Over the past decade, the frequency of online banking usage has grown. A study conducted by Pew Research in 2013 found that 51% of US adults bank online. Additionally, a 2014 study by the Federal Reserve found that 51% of smart phone owners have used mobile banking in the past 12 months. Customers have come to expect online and mobile banking solutions from their institution. Simply offering online and mobile banking solutions is not enough; there is a growing expectation for the applications to be intuitive and allow the user to have a top-notch experience.
The user experience with online banking channels is becoming a vital factor in the customer process for choosing a primary financial institution. The banking user experience should be frustration-free, with a design that doesn’t require significant thought or training. Online banking solutions should allow customers to quickly learn how to interact with the solution and accomplish their task. According to a Novantas study, nearly half (43%) of users who use digital banking channels log into the mobile application and online banking portal at least weekly. For optimal customer satisfaction, it will be important for banking institutions to provide a seamless and consistent experience, in addition to delivering a good user experience for online channels.
While most people connect to their bank’s online portal to simply view their current balance or transfer money between accounts, many individuals also expect more features to be available. This is quickly becoming the norm as institutions innovate and offer new features such as remote check deposit, viewing their budgets, having automated financial advice, and being able to quickly transfer money to other individuals. Being able to accomplish all of your banking tasks with an online or mobile application is a growing part of the user experience.
The usage and importance of these banking channels is anticipated to expand, along with elevated expectations for a satisfactory user experience. It’s increasingly important for financial institutions to understand how their users interact with these channels and learn more about their preferences, frustrations, and satisfactions with the current offerings. Market research can be used to address these issues and provide valuable insight to the operations team at your financial institution. Here are a few examples of banking experience studies that Research & Marketing Strategies has conducted for clients:
- Satisfaction & Usage Studies – An all-encompassing satisfaction and usage survey will help your institution understand how customers are interacting with your banking channels, determine their usage preferences, and provide satisfaction data regarding these channels. Conducting a quantitative study of this caliber will allow you to understand your institution’s customers and guide strategic planning.
- Usability Testing Studies – Conducting a study to interview users as they utilize your website or application is a great way to understand user experience from a typical customer’s perspective. The customer will walk through the website and application, and vocalize their experiences. This is a great way to identify potential frustrations and opportunities for improvement to the digital customer experience. This “in-the-moment” methodology will provide the vision needed to deliver an enjoyable user experience for your customers.
- Follow Up Experience Surveys – Follow-up surveys are something we employ for a variety of projects and industries. Contacting users either online or through telephone shortly after they interact with a channel, or have an experience with your business is a great way to obtain fresh, top-of-mind feedback. In banking, this is a good opportunity to monitor customer satisfaction and identify potential issues.
If you have questions about Banking User Experience research or would like to learn more about our banking research services, please contact Sandy Baker, Senior Director of Business Development & Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422.