A leading global bank was struggling with a long-standing issue of a leaking customer funnel on its mobile application. While the existing user experience testing methods employing surveys and focus group discussions were able to ascertain the ‘what’ of the problem, the ‘why’ – the root cause – was not identified. This translated to an increase of a whopping $700 million in customer acquisition costs annually.
According to SmartInsights, research shows that $1.6 trillion is lost every year by businesses due to poor customer experience. In a bid to solve this, the bank explored Emotion AI as a means to understand the consumer journey on its application – the crests and troughs, the points of noticeability, and friction.
Entropik Tech deployed its Emotion AI Solution – Affect Lab – to help the bank optimise its mobile application’s UX/UI performance and ultimately improve conversions. Affect Lab’s proprietary solution, ‘UsabilityEQ’ – a hybrid approach to capture the subconscious and rational behaviour of customers, delivered actionable emotion insights to the client.
- NPS Score Improved
- Funnel Drop-Off Rate Improved by 12%
- An Anticipated 84 Mn $ Savings in Customer Acquisition Cost (CAC)
Usability EQ allows digital-first brands to measure and optimise the user experience using Emotion AI across web and mobile interfaces. This innovative technology can be embedded across various stages of the Product Development lifecycle – design, prototype, production – to deliver improved conversions and significant savings in development costs.