0

Is there any quantitative study that shows how UX improvement can increase revenue of a financial institute?

For instance, for each dollar we spend on improving UX of our web apps, roughly how much increment we may expect in our income per user.

In fact, I am consulting an FI company which provides Hosted Payment Page (HPP) and other online Electronic Payment Methods as well but they are badly low in number of transactions and marketing the product.

I am trying to convince them that improving UX in their HPP not only gives them an upper hand over their competitors to promote the product but also increases the revenue as more users (Card Holders) are willing to pay through their HPP.

So I am seeking studies and cases that show this fact quantitatively to be able to calculate how much they should approximately invest on UX and how much they should expect to get back.

Any helps appreciated

  • Do you have to specifically have data on just financial institutions? Why not show them a huge number of sites that have undergone huge UX changes where it's lead to more user engagement, sales, revenue, profit, etc? – Majo0od Oct 7 '15 at 17:30
  • Thanks for your attention, relevant data to financial institutions will be much helpful however if you know any study or case on other domains that proves this argument quantitatively, I'll be appreciated if you let me know – anonim Oct 7 '15 at 17:41
1

The following article / study may be relevant for you.

The Design Management Institute (DMI) built an imaginary portfolio of large publicly traded companies that integrated design into their core strategies (they called this the "Design Index") and compared their stock performance against the S&P 500.

They found, the Design Index return on investment was 228% greater than the market.

enter image description here


Easy read article: https://medium.com/happy-ninja/what-is-the-value-of-design-da22d6f2cbf1

Full report: http://praxxis.es/es/noticias/noticias/winarcdoc.php?id=336

Note: I took what the article said for granted and have not checked to confirm their data sampling methodology is valid. This type of research looking at historical data can be easily influenced by post hoc sampling biases.

  • Thanks for the answer, it is indeed what I was seeking for. A quantitative approach to prove UX impact on revenue. – anonim Oct 8 '15 at 15:44
1

Hmm..

I know for a fact that many online retailers and banks with online presences have undergone "accessibility audits" to gauge how accessible their content is for disabled users. This is in part due to the lawsuit against Target where the violated the American's with Disabilities Act.

Relevant to your specific industry, Stripe has seen such large adoption because it is attractive to developers [it provides a solid UX for developers and their end users]. This article talks about how Stripe grew its user base by providing developers with "The Power of Delightful Experience".

0

This may not be exactly what you're looking for, but this link talks of performance gains, higher search rates, etc. I thought there were some impressive gains by making a Living Style Guide. I think you'd have to do some calculation of your own to fit the context of a Financial Institution, but it could be worth it. Hope it helps. http://www.stubbornella.org/content/2013/06/05/creating-living-style-guides-to-improve-performance/

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.