Many banks are dropping the ball on mortgage web sites according to new study by Change Sciences
NEW YORK, Nov. 19, 2013 /PRNewswire/ -- A new study ranking 12 top mortgage lending sites released today by Change Sciences Group finds that many banks are falling short of a home buyer's needs. Overly complicated and impersonal sites deter mortgage shoppers from taking action.
Two large lenders performed the lowest for three core metrics: usability, engagement and conversion. Bank of America is 14% less usable, 13% less engaging, and performed 18% worse on conversion than the top three sites in the data set. TD Bank, another low-scoring site, was 13% less usable, 8% less engaging, and performed 26% lower on conversion than top three sites.
"What we're seeing is that banks are missing the mark on creating a meaningful connection with home buyers. They're not letting their mortgage web sites frame the conversation that they want to have with prospects," says Pamela Pavliscak, a Change Sciences founder. "And they're not establishing enough of a rapport with prospects that would compel a prospect to pick up the phone or get started with an application online."
The new data is based on Change Sciences' Experience Cloud platform, which makes it possible to identify which sites consumers favor and why. To learn more about the research, visit https://www.changesciences.com/trending/mortgage-web-site-user-experience-2013. The following sites are covered in the research: Bank of America, BB&T, Chase, Citigroup, ERA Mortgage, PNC Home Lending, PNC Mortgage, Quicken Loans, TD Bank, US Bank, and Wells Fargo.
About Change Sciences
Change Sciences is a group of qualitative researchers, data scientists, and software engineers dedicated to helping organizations measure and compare how people experience web sites. It counts 18 Fortune 100 companies as clients and has completed more than 700 projects in the last five years for clients in financial services, healthcare, entertainment, travel, government, e-commerce, and e-learning.
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SOURCE Change Sciences Group