Despite mobile driving the majority of digital traffic across industries, more than half of visits to financial services sites (59.97%) still happen on desktop, according to Contentsquare’s 2022 Financial Services Digital Experience Benchmark Report.
Financial services customers also appear to favour larger screens for research, with an average desktop session time of 3 minutes and 31 seconds, compared to 2 minutes on mobile.
With Customer Experience (CX) the key differentiator for brands today, creating seamless and intuitive user journeys across all channels is key to meeting customer expectations at every touchpoint. And while smartphone traffic isn’t dominating the industry yet, mobile is still an important channel for digital natives, further highlighting the need for an integrated channel strategy. With an average bounce rate on mobile +78% higher than the bounce rate on desktop, there is tremendous opportunity for the sector to leverage overall smartphone penetration by optimizing mobile customer journeys.
Based on analysis of 3,800+ websites, 25 countries, 46+ billion user sessions from around the globe and across 14 industries, Contentsquare’s annual Benchmark report paints a rich portrait of digital customer behavior today. Its Financial Services spinoff was designed to bring unique CX insights to players in the banking, insurance, and fintech industries.
Financial services have undergone a profound transformation in recent years, and increased digital adoption has proven to be a key enabler of innovation and competitive differentiation. Whether they are browsing on desktop or smartphone, customers today expect convenient, frictionless, and trustworthy experiences every time. The ability to understand customers’ preferences and evolving priorities is key to delivering more human online experiences and measuring the effectiveness of the digital strategy.
“Keeping pace with the ever-changing customer expectations is one of the most important things for a brand to do for long-term success. Quick iterations and speed to market make it possible to keep pace with the dynamic environment in the financial services industry, and listening to your customers and meeting them where they are is key,” said Tarun Dadoo, Senior Director, Digital Customer Experience, Discover Financial Services.
“From convenient account opening to simplifying processes such as bill payments, digital has truly revolutionized financial services, and the opportunity for growth and innovation in the sector is immense. Now more than ever, it’s essential for businesses to make the digital experience their top priority,” said Niki Hall, Chief Marketing Officer at Contentsquare. “Every customer is unique and digital experience analytics can help teams understand what makes customers click, what frustrates them and how to improve the online journey.”
To access the full report, please visit Contentsquare’s 2022 Financial Services Digital Experience Benchmark Report. To view an infographic comparing financial services website analytics, please click here.
Contentsquare delivers the power to make the digital world more human. Its AI-powered platform provides rich and contextual insight into customer behaviors, feelings and intent — at every touchpoint in their journey — enabling businesses to build empathy and create lasting impact. The global leader in digital experience analytics, Contentsquare helps brands everywhere transform the way they do business, allowing them to take action at enterprise scale and build customer trust with security, privacy and accessibility. More than 1000 leading brands use Contentsquare to grow their business, deliver more customer happiness and move with greater agility in a constantly changing world. Its insights power the customer experience on over 1 million websites worldwide. Founded in Paris and with offices around the world, Contentsquare has raised $1.4B in investment funding from leading investors, including funds and accounts managed by BlackRock, Bpifrance, Canaan, Eurazeo, Highland Europe, KKR, LionTree, Sixth Street and SoftBank Vision Fund 2.
For more information, visit www.contentsquare.com.