Post on 18-Nov-2014
description
Banking's Best Websites: Who is Leading the Way and Why
An InformationWeek Financial Services Webcast Sponsored by
Webcast Logistics
Today’s Presenters
Chris Musto, GM, Keynote Competitive
Research and Financial Services Keynote Systems
Ken HarkerSenior ConsultantKeynote Systems
Banking's Best Websites
Who is Leading the Way and Why
Chris Musto
GM, Keynote Competitive Research & Financial Services
Ken Harker
Sr. Consultant, Keynote Systems
SITES EVALUATED: SAMPLE:
TIMING:
7 evaluations; 1519 panelists total ~200 per site; US online adults 18+ Current online banking customer of site being evaluated
All panelists successfully logged in to account
Bank of America Chase Citibank SunTrust U.S. Bank Wachovia Wells Fargo
To learn what works in online banking, Keynote asked online bankers as they used online banking
Wave 7 evaluation period: May 2010 Previous evaluation period: May 2009 Next evaluation: May 2011
..using our browser companion that captures events
…to evaluate their bank’s online banking
…providing clickstreams, comments and feedback
…which we analyze quantitatively and qualitatively
…performing tasks & answering questions
“Find information that meets your needs.”
“How satisfied are you with this site?”
We invited online bankers…
As they took the study, we saw how they used the offering, asked what they thought of it, and analyzed the results
The user’s view Keynote asks user
to perform a task Keynote asks
questions about the user’s experience performing that task
Keynote asks the user’s impressions of the bank
To the user, the evaluation was a natural experience
To us, it was an opportunity to find out how some banks get better business outcomes from online banking
We asked users to perform six tasks
1. Log In
2. Check Balances and Transactions
3. Update Personal Information
4. Schedule Payment or Explore Online Bill Payment
5. Use Customer Support
6. Explore the bank’s other products
= The highest partial correlation of driver to index
As users conducted the six tasks, we found the experiences that predicted Brand and Loyalty
Correlation to Brand Impact
Correlation to Loyalty Impact
BUSINESS SUCCESS DRIVERS BRAND IMPACT LOYALTY IMPACT
1. Customer Support
3. Bill Pay Satisfaction
Who excelled at these business‐driving site experiences?
RANK Customer Support Bill Pay Satisfaction
1 SunTrust Bank of America
2
3 Bank of America SunTrust
4 U.S. Bank
5
6
7
Customer Support
Who is Leading the Way and Why
Customer Support RankingsSunTrust and Bank of America among top sites Top metrics in this driver
• Options to resolve satisfaction• Agree in‐context help provided• Agree site cares• Online help not well organized• Difficult to locate FAQs and other online help• Difficult to search online help• Site doesn't provide specific tips/ instructions as I complete different tasks
SunTrust Leads: Agree In‐Context Help ProvidedRate of “top‐two box” agreement with statement
How strongly do you disagree or agree with the following statement?
"This site provides me with help, tips, and guidance specific to the task I am trying to complete (i.e., without having to leave the page I am on)."
1 = Strongly disagree7 = Strongly agree
Rate of online banking users frustrated by lack of live chat in online bankingBank of America is meeting an expectation
Which of the following problems or frustrations, if any, have you encountered when contacting customer service at COMPANY in the past (via e‐mail, phone, etc.)? [Check all that apply]
Online chat not available
Multiple contact/ help options• “There are different options to get customer
service such as telephone, email or chat.”• “…seem to be there for you 24/7. If you need
to talk to someone, you can chat, e‐mail, or call the 1800 number.”
• “I like the fact that there are different channels of support whether it is live or web/phone. I do like having immediate support.”
• “I like that when I click help it pops up help for the section of the site I am on, ex if I am in bill pay I am given help for bill pay.”
Live chat helpful for immediate help• “Like very much online live chat. Very very
helpful.”• “I used the live chat for a problem and it was
resolved right away.”• “…I also really like that there is an online chat.
That makes it really easy when I am already on the computer and I need help solving an issue.”
