REPLISE MIND RADAR

INTERNET BANKING RESEARCH

CONTENTS!1.  ABOUT THE RESEARCH

2.  EXECUTIVE SUMMARY

3.  TOPIC CLUSTERING

4.  SENTIMENT OF TOPICS!

5.  PATH TO PURCHASE!

6.  REASONS FOR ACTION!

7.  EXPECTATION MAPPING!

8.  DRIVERS AND BARRIERS IN BANKING METHODS!

9.  AIM OF THE RESEARCH, METHODOLOGY!

ABOUT THE RESEARCH!

ABOUT THE RESEARCH

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MIND RADAR Mind Radar is mostly qualitative study to collect and structure all issues and their diverse angles of perception around a brand or theme within the online community. The Mind Radar study not only situates the brand in the social media discourse, helping you to craft engaging social media messages, but also helps you structure the discourse into meaningful aspects. The study explores and analyses the key currents and undercurrents of the social media discourse and draws out the movers or barriers of a decision. By downloading this study you received a report, which maps consumer insights and attitudes towards internet banking. It analyses habits, expectations, improvement ideas, and issues discussed by consumers. The report’s goal is to support marketing and product improvements and helps to set services and products to customer needs. This research is based on data gathered by Replise within a three month time period, coded by the aim of the report and analysed by the analyst team. This sample report’s aim is to introduce and illustrate the specifications, content and representation of mind radar reports. The officially ordered study examines wider context (more keywords, more brands, etc.) therefore may provide deeper analysis. This is only a sample report and contains some invalid data.

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When to use? •  To situate the brand in the social media discourse when crafting a

social media message •  Use as a springboard with traditional market research

approaches •  Attain contextual awareness of all issues in your market

place

Quantitative

Qualitative

Addressed questions: •  What are people thinking about your product, service, issue and the area of interest or industry from

general notions to specific issues? •  What are the key currents and undercurrents of the social media discourse? How are conversations

structured? •  What are the movers or barriers of a decision?

MIND RADAR

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MIND RADAR

Project Flow

•  Brief to define brand, competior and consumer space

•  Transposing brief into keyword grid and generation of data set

•  Spam cleansing based on research director instruction

•  Research director constructs meaningful topic structure providing answers to the marketing questions

•  A representative statistical sample is drawn, if volume requires and coding instructions are determined

•  Min two trained coders process data sets to ensure intercoder reliability per language

•  Senior staff analyzes qualitative data and uses relevant quantative cross tables to split and prioritizes information into requested target audience slices

•  Qualiative insights are broken down into top issues with their corresponding opinion spectrum backed up by typical consumer language examples

The Mind Radar study is completed within 10 days from comissioning. Estimate based on a maximum sample of 2000 analyzed mentions from one market.

EXECUTIVE SUMMARY!

EXECUTIVE SUMMARY

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•  18290 mentions about e-banking in the examined time period.

•  Main topics are bank transfers, user interface, security and operation.

•  The most problematic movement of e-banking is access, users often reported login problems. Some of them are septic towards the safety of the whole e-banking method, mainly because phishing and hacker actions. They often criticise the operation of e-banking surfaces as well, they highlighted the slow and lagging performance.

•  For some users menu structures are not clear-cut enough.

•  Erste Bank, OTP and CIB were the most mentioned banks in terms of online banking

•  Users prefer e-banking because of it’s cost efficiency, comfort and speed.

•  The „perfect e-banking surface” is: safe, runs smoothly, complies with every browsers and operation systems, has clear-cut menu structure and works with fair costs.

•  We placed e-banking against „classic” banking methods, like telephone and personal services as well to see what advantages can online banking take from them. In case of telephone services users highlighted the interactive communication, but wrote about high expenses in a negative way.

•  Personal services are less preferred, users try to avoid the meeting with debt-collectors and opening hours limit the possibilities of personal administration as well. Despite of these, some clients still trust in paper-based administration.

CONSUMER INSIGHTS!INTERNET BANKING

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TOPIC CLUSTERING

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Topics Description Consumer language

BANK TRANSFER

The topic of foreign bank transfers was a common topic, such as the problem of direct debit (accidental

multiple transfers). Users often asked about the method of transfers. The shares of experiences about transfers

are common, and PayPal is beloved because of its security and speed. Some users asked if they could switch currency in their netbank in case of transfers.

“The target account number is marked on the cheque. I transfer it there through internet bank. By the way they processed all of my transfers by now.”

USER INTERFACE

Some settings and operations are hard to find, and in some cases users complained about the late

visualization of transfers or spent money. Converting to PDF was also a question, a user complained because

ha couldn’t download his statement of account. Information, like balance are also difficult to find on some netbank interfaces. Some users praised their

netbanks’ user friendly interface.

