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Rich Internet Applications (RIA) improve Financial Services conversion rates

by MattVoerman Apprentice(January 2008) (rank 83rd)

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Online financial services interactions have a reputation for being dull, complex, and misleading. But Capital One’s new credit card selection tool, Card Lab, is chipping away at that image.

This Flash based rich Internet application (RIA) gives users full control over the search process, integrates with the online application process, and provides an experience paradigm that introduces an element of fun to what has traditionally been a series of mundane tasks.

Financial Institutions who are serious about improving customer conversion rates, should seriously consider RIA investments to improve end-user experience and remove complexity at key moments of truth.

Digital agencies looking to add value to their portfolio's should also consider partnering with competent RIA developers, or upskilling internally to take advantage of one of the key components of Web 2.0 (i.e RIA).

The Capital Online Card Lab can be viewed here

 
 
 

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Re: Rich Internet Applications (RIA) improve Financial Services conversion rates

Marc-Loveridge
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January 2008

Totally agree Matt - this is a complex issue however as many financial institution clients have a reserved attitude when it comes to the user experience. They have also often invested heavily in an existing integrated application process and are loathed to trash it to try something new.
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Re: Rich Internet Applications (RIA) improve Financial Services conversion rates

MattVoerman
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January 2008

Never a truer word was spoken Mark!

But like any business, when financial institutions see the cold hard stats of increased conversion rates, reduced bandwidth consumption, improved end user experience and ultimately greater brand recognition they often change their tune!

Additionally, you might be surprised to hear that financial institutions are proving to be some of the main trail blazers in the whole Web 2.0 space when the penny finally drops regarding improving end-user/customer experience.

In most cases, if these organisations have invested (properly) in an n-tiered architecture of their systems, incorporating a rich UI front end to their existing back-end is not a huge undertaking. Especially when technologies such as AJAX, Flash/Flex, and AIR are involved
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