Innovative Solutions For Next Generation Banking
As a result of the data analysis and optimization practices implemented with the Turkey’s first digital bank, CEPTETEB, SHERPA achieved a significant increase in conversion rates.
Banking is one of the fastest digitally transforming industries in the world. With its innovative philosophy also the convenience and advantages in the online banking operations, CEPTETEB, the next generation digital bank, is a pioneer of digital transformation in Turkey. Together with the CEPTETEB team, which aim to increase conversion rates by providing a better digital banking experience to its users, SHERPA successfully finalized the optimization process of the application flows by focusing on analytics data, with a great increase in conversion rates.
- UXAAR! – UX Analytics Audit Report
- Identification of Key Performance Indicators
- Custom Measurement Systems Installation & Optimization
- Conversion Oriented Hypothesis Development
- A/B Tests
- Conversion Oriented Hypothesis Reports
3 steps to success: Analysis, hypothesis, test
In order to optimize all application processes, especially the New Customer Application, SHERPA first started by identifying the current and potential pain points of users with the support of analytics data.
SHERPA have developed hypotheses to optimize the pain-points leading users to exit from the application forms. Within the scope of these hypotheses, they started working on conversion optimization practices and made small-scale changes in the user flows to accomplish their goals.
Then in order to observe the effects of these changes, they set up A/B test scenarios with testing tools such as Google Optimize. They conducted tests built upon these scenarios and reported the results in detail. They also conducted periodic analyses by bi-weekly reports through Google Analytics. Their goal was to quantitatively spot usability issues and engineer hypotheses in the pursuit of having a better conversion performance overall.
The agency actively used Google Tag Manager in every phase of the project. Simultaneously, by updating the tags in CEPTETEB domain regularly; they managed to optimize the conversion and acquisition performance.
Some of their assumptions that were validated are presented below.
Action Focused Architecture
After detecting the high traffic at the exchange rates page, SHERPA thought that an approach emphasizing the advantages of the CEPTETEB foreign currency account would increase the conversion rates and the agency developed a hypothesis:
“In the exchange rates page, moving the new customer application form CTA button to the top and adding an information text about the product benefits will increase the number of users who take the first step of the application.”
They designed a new module corresponding to their hypothesis and integrated into the existing page and conducted an A/B test for two weeks starting from 21 September 2018 in 16.411 sessions.
When they checked the test results; the agency found that the click rate of the CTA button increased more than 100% compared to the original version.
Design for Needs
The applicants’ journey at CEPTETEB are not over and the experience is end-to-end, SHERPA cared to continue analyzing the needs and expectations of the users who filled out the application form, throughout the project.
They observed the low conversion rate of mobile users who want to learn their application status quickly and developed a solution-oriented hypothesis:
Prioritizing the “Where’s My Application” link in the mobile menu will increase the application tracking conversion rate and reduce the number of application status queries at the call center.
In order to test their hypothesis, they added an item to the mobile menu that directs the application follow-up form and they launched the test on January 25, 2019. A total of 373.939 sessions participated in the test, which was online for about a month.
At the end of the month, the agency checked the test results and they found that the conversion of mobile device users in the test variant was much higher and improved by almost 15%.
A Warm Welcome
In order to reduce the exit rates at the first step of the new customer application process; SHERPA have developed a hypothesis focused on giving users a friendly welcome and providing brief information about the whole process:
To test their hypothesis, they placed a welcome and information copy at the start of the form. They released this version on December 27, 2018 and tested it in 57467 sessions for 16 days.
Adding introduction text to the first step of the customer Application form will reduce the first step exit rate and increase the completion rate.
When they looked at the results; the agency found that the test variant achieved a 5% higher conversion rate than the original version, and the test variant also performed 5% higher in the goal of advancing from the first step to the next step.
The inevitable rise of conversion
As they have seen in the data gathered from the A/B test results, SHERPA have successfully verified some of the hypotheses they have created. From April 1st to December 31st 2018, they achieved a 69% increase in New Customer Application conversion rate compared to the previous period. This increase was 33% for desktop and 83% for mobile.
In this project, together with the CEPTETEB team, SHERPA have carried out many micro processes in line with the hypotheses they have created in a continuous and coordinated manner. As a result, SHERPA have seen, once again, the unique contribution of good teamwork, data-based optimization and usability tests, successfully lead to improvements in conversion rates.
SHERPA has redefined the way in which customers help their customers interact and transact with them. They have a data driven approach to creating interfaces and UX.