“If I know it well, the internet banking transfers after Friday 6pm are displayed only on the next working day’s morning, but it appears on your credit account only the next day because of technical reasons.”

SECURITY

Users are afraid of phishing. Some users consider netbanks being unsecure, and discussed about

antivirus software's’ online banking module. Two-level login (password and SMS code) is more secure than

one level login. Although the two-level login considered more safe, some users complained about late SMS

messages or undelivered codes.

“You should pay attention to the article’s content in case of online banking, to keep your data safe, you’ll need a good password, a safe internet banking interface and two-level login.”

OPERATION

Users wrote about Operation system and browser compatibility. Some online banks are not compatible

with certain browsers or operation systems and need to download JAVA.

“Fresh experience: Budapest Bank’s internet banking site Windows 8.1 x64 PRO N360 21.1.0.18 IDS doesn’t fill the input fields under Windows Internet Explorer 11. It works in the case of Google Chrome, though.”

COSTS

The costs of transactions and account. Internet banking is a cheaper way to shop and buy items, so the

sentiment of this topic cluster was mainly positive, users consider internet banking cost-efficient.

“1.Transfers under 13.000 Ft are more expensive than at other banks, 39 Ft. 2. The bond account is only manageable in person, what may cost way more than simple transfer.”

20%

19%

14% 12% 10%

8%

7% 5% 5%

Topics N=18290

Bank Transfer User Interface Security Operation Costs Notifications Acces News Customer Service

TOPIC CLUSTERING

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Topics Description Consumer language

NOTIFICATION

Users often wrote about notifications in case of transfers or traffic on their accounts.

In some cases, users miss notifications (for example SMS) at important transfers.

„Question: if I'm not registered in internet bank, how can I check my account activity on a certain day? Can I ask it by telephone? I transferred a certain amount for my friend on Monday, who should have received an SMS about it, but he didn’t got it.”

ACCESS

Users often experience login problems, like forbidden access or missing SMS what contains

the required code. In some cases, users forget their passwords or

write them incorrectly. Two level login is considered more safe, however in some cases SMS messages with login codes are somehow

disappear.

„The login was forbidden for me because of incorrect password, I asked for a new one, changed it and I was forbidden again. I thought I wrote it incorrectly, but I didn’t, because I’m sure I wrote it correctly in the second case. So the system made a mistake, not me.”

NEWS News about improvements or e-banking related sweepstakes.

„Download and use OTP’s Smart Bank application, answer a question and win a Samsung Galaxy tablet or smart phone!”

CUSTOMER SERVICE

The upcoming banks’ own communication about improvements, developments, system

maintenances.

„We’ll develop our site again, so the system will be unavailable between Friday 11pm and Saturday 1:30 am. Till then Raiffeisen Direkt operates with limited service as well.”

20%

19%

14% 12% 10%

8%

7% 5% 5%

Topics N=18290

Bank Transfer User Interface Security Operation Costs Notifications Acces News Customer Service

SENTIMENT OF TOPICS

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25% 33%

42% 47%

40% 20%

61% 0%

3%

59% 53%

42% 27%

27% 68%

33% 100%

97%

16% 14%

16% 26%

33% 12%

6% 0% 0%

Bank transfer User interface

Security Operation

Costs Notifcation

Access News

Customer service

Sentiment of topics N=18290

Negative Neutral Positive

Top issues

The diagram above is reflecting on the sentiment of topic groups in sequence of relevancy. The sentiment of the posts is rather neutral and negative, than positive.

•  The most mentioned topic, „bank transfer” was discussed mostly with neutral sentiment. This big number of neutral users refers to the numerous questions coming up. Users were curious about collected debiting, transactions between different countries, „online” statement of accounts and other topics related to transfers. 33% of the users explained their dissatisfaction and just 22% were meeting their expectations.

•  Another often discussed topic was „user interface”. As in the case of „bank transfer” neutral posts were dominating. Users had a lot of questions about the use of the online banking surface. Questions like „why can’t I see the inpayment of the day before” or „where can I change settings of…” were typical for this cluster. A significant part of the users was not satisfied with the interface of the online platforms, they found it too complicated or found system failures.

SENTIMENT OF TOPICS

13!

25% 33%

42% 47%

40% 20%

61% 0%

3%

59% 53%

42% 27%

27% 68%

33% 100%

97%

16% 14%

16% 26%

33% 12%

6% 0% 0%

Bank transfer User interface

Security Operation

Costs Notifcation

Access News

Customer service

Sentiment of topics N=18290

Negative Neutral Positive

Top issues •  The topic „security” was the third most discussed topic among the users. Same amount of negative and neutral

mentions could be found, just 16% of the users were associating positive feelings. In case of neutral mentions two subtopics could be defined: 1) users requiring information about access, passwords, settings 2) users asking about the safety of online banking. In negative posts users expressed, that security settings/ possibilities didn’t surpass their expectations. Users mostly spoke about passwords, two-stage security system and computer security systems.