Live Chat gets noticed: Bank of America
Bill Pay Satisfaction
Who is Leading the Way and Why
Bill Pay Satisfaction Rankings
All metrics• Schedule payment satisfaction (Q58)• Schedule payment difficulty (Q56) • Inadequate online banking feature: Pay bills online (Q117)• Reason to Stop Online Bill Pay: Difficult to use (Q61)• Reason to Stop Online Bill Pay: Not enough bill pay features/options (Q61)• Inadequate online banking feature: Receive bills online (i.e., e‐bills) (Q117)• Reason to Stop Online Bill Pay: Fees are too high (Q61)
SunTrust and U.S. Bank: Schedule Payment Satisfaction (Q58)
How satisfied are you with the online bill payment service at this site?
1 = Not at all satisfied7 = Extremely satisfied
Quick and easy to use• “Quick, clear, easy.”• “It's very easy to use, the process is fast.”• “It's convenient and very easy to use.”• “I like the simplicity of it. Very clean.”Ease of looking up/ adding a new bill• “It can pay a person by looking up his phone
number.”• “Setting up new payee started with asking for
phone number, to simplify process.”• “It's so easy to look up a person if you are
paying them a bill. finds all of their information for you.”
• “Easy to figure out how to add bills, and lots of good instructions.”
Helpful ‘Payment Assistant’ window• “When you click on a bill to pay, a box comes
up with information on the last 3 payments that were made to the account.”
Bill Pay Satisfaction Best Practices: U.S. Bank
Quick and easy to make payments, service is free
• “It's easy to use, & fast.”• “The ease of use and it's free!”• “The online bill pay procedure is very straight
forward and simple. And it is free.”• “It is fast and easy to arrange the payment
online and hassle‐free.”• “The service is very easy to use and
convenient.”Helpful ‘Payment Assistant’ window• “My payment history is right there so that I
can review previous payments and time when they were made.”
• “I like being able to see what my payment history to each biller is…”
Ease of adding new payee• “I like how easy it is to add a bill and to make
a payment.”• “It is easy to use and I can pay any bill or
anyone.”
Bill Pay Satisfaction Best Practices: SunTrust
How banks are learning from the best of the Web
Who is Leading the Way and Why
BB&T: Landing page as hubTell the customer what they need to know, even if they didn’t realize they needed to know
Display upcoming transactions Show alert topics Highlight “new” information
PNC: Leading the movement from statement to hub
On page tools to sort or filter transactions Aggregate of pending
withdrawals and deposits
Tell the customer what they need to know, even if they didn’t realize they needed to know Available balance is the one dimensional metric that matters most in a checking account But what has posted and what will post are critical to understanding that metric and answer most questions
Webster: The little bank whose customers could… do it more easliy
What do I need to know and what can I do?
Unlike customers at most large banks, Webster customers don’t have to click past the secure site landing page to see if a recent transaction has been processed.
The site also provides an on‐page transfer interface.
The link directly to the current statement is an easily ignored but important feature, with most banks requiring a one click to pick an account and a second click to view its statements.
Lowing the barrier to feedback
Who is Leading the Way and Why
Bank of America: Transaction history enables on‐page editing
A streamlined path to edit transaction records directly from the table without clicking through hierarchical pages makes for a more intuitive and faster user experience
Bank of America: Low barrier to feedback on transaction tagging
“Tax deductible”
“reimbursable”
Not just beautiful words to your accountant
Lower barriers to positive returns on consumer effort still pay off for both bank and customer
Keynote Competitive Research
Banking Prospects Study
Banking Prospects
How do banking sites compare in technical quality?
