Wells Fargo generally does a good job with its login product pitches. I like how the bank provides a "Remind me later" and "No thanks" option next to "Apply Now."

However, in today's pitch for the rebranded Wachovia Way2Save account (see old logo, inset), the bank seems to have forgotten an important part of consumer decision process: explaining what the account is. There is no Learn More button to be found on the ad or landing page.

I had to leave the app and search the Wells Fargo website to determine the rate and unique features of Way2Save (see note 1). The main benefit: users receive a 3% APY on the first $500 in the account for one year, provided they use one or these automated savings features:

• $25+ per month or $1+ per day transferred from Wells Fargo checking (outside accounts not an option, except for initial account funding)
• Automatic $1 transfer from WF checking to savings with every debit card purchase or pre-authorized debit  

After one-year interest drops to the prevailing rate, currently just 5 basis points, 1/60th the premium rate. 

Online application process: Choosing Apply Now on the interstitial drops users directly into the bank's generic online app where's it's difficult to even confirm what you are applying for (see upper right corner of second screenshot). 

Since I only have a Wells Fargo credit card, the bank offers me a $5/mo checking account, which is free if I have direct deposit or $1500 on deposit. But the checking account is not required. You can setup a standalone savings account, though it won't qualify for the interest rate bonus or be able to use the automation tools.

On the final page users can fund the account with a transfer from a Wells or non-Wells deposit account or they can deposit up to $500 via credit or debit card. 

Bottom line: Automatic savings are a win-win. And offering a $15 interest bonus is a good way to improve signups. But Wells needs to explain the offer better so that customers customers are motivated to complete the application.    

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Wells Fargo interstitial login ad for Way2Save (10 Nov 2011)

Landing page, which is the first page of the online application (link)

Wells Fargo online application (page 2)
Note: The bank is still disclosing at $3 debit card usage fee

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Notes:
1. Way2Save was inherited from Wachovia (previous posts). Here's the cached 6 Nov page from Google. The page now redirects to Wells Fargo savings.
2. Wells Fargo acquired Wachovia in 2008.
2. For info on online account opening, deposit gathering and much more, see our subscription newsletter, Online Banking Report.

(Ed. note: The original promotion shown below was made by Chase in early April, right before U.S. income taxes were due. But the bank is still offering similar balance-transfer options, as outlined below).

When I logged in to my Chase credit card account, I was greeted with an attractive interstitial ad promising to save me money if I transferred a credit balance to the bank (see Figure 1).

The bank offers two or three choices of terms and rates. Obviously, you can't beat 0%, but evidently some customers prefer to lock in a lower rate longer. Last week, we had the following choices:

• 0% for 11 months (thru June 2012)
• 1.99% for 17 months (thru Dec. 2012)
• 5.99% for 22 months (thru May 2013)

Each choice also required an immediate 1% fee on the transferred amount (note 1).  
_____________________________________________________________________

Analysis
_____________________________________________________________________

The interstitial ad grabs your attention and the pricing is aggressive, so I expect Chase is getting good takeup. More interesting to me is the actual online transfer process which appeared flawless, though I didn't actually move any money. My only major criticism is that the prices are a little hard to find, especially the transfer fee.

It's a great offer and lets the customers see the total price right away. Overall, I give it an A-.

Good:

• Great, eye-catching graphics
• Copy is very concise, passing the 25-word "Google homepage" mark
• Clear benefit, "save/saving" used twice in the 15-word ad
• Clicking through leads directly to the transfer page where users can accept the offer (see Figure 2 and 3)

Not so great:

     On interstitial ad (Figure #1):

• Not super clear where to click to take advantage of savings
• The actual value of the "Great low rate" is not disclosed until after you click-through to transfer page (second screenshot)
• The laptop graphic image is not particularly interesting

    On the transfer page (Figure #2), :

• Two choices are virtually identical (0% though Feb. 2012 or 0% through March 2012) and one that's clearly less appealing (2.99% through Aug. 2012).
• There is no specific disclosure on the first page of the transfer fee (which I believe is 4%), just the famous "additional terms apply" (the fee comes in step 3, Figure 5)