•  The „operation” of the system was a significant topic discussed mostly with negative sentiment. Users were complaining about the missing compatibility with different operating systems, browsers or security systems. A few users were expressing positive feelings, they found the operating satisfactory.

•  In case of „costs” the proportion of positive, neutral and negative mentions was almost equal. Users spoke about transaction costs and often discussed the difference between transaction types, like personal transfer and online banking.

•  The topic of e-bank access has the most negative judgement because of common login problems, like forbidden access or forgotten passwords. Users reported about lost SMS messages what are containing the required login code.

PATH TO PURCHASE

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After Purchase

36%

Pre-purchase

64%

Path to Purchase N=18290

„„Hi! Did anyone change the e-mail address already?I stucked when the system asks a screenshot of my online banking statement. Should I log in to my internet bank and make a print screen, or what? I don’t get it…Thanks in advance!” „I have a stupid question…Is there any transition between online banking opportunities? I have PayPal account, but I haven’t got bank account and it would be nice if I had a bank card.” „Hi! I’m looking for someone, who’s account is at Raiffeisen. I have few questions. May I ask them?” „You can set in the internet bank when SMS messages should be sent.” „I couldn’t find any information about the costs of netbanking, if it had monthly fee and if yes, how much does it costs?” KEYWORDS: enquiry, scepticism, advice, expenses

„Thank you @cibbank that your netbank needs Java, @Oracle shows 404 to download.” „It didn’t work for me either, now sometimes it works, sometimes doesn’t. By the way the other functions are problematic as well, this netbank is very weak, puts my nerves on the edge all the time” „I’m the client of Gránit Bank and I’m quite satisfied with them, when money arrives, they don’t shift off the transaction tax to me. The internet banking surface works quite well, provides the services of a „big bank”, satisfies every needs, and in the top of that, 4 accounts are available: CHF, EUR, GBP, USD.” „Budapest Bank’s online bank crashed at transfer, because the character coding of letter „ő” was wrong in one of the input fields.” KEYWORDS: usage experiences, transaction tax, login, security

ATTITUDES AFTER INTERNET BANKING USAGE •  36% of users wrote about e-banking as a

client of a certain bank. •  They mostly shared their problems about

login, security, interface and operation. •  T h e y o f t e n r e p o r t e d a b o u t t h e

malfunctions and extra costs of bank transfers.

•  If they have positive experience, they recommed their banks and e-banks for other users.

•  The devolve of transaction tax is a common topic.

ATTITUDES BEFORE INTERNET BANKING USAGE: •  Safety and the method of bank transfers

are the main topics in the decision making process

•  Some users are sceptic towards the safety of internet banking, mainly because of PIN-code and other bank data thefts.

•  They also gave advices for each others about the interface and settings of e-banks.

•  Expenses have major role before e-bank choice.

•  Topics related to pre purchase are mainly neutral

REASONS FOR ACTION

15!

32% 22% 11% 35%

Reasons for action N=18290

Cost efficiency Speed Indepency Wieldy

Reasons Description Consumer language

Cost efficiency Users prefer e-banking because it’s cost efficiency; the low costs of e-banking transfers. Users praised Raiffeisen, CIB, OTP and Gránit banks because their fair costs or free services.

„Nothing special, there are no fees, one cash withdrawal is free per month, internet banking and monthly balance are also available”

Time saving Speed is one of the biggest advantages of e-banking, especially since the introduction of the „four hour limit”. E-banking saves time for the clients, helps to avoid long queue lines in post offices or banks.

„Some keywords: Internet. Internet banking. Direct debit. E-bills. I don’t have any idea why, when and how much do I pay, everything goes of oneself. If I have to go to the post office, I’m always pissed off because of the long queues, caused by people who are still paying their bills in person.”

Independency The usage of internet bank doesn’t depend on PC or country boundaries anymore – Mobile applications make internet banking easy and clients can claim the service in every bank abroad as well.

„You only need Internet connection for e-banking. It works without gadgets as well.”

Wieldy

Users like to use e-bank because of the provided comfort. They usually highlight the easy usage and clean-cut surface of netbank interfaces, however, sometimes the content of a certain e-bank interface is not upfront enough.

„I agree. Basically I’m very satisfied with Gránit Bank, there are no alternatives with similar costs. As being their client I saved ten thousands of Forints. Gránit’s e-bank works very well, although I could suggest some ideas for improvements. Then it would be perfect.”

EXPECTATION MAPPING

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Expectations Description Consumer language

Compatibility

Some users complained about the incompatibility of e-banks with browsers or operation systems (iOS7). By users’ opinion, e-banks should operate flawlessly in every browser or operation system.

