement and customer conversions. This is also useful for those planning to launch their online car loan services.”
The research is useful for product owners, customer experience managers, marketing heads, digital channel owners, and chief executives of banks and financial institutions, and syndicated research companies to supplement their banking industry research papers.
Some key insights from the Research Report: Acquiring Car Loan Customers Online are:
- Out of 32 banks, only 1 has a UX Index of more than 75. This means only 1 bank offers decent customer experience to customers.
- The next best bank has a UX Index of less than 60. The UX is poor enough to turn away potential customers.
- The top 5 has 3 new private banks, 1 NBFC, and 1 public sector bank.
- Out of 32, only 1 helps customers apply for car loan online.
- Surprisingly, public sector banks provide overall better user experience than private banks.
- Although foreign banks offer car loans in India, none have any information online.
- The research report provides over 60 major UX insights that websites can instantly use to increase customer engagement and conversions.
- The report contains over 65 contextual UX design guidelines and best practices.
The press release below from Kern describes the state of UX in online banking industry.
Get the report at:
Acquiring Car Loan Customers Online, UX Benchmark Research 2012