Slightly more than half (53%) of online banking customers at the USA's leading banks use online service facilities such as transferring money, setting up recurring payments, and re-ordering cheques, according to a survey by comScore Networks, which also showed that e-service adoption and usage correlates with customer satisfaction and likelihood to recommend the bank to friends.
The study, 'Servicing the Online Financial Services Consumer', presents an analysis of the adoption levels and implications of online servicing solutions offered by the leading consumer banks in the USA.
Among the key findings of the study, which was based on a survey of more than 1,500 US consumers, were the following points:
- Online service adoption and usage tends to correlate with customer satisfaction and a customer's likelihood to recommend their bank's web site to a friend.
- Customers using e-service facilities are more loyal to their banks and have a higher cross-sell rate.
- Consumers notice and respond to multi-channel marketing of financial services. Almost three-quarters of consumers surveyed reported that they learned about online access through three major bank touchpoints: customer service representatives, paper statement inserts, and branch advertising.
- Consumers appreciate the convenience of managing their accounts online and, as a result, the majority of online financial customers surveyed reported that they had used e-service facilities.
- The web is very well suited to managing personal finances;
According to Jim Larrison, senior vice president for comScore Financial Services Solutions: "Our research continues to indicate that consumers appreciate the convenience and ease-of-use of online servicing solutions. For banks, online service capabilities deliver a number of quantifiable benefits, including higher customer satisfaction, stronger customer loyalty, and more opportunities to engage customers and expose them to new products and services."
The report includes a ranking of the top eight consumer banks by the comScore e-Servicing Index (a measure of the penetration of e-service usage within a bank's online customer base as well as the intensity with which consumers use those services).
Bank of America led the field with an e-Servicing Index of 146, followed by Wachovia (127), Chase/Bank One (107), Wells Fargo (99), Citibank (95), US Bank (83), Washington Mutual (75), and SunTrust (73). Bank of America's customers were found to be 20% more likely to use e-services, and those that do so were found to participate in 21% more activities than other banks' e-service users.