Financial Services Providers Missing Out on Online Sales Conversions

A new financial service benchmark report shows the industry is missing out on online sales opportunities by failing to provide online visitors with easy access to human contact. The mystery shopper research, commissioned by Rostrvm Solutions, reveals that while 92% of financial services clearly display a telephone number, just 14% provide a Call Me Back facility and a tiny 3% offer a Live Chat instant messenger option.

The mystery shopper looked at the web sites of more than 100 financial services providers spanning mortgages, personal pensions, insurance and loan products. It

investigated out how easy it is for consumers to instigate a telephone or live chat conversation with brands while they are online; in particular the research focused on the availability and reliability of Call Me Back features, which allow online visitors to request a call back from a call centre agent at a time and date of their choice. Industry research shows that while the majority of buyers research financial services products online, a significant number still view human contact as key to the actual purchase itself*. In addition, Call Me Backs have been shown to achieve significantly higher conversion rates than online transactions. Yet just a tiny minority (14%) of financial services web sites offer a Call Me Back facility.

Mortgage companies are most likely to offer a Call Me Back, with 25% of web sites providing this option (Barclays, Bradford & Bingley, Cheltenham & Gloucester and The Woolwich). They are closely followed by personal pensions providers, at 21% (RBS, Fairfax Life and Pensions, and Scottish Widows). Surprisingly, the highly competitive motor and home insurance sector performed less well with just 12% of web sites offering a Call Me Back (AA Insurance, Endsleigh, Hiscox and MORE TH>N). Loan providers were at the bottom of the league, with 7% of credit card and personal loans providers offering a call back service (Abbey National and Barclays). Other financial providers offering a Call Me Back button are AA Insurance, Endsleigh, More Th>n, and Hiscox.

The mystery shopper research found that even those web sites offering Call Me Back are not necessarily getting it right; just 64% of the financial services providers called back within the allotted timeframe, 29% called hours or even days later, and 7% failed to call back at all. Among mortgage providers, only Cheltenham & Gloucester and The Woolwich called back at the specified time. Barclays didn’t call back until two days after the request, which, given that it is part of the same group as The Woolwich indicates inconsistency within a single organisation. There was no call back from Bradford & Bingley.