How to Make Bank Websites a Better Place to Learn, Shop, and Buy

Financial institutions are under growing pressure to develop public websites that not only provide a favorable first impression but also efficiently guide potential customers to the products most suitable for their specific needs. To their detriment, however, banks and credit unions typically showcase tab after tab of siloed deposit accounts, credit cards, loans, and wealth services in a manner that can leave inexperienced shoppers feeling lost, overwhelmed, and uncertain. 

Javelin Strategy & Research’s diagnostic analysis of online websites for five leading FIs—Ally, Bank of America, Chase, Chime, and U.S. Bank—indicates that shopping for a financial product is a do-it-yourself process at the dawn of the help-me-do-it era. In short, FIs put the onus on potential customers to understand what products they need, how they work, and how to evaluate the features and benefits. This approach misses opportunities to establish an advice-driven relationship from the get-go by breaking down product siloes, tightly integrating relevant educational content in shopping flows, developing wizards and quizzes that can tailor recommendations, and standing ready with chatbots and live chat if shoppers waver.

Key questions discussed in this report: 

• How can banks and credit unions rethink their public websites to boost sales and establish advice-driven relationships?
• How can financial institutions evolve from a do-it-yourself shopping process to a help-me-do-it experience?
• How can FIs draw more value out of their educational resources?
• How can FIs use wizards, quizzes, and guides to make more tailored product recommendations?
• How can FIs improve customer service on their public sites to close more sales? 

Companies Mentioned: 

Ally, Bank of America, Chase, Chime, U.S. Bank