Customer Engagement 2.0

When at the Forrester Financial Marketing event in New York, I had the pleasure to meet with Alyson Clarke, a principal Analyst at Forrester.  We sat together to discuss and share some ideas about Online Advice Tools. We talked about collaborative tools, simple tools like financial calculators, product selectors, and advice tools. She brought her analyst perspective and I shared my perspective as a technology vendor building richer interface solutions to many of the financial institutions.

Alyson’s take is that people are desperate for financial advice and that their needs are not met today. “Firms should focus on delivering a better customer experience starting by giving clients access to financial advice”, she told me. “The need for advice is amplified by new and complex taxes, pension reforms, turbulent markets, and complicated financial products. Most people can’t afford expert advice so most of them are shifting to the Internet in search for advice.” But advice delivery has not caught up.  Sure you can view your accounts, access general information, apply for a credit card or for a mortgage, and do some transactions, but where is the advice - the personal touch that people need – the collaboration?

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Last week I read an interesting article written by Nicoline van Elten, usability tester at Junglerating (a Dutch online marketing and  communication consultancy firm). Nicoline writes about the pros and cons of Rich Internet Applications, when to use them and especially when you shouldn’t.

She states that the advantages of RIAs are:

• Speed of the website
• Opening up information: simplify complex information
• Convenience (autofill)
• Multimedia perception (rich user experience)

In her article she also gives 6 important tips and tricks how to use RIAs in a valuable way, visualized by some great examples like the sliders used in the ABN AMRO applications. She concludes that RIAs do offer a lot of advantages, but that RIAs should only be used in functional applications.

I gave it some thought and I have to say that I agree with her. Think well about the usage of RIA, don’t use it because ‘you want to use the latest innovative technology’, but make sure it benefits your site, but most of all: if it benefits your target audience. Hip youngsters might like a very animated, personalized and customizable site, but older people might prefer a site that looks like the site they were used too, optimized with some nice rich internet applications which enable a friendly user interface.

Click here for the full article.

Because most mortgage shoppers get information online nowadays, traditional mortgage lenders need to improve the online customer experience. Therefore I set out to compare the websites of six large traditional lenders: Bank of America, Chase, Citibank, Countrywide, Washington Mutual and Wells Fargo. To give it some focus, I decided to focus on payment calculators, as Forrester thinks those are the most important. For an international comparison, we’ll be looking at the Moneyou calculator, a subsidiary of ABN AMRO.

The Test Scenario

A couple in California is looking to buy their first home in the next year, so they want to find out how much they can afford. They each make about $7000 a month and they have approximately $60k available for a down payment. They estimate they can pay approximately $4000 a month for their home.

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