New Allen Bonde Group Study Shows that Few Retail Banks Have Optimized Their Web Channel to Deliver Effective Customer Self-Service
PRESS RELEASE (PRWEB Newswire) New Allen Bonde Group Study Shows that Few Retail Banks Have Optimized Their Web Channel to Deliver Effective Customer Self-Service
new Allen Bonde Group study examines the usability and performance of 50 top U.S. retail bank Web sites. As part of the research and consulting firm's ongoing analysis of the state of Web self-service, the latest findings show that many banks are still neglecting the online customer experience. A few sites, however, stand out for their ability to respond to questions asked in "everyday language" and overall quality of experience. The study identifies these top performers, as well as overall "winners" among large banks that offer the best combination of search effectiveness, usability and performance according to the ABG research team.
(PRWEB) February 25, 2004--Allen Bonde Group, Inc. (ABG), a leading market research and management consulting firm, today announced the results of its latest independent study looking at the State of Web Self-Service. This new study, "Search Effectiveness and Performance of the Web Channel at the Top U.S. Retail Banks," focuses on two key aspects of the online experience: how well sites handle typical questions a banking or mortgage customer might have, and how this "usability" compares to the site's performance and availability.
Sites were evaluated on their ability to provide relevant search results in response to several test queries, their design and overall user experience. In addition, ABG researchers compared search effectiveness and usability scores with published performance benchmarks to determine overall "winners."
"Our results show that most retail banks are doing a poor job of helping consumers search for specific information online," said David Hybels, program manager at ABG and lead author of the study. "As we found in our online commerce study last year, sites that are powered by natural language search and navigation tools not only streamline access to the right answers, but also perform at a higher level and typically provide a much more positive customer experience."
Specific findings of the new ABG study include:
-- 40 of the 50 (80%) banks studied had a search engine on their primary customer-facing Web site.
Of the sites with a search capability:
-- Only 12 (30%) were able to provide a relevant response to the query "How do I contact customer service?" when typed into the search box.
-- Only 10 (25%) were able to provide a relevant response to the query "Where are your bank branches?"
-- Only 7 (17.5%) were able to provide a relevant response to the query "Do you offer a 20-year fixed-rate mortgage"
-- Overall, 15 sites (37.5%) provided a relevant response to at least one of the test queries, and 7 sites (17.5%) provided relevant answers to all 3 questions.
Which Banks Fared the Best?
Several bank sites were able to answer all our test queries with a manageable number of links -- typically less than 20. The banks doing the best in terms of Web site search effectiveness were (in order of their score):
-- AmSouth Bank
-- Huntington Bancshares
-- Bank of America
-- Charter One Bank
-- SunTrust
-- Charles Schwab Corp.
When evaluated in combination with published performance data for many of these same sites, ABG also chose three overall winners among "large banks." The banks offering Web sites with the best combination of search effectiveness/usability and performance were (in order of their score):
-- SunTrust
-- Bank of America
-- Wachovia
"Delivering effective customer self-service has become a key mandate for banks, retailers and other service businesses, especially given the opportunity to lower interaction and transaction costs while also offering greater convenience and value to clients," commented Allen Bonde, president and lead analyst at ABG. "However, as our study shows, only a few banks have optimized their Web channel when it comes to search, navigation and site performance, which are critical factors for not only enabling self-service online, but also having customers use and continue to use these new channels."
About Allen Bonde Group, Inc.
Allen Bonde Group, Inc. is a leading market research, management consulting and strategic advisory firm focused on enterprise software and the impact of emerging business models, technologies and markets. Recognized as an authority on business intelligence and Web self-service applications, ABG has been a trusted advisor to over two dozen leading organizations in financial services and high-tech. The firm is located in Wellesley Hills, MA and on the Web at http://www.allenbondegroup.com.
March 1, 2004 at 10:53 AM in Financial Services | Permalink
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