Financial services providers fail to meet the needs of connected shoppers, Black Pepper Software reports

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Unoptimised online experiences could be costing financial service providers sales opportunities, a new report by leading agile software development specialists, Black Pepper Software, warns.

Original research from the Fit for the Future; Is your finance business agile enough to keep up with the connected consumer?report revealed that half (50%) of UK consumers now solely research and buy financial products online and a further 36% like to find out information about financial products and services independently via digital channels.

However, it seems financial service providers’ current online offerings aren’t meeting the needs of connected shoppers, with 47% of UK customers complaining of slow webpage loading times and a fifth (19%) saying that finance companies’ online platforms weren’t sufficiently user-friendly.  A further fifth (18%) of those researching financial products, such as credit cards or loans, complained that information was hard to find online, while 29% said that complex jargon or complicated payment plans also hindered the customer experience.

Nearly two thirds (63%) say that a user-friendly website or app would impact their buying decision and encourage them to buy additional services from a finance company, demonstrating the value shoppers place on being able to easily navigate a site when buying complex financial products.

Indeed, with over a third (37%) of consumers agreeing that having apps helps them keep a closer eye on their finances, a quarter (24%) now manage most of their money through banking and financial apps.  This, the report suggests, presents a clear opportunity for financial businesses to offer an additional touchpoint for the consumer that adds value in terms of customer experience, whilst also presenting upselling opportunities.

Rowan Welch, account director at Black Pepper Software, commented: “The finance industry is no stranger to navigating change, with many financial service providers already recognising the need to digitalise their offer to stay ahead of connected consumers’ expectations.”

“With the pace of digital change within the finance sector quickening – with the adoption of blockchain technology accelerating the development curve for these businesses, for instance – it’s imperative that financial service providers underpin digital transformation with a long-term strategy, that can grow and flex with them as their operational needs adapt to meet consumer demands.”