Case Study: Global 500 Financial Services Firm
This global 500 financial services firm was looking to redesign and enhance the functionality and usability of the online loan application process on their web sites. Averaging over 2000 unique visitors, the initial site was generating an average of only 5 completed loan application per day. The business objective was to increase the number of completed online loan applications.
Because the web design and development teams were in-house, it was difficult to get an objective opinion of their site. Significant growth in the number of employees and business processes increased their need for an objective, third-party review.
A baseline practices audit provided detailed documetation of deviations from known best practices. To increase the depth and breadth of the analysis, the company had the audit done on the site to be redesigned as well as four competitor sites. Level-setting exercises developed a common, cohesive web strategy and actionable recommendations on high impact changes that were accepted by all key stakeholders. The prioritized audit results and recommendations formed the foundation for designing and building a new online loan application site.
Within two weeks of the site’s launch, and with the average number of unique visitors the same as before, applications increased by 1000% to more than 50 per day and over 70 (1400%) on peak days. This translated to an additional $250,000 per month in revenue. The director of e-commerce believes that using this process upfront in the design stages of their web site also saved three to six design rework iterations that would not only have been time consuming, but would have involved complicated changes to the mainframe costing upward of $100K each.