„I can’t login to OTP’s e-bank on my phone, because my password, what is correct on computer, too long on mobile.” „I couldn’t log in in Firefox for a long time, but somehow once it started to work. Try to reload the page.” „The iOS 7 surprised them, since the release I can’t log in to my e-bank L” „The uneasy access to your e-bank goes against you as well. I can’t log in from Mozilla up to this day.”

Safety

Users expect the absolute safety of e-banks. Some of them worry about phishing and hacker groups or the weakness of e-bank safety. Privacy and data protection are central questions.

„The best way to do e-banking is an offline computer. I dare them to steal data from it.” „I just wanted to point out that it’s no use for security if you can’t check who’s standing on the other end of the wire” „You mean you use webbank through unsecured wifi hotspot because it doesn’t work on SSL?”

Smooth and easy

operation

The phase of login is the most problematic, mainly because of sms passwords or forbidden logins. Some users reported about missing transactions in the balance, transactions are not displayed properly. Password reminders should be improved. Users are confused about why don’t they get sms or other notifications about transfers. Quicker loading is a basic need, as well as the notifications about developments. Editing and printing possibilities should be improved as well. The forbidding of users happens too easily. Sometimes users can’t discern the failures of e-banks from improper settings.

„I can’t log int o the new website, I got the sms and the e-mail about the login, but it doesn’t happened actually, I can’t check my bills and I can’t pay them either.” „They should solve the time synchronization, because it’s absolutely not practical if you can’t log in to the netbank because of it.” „I have a problem, my card shopping's doesn’t appear among my transactions, although I made them visible in the menu.” „I didn’t get any sms for the login in Erste netbank. It never happened before L” „The best is when I want to log in to the Erste netbank but the SMS doesn’t arrive. But if I try again, it gets it as a wrong login and at the third time it bans me. I tried to write them twice about this, but they sent only a standard text answer. So I think sooner or later I’ll forget them.”

Clear-cut surface

Printing and following the transfers and incoming money is difficult. Clear-cut surface should help users to set up their netbanks properly, the website of banks should be comprehensible as well. The most used procedures should be kept to the fore.

„In addition, the downloaded balances are available only in PDF, and it’s impossible to modify them.” „They should rather improve their shiftless, f… internetbank or what do they call it.” „I can’t find the activating token stuff in my netbank :S”

Fair expenses

Although the prices of netbank services are not related to the development, users feel essential to use e-banking with fair costs or free. Transaction tax generated big buzz because of increased spendings.

„It’s awkward that the K&H netbank sms’ are charged.” „There will be free cash withdrawal, but in exchange they increase the account costs. Then in half a year they maximize the monthly fee and start to ask money for internet banking and so on.” „The costs of eventual e-banking transfers within the bank 0,23%, min. 170 Ft, max. 6 900 Ft.”

DRIVERS AND BARRIERS IN BANKING METHODS

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E-banking

Operation and compatibility problems Safety issues, phishing

Incoherent menu structure High expenses at some banks

Safe and reliable

Comfortable, saves time, no queue Quick transfers, traceable activities

Fair costs/free Some interfaces are clear-cut and easy to use

Telephone services

Too expensive

More interactive than e-banking

Personal services

More expensive than e-banking Opening hours in offices

Meeting with debt-collectors

Some clients prefers paper-based administration

AIM OF THE RESEARCH!METHODOLOGY!

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AIM OF THE RESEARCH, METHODOLOGY

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Aim of the research: •  Replise prepared a research about internet banking habits in social media •  The aim of the report is to map consumer insights and attitudes towards internet banking habits and help to know

expectations, improvement ideas, issues and drivers better in the world of e-banking •  The report’s goal to support marketing and product improvements and helps to set services and products to customer needs

Methodology:

•  Transposing brief into keyword grid and generation of data set in the system of Replise. We consider the keywords’ inflected and misspelled forms as well

•  Spam cleansing of findings by keyword set •  Construction of meaningful topic structure in clear database, providing answers to the client’s questions •  A representative statistical sample is drawn, if volume requires and coding instructions are determined •  Senior staff analyses qualitative data and uses relevant quantitative cross tables to split and prioritizes information •  Insights are broken down into top issues with their corresponding opinion spectrum backed up by typical consumer language examples.

Examined time period: 06.08.2013-05.11.2013 Channels: Blogs, Forums, Twitter, Facebook, News sites, Video sites

Topic Keyword Number of mentions

Internet banking

(netbank, internetes banki ügyintézés, online bank, web bank, internet bank, internetbank, online banking, netbanking, webes bank, internet banking, net bank) OR (online felület, webes felület, internetes felület, online utalás, webes utalás, internetes utalás AND bank)

18290

INTELLIGENCE@REPLISE.COM"

16/01/2014"