Despite the importance of wooing new customers, most financial brands leave the onus of customer conversion on the user. Only one in four product finders allows the user to request a callback, schedule an appointment, or find a branch, according to L2’s customer acquisition report. As a result, the burden of follow-through is left to the consumer, with little support from the provider.

Product finder tools are deficient across financial categories. Only 33% of insurance brands tracked in L2’s study provide a Request a Quote tool with next-step features, while just 15% of investment and wealth management brands provide next steps at the conclusion of a Find an Advisor search—and even these brands fail to provide detailed information about recommended advisors.

Further discouraging conversion, users get barely any information during the process. Only two of the insurance brands in L2’s study provide a 1-800 number—the bare minimum for customer service. None of the brands list email or live chat addresses dedicated specifically to customer service inquiries, and only two link back to product pages to let customers review information. Similarly, only two of the investment and wealth management brands in the study (Charles Schwab and Prudential Financial) list advisor certifications.

Among the 25% of product and service finders that do provide next steps for interested users, Request a Callback is the most prevalent option, pushing digital exchanges further offline. Additionally, only Aflac and Progressive tell users when to expect a call. While providing users with a precise time can be difficult from a logistical perspective, transparency can reduce frustration among consumers and make the conversion process much more connected.

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