CRO Audit Helps Financial Institution Increase Approved Applications by 361%
Financial Institutions very often have long-sales cycles and complicated marketing requirements. It is imperative that every new potential customer they get to their website has a great experience. One of our financial industry clients came to us because they knew their website was not meeting the needs of their customers, but they couldn’t tell why. It was costing them money, clients and time. Our design team stepped in. Through our conversion rate analysis and optimization audit services, we identified the issues and turned their on-page conversions around.
The Results
+131.13%
increase in submitted online applications
+361%
increase in approved applications
70%
reduction in application form abandonment
The Challenge
This financial institution went through a website update prior to calling Mad Fish Digital that resulted in a 60% decrease in completed credit applications. The data showed users were landing on the page but not submitting an application, or receiving errors when they did. They came to Mad Fish looking for answers, suggestions on how to increase conversions, and how to create a notification system to alert their team when errors occurred.
Our Approach
Our design team used a variety of tools - Google Analytics, screen recordings and click tracking - to identify potential issues, drop-offs, and analyze the current user experience. We assessed the data in several segments including browser and device types. But we didn’t stop with just the hard numbers. At the same time, we conducted real time user testing to help us identify what was causing the decrease and get real user sentiment. This qualitative and quantitative approach is what wins our clients results.
Project Highlights
8+ hours of recordings watched
2,595 of approved applications one month after relaunch
75 user experiences analyzed
UX Analysis Leads to Big Gains
Through our analysis, we discovered that 77% of users attempted to submit an application without all required fields required which resulted in frustration and user exits. One of the required fields, accepting the terms and conditions, was not configured properly for mobile users resulting in bounced users and frustrated customers. By providing the client team with recommendations on how to improve the user interface, the financial institution was able to increase approved applications by 361%.
Services Implemented
- Conversation Rate Analysis & Optimization
- UX/UI Consulting
- Reporting Integrations