Site performance and site availability are a good startKeynote uses a more holistic approach to assessing site quality
Consider a common path (transaction) through the site
In this case, start at a bank home page, step through the process of finding information on checking accounts, and begin the application process
Knowing how your site ranks in a competitive study is important, but knowing why you rank where you do is more important
Typical Study Measurement Locations
Atlanta Verizon
Boston Verizon
Chicago Verizon
Dallas Verizon
Detroit Level3
Houston Verizon
Los Angeles Qwest
Miami Verizon
New York AT&T
Philadelphia Level3
San Francisco Sprint
Washington D.C. Qwest
Transaction Compared
Prospective Customer
Home Page List/Details Apply
High Speed Response
Dial‐Up Response
Response Time Consistency
Geographic Uniformity
Load Handling
Availability
Outage Hours
7 Key Factors
Responsiveness Index
ReliabilityIndex
For one‐time studies, Keynote uses at least three weeks of data
• Important to measure weekdays and weekends • Multiple weeks reduce the impact of any holidays or unusual news events• For banking studies, Keynote does not consider weekends to be “peak
period”, but as more and more customers interact with financial institutions online, this might need to change
• Long‐term continuous measurement is the best way to manage site performance
Study Period
All pages are very slow to a small percentage of site visitors
• 5% of visitors see page load times of slower than 23 seconds• Keynote recommends all page loads average 2 seconds or faster
An Example of an Action Area – Average Time and Variability
High 95thpercentile
times indicate small number of site visitors see much
slower times than the
average site visitor
Action Areas – Profiling Page Performance by Element
Many things can impact site performance, including issues with application calls, CDNs, and third‐party elements
You cannot rely upon implementing best practices to solve all problems, you need to measure
The application call that generates the base page content occasionally takes 5 to 8 seconds to load
End users see no changes to the new page until this call is completeThe delay is very damaging to end user perception of the site
Action Areas – Application Calls and Variability
Action Areas – Client‐Side Processing
Although banking sites are not pushing the AJAX, Javascript, and Flash model as much as other industries, we are seeing it more and more
You need to understand the impact of client‐side processing time
This page has two periods of client‐side processing, early in the page download, that impact the end user perception of the page
200 ms of client‐side processing
delay
150 ms of client‐side processing delay
Action Areas – Third‐Party Elements
sales.liveperson.net call takes an
extraordinarily long time
Critical page content from the banking site
is blocked from loading
Managing the performance and reliability of third‐party calls (ad tags, analytics tags, marketing tags, etc.) is a challenge
Delays from third‐party elements can block critical page content from loadingThe delay is very damaging to end user perception of the site
Site visitors in San Francisco, Miami, and Los Angeles have slower page download times than the other markets
Is this normal? Can something be done?Would a CDN help? Are third‐party elements partly to blame?What else can I do to make sure all of my customers are getting the same level of service?
Action Areas – Geographic Uniformity
Mobile Banking
Keynote Competitive Research
Common Challenges to Overcome
1. Increasing demand for your services on mobile
2. Need for consistent QoS across devices and networks
3. Dependency on 3rd Parties to deliver mobile services
4. Lack of ability enforce SLA due to insufficient “evidence”
5. Service downtime and poor performance can affect revenue and brand reputation
6. Quick release cycles impacting QoS
7. Need for performance trend analysis
Different Options to Deliver Content
Web Applications SMS Applications Native Applications
Web Application Monitoring
Typical Online Banking Customer Activity: Send Payment1. Start browser on mobile device
2. Open site URL
3. Login with account credentials
4. Complete payment transaction
5. Take timings of page load response
6. Validate correct content appears
7. Save result to reporting server
Web Application Monitoring : Send Payment2 3
4
1
“We are unable tocomplete your payment...” March 10, 201145
©2009 Keynote Systems, Inc. - All rights reserved
100%
80%
Mobile Web Applications Issues
Expected Actually ReceivedImage timed‐out
Native Smartphone Application Monitoring
Download from mobile app store1. Start App
2. Login
3. Access main account balance screen
4. Take timings based on UI actions
5. Validate correct result appears on the UI
6. Save timings to reporting server
#1 StartApplication
Native Application Monitoring
#2 Login #3 RetrieveAccount Info
#4 DisplayAccount Balance
March 10, 201149
©
Login function is broken for several
hours
Login function is broken for several
hours
Login function is broken for several
hours
Account summary screen takes over 60 seconds to load
Loading…
MyKeynote can track problems with applications running on real iPhones and other popular mobile handsets
Login function is broken for several
hours
©2007 Keynote Systems, Inc. Keynote & Client Confidential.
Competitive Benchmark: Home Page DownloadPerformance in Seconds
How important is being fast?
Mobile Banking Summary
Mobile Banking is providing competitive differentiation
Mobile Banking leverages:
SMS Mobile Websites Native Smartphone Applications (iPhone, Android, BlackBerry) Composite Transactions
End users show low “failure tolerance” when applications touch their personal financial information
Competitive benchmarking is extremely popular
Questions?
Q&A
Please Submit Your Questions Now
Resources
To View This or Other Events On-Demand Please Visit:http://www.netseminar.com
For more information please visit:
http://www.keynote.com/company/events/events.html