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Tag Archives: Financial Services
Are Executives Measuring the Right Thing?
First of all, there is no wrong thing to measure. Be it behavioral metrics, feedback, or customer experience analytics, they all have their place in strategic, tactical, and operational decision making. However, there is a hierarchy of importance based on desired results that needs to be established. And customer experience analytics reigns prime here regardless of which industry you are in or which touch point (web, mobile, social media, store, contact center, etc.) you are measuring. That is if you want a proven and predictive methodology that provides actionable insights derived from the customers’ perspective. When pulling together the data … Continue reading
How “Mobile” Are Financial Services Mobile Site Users?
Financial services app users, in contrast to m.site users, are proving to be true “mobile” users, who are more likely to use the mobile application while away from home, work, and school. According to The 2012 ForeSee Mobile Satisfaction: Financial Services Edition, published in November, 2012: 14% percent of m.site users were out and about when engaged with the company, while 23% of app users engaged with the company on the go. While ForeSee research shows that app users are more likely to be engaged while out and about, it also shows they display higher satisfaction (79 vs. 76) and … Continue reading
Posted by Eric Feinberg
Tagged Financial Services, Mobile, Mobile Monday, Original Research
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Little Difference Between Mobile Experiences of Financial Services Companies
Today we released the ForeSee Mobile Satisfaction Index: Financial Services Edition, available for download on our website. This study is an important resource as we begin to see the mobile experience playing a critical role in today’s financial services world, which is inherently multi-channel and multi-device, and usage trends suggest that mobile is the future. According to Nielson, two thirds of new mobile buyers are buying smartphones, and they already constitute more than half of all cell phones in use today. These powerful devices will further drive the adoption of mobile financial services. Forrester predicts that the number of US … Continue reading
Posted by Eric Feinberg
Tagged Financial Services, ForeSee News, Mobile, Original Research
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Online Banking in the UK
We’ve been studying satisfaction with online banking in the U.S. since 2003, and this year we did our first study of customer satisfaction with online banking in the UK. For this study, we did more than 1000 customer surveys of customers of the top 5 consumer-oriented retail banks in the UK: RBS, Lloyds, Barclays, HSBC, and Santander. Despite 2+years of tumult in the global banking industry, customer satisfaction with online banking in the UK is fairly high, and customers are very satisfied with the top five banks (on aggregate they score 80 – generally considered the threshold for excellence on the … Continue reading
Posted by Freed Your Mind Blog, Larry Freed
Tagged Financial Services, Original Research, UK
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Customer Satisfaction with Online Banking Rebounds
Customer satisfaction with online banking has regained it’s previous high of 83 on our study’s 100-point scale. We do this study once a year and have been since 2003. Today is the release of our 2011ForeSee Results Online Banking Study. The full study is available for free download on our website, and read the press release with highlights here. Credit unions have traditionally been the category of bank that has the highest customer satisfaction, but large banks had a huge increase this year and overtook credit unions. The categories of banks included in the study were: Banks ranked 1-5 in size: … Continue reading
It’s True: Satisfaction with Online Financial Services is Up
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 … Continue reading
Impact of Financial Crisis on Corporate Websites
The turmoil in the financial markets has resulted in the highest volume of traffic for brokerage websites in three years. Heather Hopkins of Hitwise adds that US internet visits to Stocks and Shares websites have increased 85% since August. Wow. So what are these companies doing, if anything, online to address the questions their customers may have? Bear Stearns' home page seems to be in some denial about the magnitude of what has happened to the company in the last couple of weeks. They do not make it easy for panicky customers to get their questions answered. Most of their … Continue reading
What Metrics Do the Best of the Best Use?
Just saw this post from Ron Shevlin's blog last week… Ron does a report called the Hallmarks of High-Performing Integrated Marketers in Retail Financial Services which looks at which business practices and marketing strategies distinguish the high-performers from the rest of the pack. From Ron's post: "High-performers are more likely to measure the lift in customer satisfaction and average customer spend than other financial services firms. And less likely to measure likelihood to refer the brand and brand awareness . . . The findings from the survey shows that high-performing firms put their emphasis on measuring the metrics that matter … Continue reading
Posted by Freed Your Mind Blog, Larry Freed
Tagged Bad Metrics, Customer Satisfaction, Financial Services
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Online Banking Outperforms Other Financial Services Industries
Our latest research with Forbes.com shows that online banking is vastly outperforming other online financial services industries. Banks scores an 82 on the ACSI’s 100-point scale (up 12% or 9 points from the 2003 score of 73), while investing and credit card websites were both at 75. The online banks are clearly setting a high bar. A score of 82 makes online banking the bright spot in the industry overall (offline banking scored a 78 when measured by the ACSI in late 2007). Most notably, we found that highly satisfied online banking customers are 31 percent more likely to buy … Continue reading
Posted by Freed Your Mind Blog, Larry Freed
Tagged Customer Satisfaction, Financial Services, Original Research
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ACSI E-Commerce Results
It’s that time of year again: time for the University of Michigan’s American Customer Satisfaction Index (ACSI) report on e-commerce. The e-commerce report includes the e-retail, online travel, and online brokerage industries. You can download the full report here, but a few things I found most interesting: Amazon has the second highest score in the entire ACSI (which includes 200+ companies), behind only Heinz. That is a stunning achievement for a retailer with such a broad mission. Online travel aggregators like Expedia, Travelocity, and Orbitz continue to slip and are having significant trouble differentiating themselves from each other. Online brokerage … Continue reading