Recent offers: On my original April 1 test (Figure 1 & 2), I didn't go through the entire process. So I went back last week to see when Chase discloses the transfer fee. The user is told about the 1% transfer fee (see note 1) during the second step (Figure 5) when they are asked to agree to terms and conditions. The go-to rate after is also listed.
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Figure 1: Chase interstitial ad at credit card login (1 April 2011, 8 PM Pacific)

Figure 2: Landing page to begin balance-transfer process (1 April 2011)

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Retesting the service (21 July 2011; 10 PM Pacific)
Figure 3: Step 1 -- Select an offer

Figure 4: Step 2 -- Enter transfer details (card number and amount)

Figure 5: Step 3 -- Agree to the terms and conditions

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Note:
1. Chase's 1% transfer fee is much lower than the 4% seen in most other offers. The bank should highlight that number since it's a selling point.

Getting customers to go paperless is not easy. That's why only 15% have enrolled even though more than three times that number pay the bill electronically. 

Discover Card is working to change that with a well-executed sweeps. The graphics are impressive (see below) and the dollar amount ($30,000) is enough to get your attention. But what I really like are the three benefits of going paperless listed at the bottom of the screen:

• View online statements 3-5 days earlier than paper
• Get an automatic email reminder 6-7 days before your payment is due
• Access and download up to 24 months of password-protected statements

Analysis
While this is a great effort (Grade = A), I think Discover would be better off dividing the prize pot into ongoing monthly prizes for anyone who is paperless. That reinforces the behavior over time.

Also, I'd add one more benefit to the three listed above:

• Go back to paper statements with a single click if you ever change your mind

Customers want control of their statements (and payments). So even if they agree to full automation, they need to understand that it's easy to reverse directions even if few will.

Discover Card interstitial (splash page) when logging in to an account (12 Feb 2011)

Landing page

Confirmation screen

Side note: On my relatively new account (started in December), Discover prompts me to complete my profile.

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Note: For more information and examples of login/logoff marketing, see our Online Banking Report: Selling Behind the Password (April 2009).  

The logoff page is one of the most important marketing platforms available to financial institutions (see note). The latest example: PNC Bank's logoff screen delivered last week after leaving my Virtual Wallet (VW) account (see first screenshot below).

I like the two-column design with useful info on the left side for someone who's just logged out and on the right a simple eye-catching advertisement for the bank's free rewards program, PNC Points. A single Enroll Today button makes it easy to figure out what to do next, although that direct approach is not carried through on the landing page (second screenshot).

Overall, it's a good effort, but I noticed something slightly off -- the lack of VirtualWallet branding after logging out. The page is branded PNC Online Banking, and the two choices in the left box are:

• Return to PNCVirtualWallet.com
• Return to PNC.com

At minimum, the second choice isn't worded correctly since I just left my VW account. Worst case, it leaves customers wondering why the bank doesn't know where they came from. I assume the bank is using the same logout screen for both regular and VW customers and that everyone is accustomed to it by now. Still, it would be better to continue the VW experience all the way through logout.

PNC Bank logoff screen (24 June 2010)

Landing page (link)
Surprisingly, after choosing Enroll Today on the logout page above, users go to another sales page, with a less prominent Enroll button buried in the lower right. Instead of this roundabout process, users should go directly to the enroll page. 

Note: For more information on login/logoff marketing see our Online Banking Report: Selling Behind the Password published April 2009.  

Logging in to my Bank of America credit card account today, I received a full-page promotion for the bank's new text-messaging service.

Even though my mobile phone was already enrolled, the bank served the following interstitial encouraging me to to enroll:

 
Bank of America's interstitial promotion after logging in to online banking (11 June 2010)

I chose the "enroll now" link in the lower left above and was taken to this page:

Mobile enrollment landing page (secure site)

Evidently, I'd already enrolled, which I should have remembered considering I'd blogged about it two months ago.

However, if you arrive at this page, as I did, expecting to enroll in text banking, it's a bit confusing. It would be helpful to see a bolder statement that "you are already enrolled." It would also be nice if they provided the short code (692632) to quickly test your phone to verify enrollment. To find that info, you must click the small "Text Banking Guide" link.

Relevance for NetBankers: If you are unable to screen out existing users, make sure you communicate clearly so customers don't waste their time re-enrolling. 

