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In this third part of the series we look at the importance of re-iterating the features of the product.

There’s a reason Amazon and other ecommerce companies show images of products when you go to check-out, with physical goods, being able to see them reinforces the impulse to buy (plus, they want to make sure you’ve put the right thing in the shopping cart).

Well the same is true of banking products. We don’t have a shopping cart, but we do have an Apply process. Very often, the Apply process is identical for similar products – product groups like Checking/Current Accounts, Savings Accounts, Credit Cards may all have identical application processes within that product group, but I may be applying for a particular account or card and it’s important that I know I’m completing the right application.

The value of reminding the customer that they’re applying for the right product holds true just like it does in ecommerce.

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Imagine a scenario whereby you’ve spent 10 minutes comparing Savings Accounts on a bank website and you’ve selected the one with the following key features:

  • No minimum balance
  • No monthly account keeping charges
  • 1.5% interest rate

You click Apply Now and you see this screen.

Part-3-image-1

Is that the right Savings Account? Sure it’s “a” savings accout, but is it the one I researched with those features that I’m interested in?

By simply re-iterating those key features, we can reassure the applicant they’re in the right place.

Even worse, imagine you’ve targeted a new customer with a great offer through digital marketing. As is common in the US at the time of writing this piece, banks are offering cash bonuses from $200 to $500 just for customers to open a chequing account and meet some minimum deposit requirements. So customers are seeing adds like this:

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In Part 4, we focus on nurturing leads.

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