Following our recent FSI optimisation webinar, the recording of which you can find on the ‘Behind the clicks’: the Financial Services optimisation webinar takeaways page, in this article, we’ll delve into the core elements of effective optimisation strategies, drawing insights from real companies.

Understanding the challenges of optimisation programmes

Before diving into solutions, let’s start by identifying the common challenges marketers face when thinking about FSI optimisation programmes. These challenges often stem from internal factors such as organisational silos, outdated technology, and a lack of alignment between stakeholders. For instance, many FSI companies design their digital experiences based on internal perceptions rather than genuine customer needs, leading to suboptimal results.

In addition, the pace of experimentation falls behind for the same reason. As customer expectations continue to rise, FSI companies risk losing market share if they fail to deliver exceptional digital experiences.

At Ratio Partners, we’ve witnessed first-hand how leading FSI companies are tackling these challenges head-on. By adopting a service design approach, companies can address internal inefficiencies and align their processes with customer needs.

One notable success story in the FSI sector is the Royal Bank of Scotland (RBS), which underwent a rapid optimisation transformation. Within about a year, RBS scaled its optimisation team, ramping up its experimentation rate, showcasing the potential for fast improvement in this space.

Key factors for successful optimisation programmes

Factor 1: Designing a service, not just a front-end user experience

Companies that focus on designing services, not just user experiences, are at the same time addressing internal challenges that may impact customer interactions. They understand that many optimisation challenges stem from internal inefficiencies rather than shortcomings in user interfaces. We are referring to the concept of service design as a transformative methodology.

Service design requires examining the customer journey from two perspectives: the front stage (customer-facing) and the backstage (internal processes). While traditional user journey maps focus solely on the customer experience, service design expands this view to encompass internal operations at each touchpoint. By identifying internal bottlenecks, inefficiencies, and technological limitations, FSIs can address the root causes of optimisation challenges. This approach promotes a deeper understanding of customer pain points and enables organisations to implement targeted solutions that enhance the overall user experience.

Factor 2: Optimising the optimisation process

Successful optimisation teams understand that continuous improvement is not limited to enhancing customer-facing experiences—it also applies to the optimisation process itself. By setting key performance indicators (KPIs) for optimisation programmes, FSIs can measure the effectiveness of their efforts and identify areas for improvement.

Key KPIs for optimisation programmes may include:

• Velocity versus capacity: assessing the potential for running experiments within specific customer journeys.
• Time to market: measuring the speed at which ideas are implemented and tested.
• Insight generation: evaluating the percentage of experiments that yield actionable insights.
• Defect rate: Striving for zero defects to minimise disruptions to experimentation.

Factor 3: Maximising the value of customer insights

Access to customer insights is crucial for informed decision-making and effective optimisation implementation. While obtaining direct customer feedback may be challenging for FSIs, leveraging available data sources, such as web analytics, can provide valuable insights into user behaviour and preferences.

One effective technique for extracting actionable insights is the use of journey matrices. These matrices analyse the performance of different customer journeys based on entry points and channels, enabling organisations to prioritise optimisation efforts where they are most needed. By translating data into comprehensive journey maps, FSIs gain a deeper understanding of user interactions, dropout points, and conversion rates, empowering them to make data-driven decisions and achieve higher success rates in experimentation.

Factor 4: Embracing objectivity in decision-making

Avoiding biases and assumptions is essential for accurately identifying user needs and preferences. Frameworks like the LIFT model provide a structured approach to understanding customer behaviour objectively, enabling optimisation teams to step into the shoes of their target audience and design experiences that resonate.

Optimising customer journeys: insights from Barclays and Monzo

When looking at effective optimisation strategies in the FSI, we’ve explored the application of the LIFT model by Barclays and Monzo. These companies represent contrasting approaches to financial services. Despite their differences, both companies offer valuable insights into the nuances of customer journey optimisation.

Value proposition:

The value proposition serves as the cornerstone of any customer experience. When analysing Barclays’ homepage, we notice a focus on product-led messaging, which, while targeted, may lack clarity regarding the value proposition for potential customers. On the other hand, Monzo presents a clear value proposition upfront, highlighting the benefits of their services with a compelling call to action. By clearly articulating the value proposition, both companies can better attract and engage their target audience.

Relevance and clarity:

Relevance and clarity are essential components of a seamless customer journey. Barclays effectively utilises its homepage as a launchpad for deeper exploration, maintaining simplicity and clarity in its design. However, Monzo’s desktop experience could benefit from clearer navigation cues, particularly regarding the next steps in the onboarding process. By ensuring that each step in the journey is relevant and clearly communicated, both companies can enhance the user experience and minimise friction.

Distraction and anxiety:

Minimising distraction and alleviating anxiety are critical considerations in optimising customer journeys. While Barclays maintains a clear and simple layout, Monzo’s desktop experience could be streamlined further to reduce unnecessary steps and uncertainties. Additionally, incorporating elements such as QR codes for seamless transitions between devices can enhance the user experience and mitigate potential anxieties associated with unfamiliar processes.

Urgency:

Creating a sense of urgency without inducing anxiety is a delicate balance in optimisation efforts. Both Barclays and Monzo effectively convey the urgency of their offerings, whether through subtle messaging or clear calls to action. However, ensuring that these actions align with customer expectations and preferences is crucial to driving meaningful engagement and conversions.

As we navigate the complexities of the FSI sector, it is clear that effective optimisation programmes require a holistic approach that addresses both internal and external challenges. By learning from real-world examples and leveraging proven strategies, FSI companies can deliver the seamless digital experiences that customers expect.