We observed in our Online Shopping Survey into credit cards a gradual commoditisation (or homogenisation) of credit cards and their marketing. A recent review of the current credit card marketplace confirmed there’s still very little differentiation between providers.
They haven’t moved on very far from our last OSS study in this sector a couple of years ago.
Here’s my top 5 differentiating servicing functions and attributes that credit card providers should be investing heavily in to help attract and, more importantly, retain their customer base.
- Balance and summary info – This should be the focus of the servicing area landing page.
- Bill payment and direct debits – Help people pay their bills by making debit card payments quick and efficient. Minimise handling and processing times.
- Transactions and statements – Should be incorporated into a single space, only the most organised users will know their statement dates so access to historical statements from the transaction area is a very good idea. Even better, make this content searchable.
- Registration – Can be achieved in three steps. Over complication, however valuable the additional data is perceived in the business, will affect conversion.
- ID from users’ credit card and personal info
- Security clearance (with data captured at the initial application – mother’s maiden name, date of birth etc)
- Set up of online username, password and additional security question(s)
- Orientation and awareness – Task focused users only ever use a sub-set of features to satisfy their immediate needs moving to other, more costly channels, for infrequent activities. Bring to the surface under-utilised features and functions in ‘Tips’ and ‘Did you know’ messaging in key content areas.
Author: Roger Smithers