Note:
1. I don't know if BofA's text messaging is down, or if it's something related to my account, but I am getting no response to my text-message queries (bal, menu) to the bank's short code (3:41 PM, 4:12 PM, and 4:32 PM Pacific time, June 11). 
2. For more information, see our Online Banking Report: Selling Behind the Password (published April 2009).

Full disclosure: I’ve always liked sweepstakes. Even though I’m a Diet Coke addict fan, I’ll gladly grab a different cola if it has an “instant win” cap. It’s like a free lottery ticket.

So when banks try to save a few coins switching customers over to estatements, I think it’s the perfect time to give some of it back in the form of a sweepstakes. You’ve created a little excitement in online banking and likely made it all back with a lift to the estatement response rate. ING Direct, Chase and many others have taken this approach in the past (previous coverage).

Wells Fargo’s current sweeps is pretty straightforward (link to details). For every account switched to paperless statements, customers get one entry in the sweepstakes. Ten customers will win $2500 each and one will get $25,000. A relatively small, but effective $50,000 prize pool.

The contest runs from April 12 through June 4.

Login splash screen (interstitial) (19 May 2010)

Landing page after choosing “Switch now” above
Note: Link to View Samples (see below)

Sample statement (click to enlarge)

Although it usually takes me 40 pages or more to get my points across in Online Banking Report, I am a strong believer in succinct online copy. I especially love online pitches that take no more words than Google’s homepage (the gold standard).

Today I found a great example after logging out from my PayPal account:

You are Pre-Approved to use Bill Me Later!
One Click. Two Questions. No Third Degree.

Choose Bill Me Later when you checkout with PayPal.

20 words. Point made. Give the copywriter a bonus.

PayPal’s logout pitch (14 May 2010)

Landing page (link)

Note: I’m counting Bill Me Later as one word since it’s a brand name.

Although U.S. Bank has long held a state-of-the-art online banking design, its homepage and public website haven't kept up with modern standards. From the looks of the preview unveiled earlier this week, that will change when the bank rolls out on Friday a major site redesign.

The bank is wisely inviting online banking customers to take an advance peek at the new site. I learned about it Monday via a splash screen after logging in to online banking (see first screenshot below). The preview is also featured in the upper-left of the current homepage (see second screenshot below).

U.S. Bank is one of the last big banks still using a homepage dominated by a list of products and services. Presumably, the bank will move to flyout menus on the tabs across the top of the page (see third screenshot). Another expected improvement: liquid display.  

For existing online banking customers, the biggest change is the repositioning of the login box from the middle-right to the upper-left, the industry standard.

Lessons: It's important to give online customers advance notice of login changes so they  don't think they've arrived at a fake site. In fact, I think U.S. Bank should have gone further and simply included the preview in the splash page so everyone was forced to see it. Or at least the bank should have a prominent link to the preview within online banking. As it stands now, once you skip past the splash screen, there is no way back to look at the redesign (other than going to the homepage).    

Login interstitial ad announcing the coming redesign (12 April 2010)

Before: current site
Notes:
1. Upper-left announcement of coming site redesign, with link to preview shown above
2. Login box placed in non-standard location mid-page on the right

After: Preview of new site design coming April 16 (link)

Bank of America's latest online effort is a personal finance educational site at <learn.bankofamerica.com> that includes consumer polls, money savings tips, videos and articles. Bank products are sprinkled throughout but the marketing is relatively restrained.

It's a solid effort. Good, concise copy married to an attractive graphical layout. And for a bank the size of Bank of America, it makes perfect business sense. The site moves a little product, builds the brand, shows off the bank's consumer-friendly side, provides material for PR campaigns, and gains some CRA credit (note 1). 

But I'm not sure how much usage it will get other than the curious driven to it from banners within online banking. That's how ended up there today after paying my BofA credit card bill online (see second screenshot below).

Given Bank of America's 30 million online banking customers, they must not be driving much traffic to the site yet. According to Compete, traffic surpassed 100,000 for the first time in October. July was the first month that traffic was registered at the site.

Unique monthly visitors to BofA's personal finance tips site (July through October, 2009)

Source: Compete

Other than enabling an RSS feed for article updates, the site has no Web 2.0 or social media features. No blog. No forum. It's just a very pretty face on personal finance 101 material. It will be interesting to see where they take it.

Learn.BankofAmerica.com homepage (link, 13 Nov. 2009)
Note: I completed the poll on the middle of the page, so the results are shown rather than the poll question.

