Measuring Website Satisfaction Across Financial Services Product lines

Data from J.D. Power’s suite of syndicated financial services studies can help institutions benchmark website satisfaction against key peers and measure consistency across product lines, which is critical given the impact that websites have on overall customer satisfaction:

  • Within retail banking, the website functions as a key transactional workhorse, with many customers using the channel to conduct day-to-day activities such as checking balances, paying bills and transferring funds.
  • In the credit card experience, the website stands out as a primary method of checking balances and managing expenditures, while also acting as a key access point for reviewing and redeeming rewards.
  • In mortgage servicing, the website can help reduce strain on contact center resources by providing customers with clear and concise information related to things like fee policies and escrow administration.

However, analysis of J.D. Power study data finds that many financial institutions are struggling to meet their customers’ needs and demands related to the website. Additionally, many institutions are not providing a consistently satisfying experience across their different product lines.

For example, as displayed in the chart below, ‘Brand C’ receives the second highest website score related to small business banking, but receives the lowest website score related to credit card. Conversely, ‘Brand B’ more consistently receives high scores across each of the product lines.

6 18 blog post

Things for Financial Institutions to Consider:

  • Utilize independent research to benchmark your current website offerings (and associated satisfaction) across product lines, against peers and within different customer segments
  • Regularly conduct reviews/audits of competitor website offerings (including companies outside of Financial Services) to understand the competitive landscape and potentially identify new ideas to incorporate
  • Educate customers on the functionality of the website and associated benefits of using the website, particularly as new features are introduced
  • Collect and analyze website-related data to identify strengths, weaknesses and opportunities for increasing website satisfaction
    • Quantitative survey data can help provide an overall picture of website satisfaction, awareness and usage
    • Biometric or eye-tracking analyses can help isolate specific aspects of the website experience that are most likely to grab the users attention and/or which aspects tend to result in confusion or frustration
    • Independent web-evaluations include hiring an outside consultant to audit current website functionality/design/navigation/etc. and compare to competitive offerings
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