420) Reduce Cognitive Load for Better Conversion

A significant issue facing financial brands is the overwhelming number of choices and decisions account holders and prospective account holders face daily. This cognitive load can lead to a poor shopping experience on financial websites, resulting in the loss of millions in loans and deposits.

Jon MacDonald, founder and CEO The Good, and author of Behind the Click, suggests financial brands engage in proactive communication and undergo user testing to understand customer needs truly. Jon joins this episode of the Exponential Insights series to discuss the importance of personalized digital experiences and removing barriers for both types of consumers — "satisficers" looking for quick solutions and "maximizers" seeking detailed information. He also discusses why post-purchase communication is critical to meet customer expectations, fostering positive emotions and encouraging advocacy.

Join us as we discuss:

-Behavioral Insights: Understanding Online Behavior (04:24)

-The Paradox of Choice in Digital Experiences (18:39)

-Optimizing the Post-Purchase Experience (38:08)

You can find this episode and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here. 

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