Empowering Customers with Online Banking

Meg Davis  

February 04, 2015

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Customers demand that a financial institution have online and mobile banking as a minimum requirement. These expectations are even higher among millennials, of which 88% do their banking online and half use their smartphone to bank.*

The online channel is no longer just transactional, though. According to the EY Global Consumer Banking Survey, approximately half of customers are somewhat or very interested in receiving financial advice through financial management tools.**

How do you create an online banking experience that offers baseline ease of use for common tasks and additionally provides financial guidance?

At Extractable, we have seen dashboards as extremely successful in meeting diverse customer needs upon login. Dashboards, as a way of representing information, have numerous benefits. They offer:

  • Easy access to common tasks for task-driven customers as well as an overall summary of key financial metrics for customers interested in monitoring overall health
  • Consistent placement of key metrics for frequent visitors and positioning of changes in these key metrics for infrequent visitors
  • A modular structure that enables easy personalization and scalability across screen sizes

The core of the benefit of dashboards though, is that they expose customers to a wider breadth of information than they may be aware of, or otherwise focused on. By putting several key metrics together in the same interface, dashboards empower customers to come to new conclusions about their financial health.

What is even more powerful is when the financial institution takes that a step further and offers conclusions and guidance based on those same key metrics.

How do you measure if your dashboard experience is successful?

A great dashboard can be measured by the click map (where people click on the dashboard) and click path (how the dashboard affects where customers visit next on the site).

The click map of a successful dashboard experience is extremely de-centralized, with customers clicking into diverse modules (as shown below).


This indicates that customers can find triggers for common tasks, which may differ greatly by customer segment. The click path will be similarly de-centralized with low abandonment rates throughout the path. This means that customers are clicking into and staying engaged with new metrics that they may not have been aware of before.

What's next?

The great thing about dashboards as an entry point is that they are easy and quick website refreshes. The first page someone sees when she logs in to online banking can significantly impact her impression of the overall customer experience. Additionally, the findings about how customers use dashboards can inform the rest of an online banking redesign.

At Extractable, we get our thrill partnering with financial institutions to empower customers to greater financial health. Read the case study on how we did it with the Newport Group, a leading retirement services firm.