Logoff screen (13 Nov 2009, 3 PM Pacific)

Note:
1. CRA = Community Reinvestment Act which requires banks to help meet the financial and credit needs of low- to-moderate-income consumers.

This is one of the most valuable freebies I've ever been offered simply for being a customer. Bank of America online banking customers, new or existing, are being given a one-year free subscription to McAfee, worth $70 at retail.

The fine print is relatively clear (reprinted below, after the screenshot). The main "catches:"

• Must not have a current McAfee subscription (see Results below)
• The subscription auto-renews at $34.98/yr, a 50% discount
• While in progress, the BofA offer never mentions number of users covered (the normal $69.99 subscription from McAfee covers three users, see note 1); however, during checkout, after accepting BofA's offer, the product description confirms three users are covered with the subscription

Bank of America is also publicizing the offer on its main website (here). To accept, users must log in to online banking first.

Results: I signed up for the account this morning and was surprised to find that you are not required to use Bank of America for payment. In fact, BofA is never mentioned again after leaving the original landing page (see second screenshot). The McAfee cart offered the usual choice of Visa, MasterCard, American Express, PayPal and others. 

Opportunity for financial institutions: Assuming you can swing a deal with McAfee that requires no out-of-pocket expense, offering your customers a year's worth of anti-virus protection is a win-win. The primary downsides are a few extra calls to customer service and a few irritated existing McAfee customers who do not qualify for the freebie.

Bank of America logout screen (21 Oct 2009; 7 AM Pacific)

Fine print on bottom of page above:
This exclusive offer is available only to Bank of America Online Banking customers. Online Banking customers receive McAfee Internet Security for PC free for 12 months, a $69.99 value. At the end of the 12-month period, Online Banking customers are eligible to renew for another 12-month period at 50% off MSRP or $34.98. Customers with a current McAfee subscription are not eligible for this offer. Bank of America reserves the right to modify this offer and eligibility requirements at its discretion.

Landing page (link)

Same offer on BofA website (link)

Notes:
1. The service is currently offered at a discount at Intel's software store for $32.95 for one year for three users. Intel's offer was positioned via paid ad at the number-one position on a Google search for "McAfee Internet security."
2. For more information on online banking security, see Online Banking Report: New Security Techniques (Sep 2008)

This is a somewhat perplexing message to receive after logging in to online banking. It seems almost phish-like (especially with that old-school corded phone in the picture):

A recent review of your account indicated that we are missing your date of birth. We use this information to help verify your identity. Please call us at the 1.800 Customer Service number on the back of your credit card so we can update your file.

I guess I can understand the bank wanting my birth date, but it brings to mind several questions:

1. Why are they asking me now? I've three accounts there, with one dating back to the 1980s. Is something wrong? Has my account been accessed by someone else? Then my more cynical side thinks, did this request come from the marketing dept. or the security folk?  Bottom line: the bank should provide a more detailed explanation via a "more info" link.
2. I have to CALL, really? Why can't I do this online? Will I have to endure a cross-selling session when I make the call? Will I have to go through the entire phone tree to get to an operator? The least the bank could do is provide a direct line for the task.

The whole thing seems like a ridiculous waste of time. A five or ten-minute journey through call center menus in order to provide six numbers to a live operator. Plus, won't this extra call-in requirement drastically reduce user response? 

Bank of America interstitial after logging in to online banking (14 Oct 2009, 5 PM Pacific)

Logging out from my Bank of America credit card account (both personal and business accounts), I was greeted with this pitch for the bank's small business community (see first screenshot). The pitch is straightforward and emphasizes three benefits:

• Get answers to your business questions
• Exchange ideas with other entrepreneurs
• Free

Clicking the red Join Today button drops users onto the Forums page at the small business site (see second screenshot).

Bottom line: The logout effort is a good brand-building exercise for Bank of America, and it should drive much-needed traffic to the site. According to Compete (see chart below), in August the small business community site had an estimated 70,000 unique visitors, two-thirds more than the 40,000 a year ago. But traffic was down almost a third from the springtime peak.

Bank of America logout screen (23 Sep 2009, 4 PM Pacific)

Landing page (link)

Compete traffic estimates, Aug 2008 through Aug 2009 (link)