A recent survey of retail banks by market researcher Vividence reveals missed opportunities in some of the financial world’s largest companies. In its Customer Experience Rankings for Online Banking, Vividence finds that all the banks surveyed have challenges when it comes to building share of customer, improving operational efficiency and treating current customers better than prospects.
In a survey of 4,000 U.S. online banking customers, Bank of America online services topped the list with both current and prospective customers. Bank of America ranked highest in part because the site scored well on features such as online bill pay, while providing newcomers with an easy way to explore online banking.
However, customers in the study said their banks could better understand their personal needs and proactively provide them with customized recommendations. Banks are also missing opportunities to reduce costs by migrating customers to the cheaper online channel, the report states. Site reliability is also a big problem. The study finds that users, on average, experience a problem almost every two minutes, which engenders frustration and negatively impacts customer satisfaction. Common problems include difficulty accessing customer service and unclear instructions for online bill payment functions.
“This research clearly shows an opportunity for banks to increase conversion to online banking, improve customer acquisition and grow wallet share by improving the consumer’s online experience,” says Jeff Greenberg, CEO of Vividence. Without a dedication to serving customer needs in their preferred channel, banks will end up losing customer share in the long term.