Incredibly, customer satisfaction with online banking is up. Customer satisfaction with online investment services is up. Customer satisfaction with online credit cards is up.
What's going on?
Every year, we partner with Forbes.com to do a survey of people who visit online financial services websites. This year, despite the economy and the near-daily bad news, customers are more satisfied than ever with the three online industries we surveyed.
On our study's 100-point scale, satisfaction with online banking is up to 83, making it one of the very few service industries to pass the threshold of 80, generally considered an excellent score. Online credit cards is also up, to a score of 80 and even online investing (which was hammered in the February ACSI report) is up to 78 as the markets have started to settle.
I wish I could tell you there was some magic bullet or miracle app that has saved the day, but the truth is, it's basic blocking and tackling. Each of the three industries improved in basic online elements that directly impacted satisfaction. This should be good news for banks, credit card companies and investment firms. You don't need to reinvent the wheel during an economic crisis.
Even better news: your website can have a huge impact on overall operations and could be a huge corporate advantage when times are tough. Highly satisfied online customers are significantly more likely than less satisfied customers to purchase more services, open more accounts, use the website as a primary channel, and recommend both the company and the website. Therefore, improving the online experience leads to increased revenue (because customers purchase additional services and recommend their friends and colleagues to do the same), as well as cost savings (because these customers use the website as their first source for information and transactions rather than more costly alternative channels).
Read the whole report for more details on the findings.
A lot of interesting things came out of the study though. First of all, only 1/5 of online bankers remembers seeing communication about their bank's financial stability on the website. That either means it wasn't there or that they didn't see it. Either way, it is absolutely essential that banks, given what we know about the ability of the web to build loyalty, use their websites to reassure and inform customers and prospective customers.
Second of all, only 13% of online bankers with mobile phones use them to access their bank's website, and only 3% of online bankers overall use mobile apps. Those that do tend to be more satisfied.
So what do you think--are you surprised that online satisfaction increased for an industry in so much turmoil?
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Posted by: Michelle Boudreau | November 06, 2009 at 04:45 AM
Thank you for providing information on Facts About Satisfaction with Online Financial Services. Such a very helpful and informative post. Keep posting interesting topics here. I'll definitely look forward to it. Thanks and keep it up!
Posted by: Amor | November 23, 2009 at 04:51 AM
This is very much my industry and I can back this up - the quantity of thank you related e-mails is up and approvals are still good despite the recession. Good to know we're doing something right.
Posted by: Payday Loans | November 24, 2009 at 06:27 AM
Various people in the world take the home loans in different creditors, just because that's comfortable and fast.
Posted by: Francine34Acosta | November 05, 2011 at 08:17 PM