ComScore Reports Happier But Fewer Customers
April 21, 2008 at 10:24 pm by Ehab BandarThe recent comScore report is a reminder that banks need to find new and creative ways to increase their online banking usage.
After years of accelerating growth rates, the growth in the number of online banking customers at the top 10 online banks has begun to slow.
The report surveys customers on several new technologies such as blogs and personal finance management tools, finding interest ranging from 14% to 30% respectively. But what does fewer, yet happier customers tell us about the state of online banking? It could mean that banks are doing what customers expect, no more and no less. Which leads to the next question: what can banks do online to truly exceed their customer’s expectations? The answer in most cases — aside from higher interest rates — is a more robust set of self-service tools and personalized service. This goes beyond blogs and widgets toward tools that enable customers to conduct basic banking transactions on their own, wherever and whenever they want. The other way to exceed expectation is through a more personalized experience. Building technology for its own sake does not meet this objective. But creating technology solutions that enable customers to do more, while offering them targeted products, services and advice in a meaningful way is the path by which banks can attract more customers online.
It is one reason why several banks are creating personal finance management applications for their customers, giving them the tools to examine and manage their finances online. But it’s not at all clear whether this increases customer satisfaction, and whether customers will continue to seek out banks for this type of service. It’s perhaps more likely that a true technology play, whose focus is on application development, will continue to surpass banks and provide solutions that quickly respond to their needs.
So, where does that leave banks and technology? The comScore report leaves us with more questions than answers.
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