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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 13 September, 2012, 09:49Be the first to give this comment the thumbs up 0 likes

Shunted around multiple websites to complete 2FA and risk failed payment when one of those websites is down; compelled to enter extremely abridged narrations for ePayments just because IT has restricted the field length to unrealistically small values; having to select a method of payment preset for a given beneficiary without first getting to see the list of beneficiaries - these are only a few examples of friction that lead to shopping cart abandonment in banking and financial transactions. These will not only cause customer frustration but will also drive customers away from digital channels back to the branch. Maybe this is why I've been queues at branches growing longer on the rare occasions that I've visited them lately.

Re. faulty processes preventing 1 in 2 customers from opening an account online, does this imply that 50% of visitors to a bank's website do successfully open an account online? That's an unbelievably high conversion rate considering Amazon and other leading ecommerce companies convert less than 10% of their visitors to customers. If you can cite the name of the Javelin report from where you've taken this figure, I'd like to learn more about this.