When you want to understand whether your financial organization’s website or bank’s website is effective you need to consider several metrics. Namely, the duration of the user’s stay on the site, how many pages the user visits, and whether it is convenient for the user to view the pages of the website using the phone.
In this article, we propose to consider several factors that are important when assessing the effectiveness of a bank or financial institution’s website. This information will help owners understand what needs to be improved.
Website visit duration
A key factor in determining whether your site is performing well or not is for how long users and customers visit your site. Based on the research, it was concluded that, on average, a client spends about 7 minutes on the website of a financial institution. This figure is 4 minutes less than the average user time on a site with entertainment content.
It is noted that the prevailing method of entertainment and informatization of users is the creation and implementation of video content. Videos are already being used at full capacity on sites with entertainment content, and financial institutions are just beginning to use this tool in marketing strategies to attract new customers. By creating short-length videos informing users about new services or the conditions for obtaining loans, you can increase engagement and raise awareness of your customers, as it is recognized that the video format is the most viewed content.
Page display relevance
Financial institutions that can boast of enviable website performance report that over 70% of users view more than 1 page.
At first, it may seem as if these are successful metrics, but sometimes that’s not the case. Often, such indicators can mean that users do not immediately find the page they need with the necessary information and services and are forced to walk around the site in search of the desired page. In such cases, the path to the landing page is time-consuming and this indicates poor navigation on your site or a small number of landing pages that can immediately take the user to the desired page. Moreover, it may indicate a poor-quality design of your site and that you should better pay attention to the issue of search engine optimization. You can solve your design issues by visiting https://www.qulix.com/services/frontend-development-company/, where experts will help you identify the root of all problems and prepare the best way out for you.
Identifying problems and solving them will focus your attention on allocating your costs in the right direction and setting up more accurate targeting.
Number of views
A large number of views is undoubtedly a success. However, again, as in the previous case, this may signal that you have design flaws. A high conversion rate is considered successful when you have increased demand for your financial institution’s services and increased sales.
For financial indicators, this indicator is one of the main ones, since when compared with sites with entertainment content, the number of views directly affects their profit. An increase in the number of views does not always indicate an increase in revenue in the case of financial services.
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Optimizing the site for viewing from the phone
At the moment, it is already difficult to imagine life without smartphones. People use their gadgets for a huge amount of things: ordering food, buying clothes from an online store, viewing email, viewing entertainment content, and more. The banking industry must immediately get involved in the creation of applications that users can use without having to go to the nearest office of a financial institution.
Optimizing a site for viewing from a smartphone directly affects attracting new customers and increasing loyalty. When deciding to connect to any service or apply for a loan, a person wants to first read the terms and conditions before going to the office.
When you present your users with an inconvenient interface or an uninteresting website, it forces potential customers to opt for another financial institution.
Development prospects
There is a myriad of factors that can help point out ineffective methods for your website. In any case, it is worth paying due attention to web development and collaborating with the development team. By analyzing the gaps, you can increase the length of time users spend on the site, increase the number of views on relevant pages, and optimize your web page for smartphone users.
