A well-designed, user-friendly banking website isn’t just a nice-to-have; it’s a financial imperative that can boost your bottom line. According to a study from Forrester Research, a well-designed user interface (UI) can yield a 200% increase in conversions, and an enhanced user experience (UX) can raise that to a whopping 400%.
And that’s just the start. In addition to driving conversions, a website built on solid UX principles can transform your institution’s online presence, boost engagement, and more – all while saving you time and money.
Still not convinced a website refresh is worth it? We’ll explain the financial impacts of a poorly designed, outdated website and why you should consider investing in a banking website that’s optimized for UX.
Financial impacts of a poorly designed website
High bounce rates & lost traffic
According to a study by Google, users form an opinion about your website in .05 seconds – and 61% say that if they don’t find what they’re looking for in about five seconds, they leave.
That’s barely enough time to scroll – making elements of your website like navigation and menu structure critical to your website’s success. If not, visitors will leave just as soon as they arrive – leading to high bounce rates and missed opportunities. Moreover, high bounce rates can negatively impact your search engine rankings, creating a vicious cycle of web invisibility.
Lower search rankings
UX and SEO best practices like link structure, keyword research, and mobile responsiveness work hand-in-hand to optimize your website’s ranking in search. A website that overlooks these points can hinder SEO efforts, pushing it lower and lower in search results.
Not only does that result in missed traffic, but with nearly 70% of all search clicks going to the top three organic results, it can send your targets directly to competitors.
The burden of web maintenance
Older websites often require patches and other regular updates to remain functional, resulting in ongoing expenses that waste time and money. Instead of draining your IT budget on legacy systems, you could be better off investing in innovations that deliver stronger ROI.
The benefits of a user-friendly banking website (and how to enhance yours)
Increased conversions and sales revenue
As noted earlier, one of the biggest and most tangible benefits of optimizing your website for user experience is increased conversions and resulting sales revenue. But why is that? And how can you achieve it?
A key principle of UX design is empowering your web visitors to complete the task they came to your site for in the first place. Designing an intuitive navigation that considers the user journey will provide a convenient, frictionless experience – reducing frustration, lowering bounce rates, and increasing the likelihood of a conversion.
Decreased customer and member support costs
When visitors can find the information they need quickly and easily, they are less likely to have to visit a branch or contact your call center. Your website becomes a self-service center where new and existing customers or members can find information on new accounts, get answers, and service their accounts independently.
Consider adding an AI Chat Agent to your site to provide a personalized experience that gets your visitors the information they need on demand. AI Chat Agents, like Austin AI, are built to outperform standard chatbots because they’re trained by and learn from humans, not just algorithms. As a result, they provide more human-like experiences without the additional costs of hiring dedicated live chat representatives. Plus, they’re available 24/7 to engage with users in real time to respond to inquiries, provide recommendations, and more – helping all visitors, including existing customers or members, prospects, and even employees.
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Strengthen loyalty and retention
A seamless online experience can signal to existing account holders that they can trust you for convenient, innovative solutions that make life easier. With that enhanced image of your institution, your current base is likely to have greater loyalty, giving you a greater share of wallet (SOW), and a better chance at becoming their primary financial institution (PFI).
The best part? Loyal customers and members who enjoy your brand’s digital experience can become brand ambassadors who refer others to your institution, allowing you to build new business at a lower cost-per-acquisition (CPA).
Improved brand reputation and visibility
In today’s digital age, your institution’s website is often a prospect’s first touch point with your brand. And first impressions matter. Research shows that 48% of visitors believe a website’s design is the most important factor in determining a brand’s credibility. In addition to bolstering your brand’s image in the marketplace, a user-friendly web design leverages practices that can boost your search engine results page (SERP) rankings – fortifying your presence on that coveted first page.
Deliver consistent experiences across devices
With 98% of Americans switching between two or more devices daily, considering how your website performs across devices should be top of mind. Websites optimized for UX leverage responsive design techniques that ensure your website delivers seamless experiences across various desktop browsers, tablets, and smartphones. This adaptability enhances accessibility and convenience, making it easier for your targets to interact with your site, no matter the device.
Wondering what’s working on your website – and what’s not? We’re here to help with a free Digital Marketing ROI Audit. Our expert team will review your website analytics, ad platforms, media vendor and partner reports, and third-party data to uncover wasted spend. Then, we’ll calculate your digital marketing ROI at a high level and give you solid strategies to improve it. Contact us to request your free audit now.