Keynote banking's best websites

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Presentation on banking industry best practices for website design and performance.

Text of Keynote banking's best websites

  • 1. Bankings Best Websites:Who is Leading the Way and Why An InformationWeek Financial Services WebcastSponsored by

2. WebcastLogistics 3. TodaysPresenters Chris Musto,GM, Keynote CompetitiveResearch and Financial Services Keynote Systems Ken Harker Senior Consultant Keynote Systems 4. BankingsBestWebsitesWhoisLeadingtheWayandWhyChrisMustoGM,KeynoteCompetitiveResearch&FinancialServicesKenHarkerSr.Consultant,KeynoteSystems 5. Tolearnwhatworksinonlinebanking,KeynoteaskedonlinebankersastheyusedonlinebankingSITESEVALUATED: SAMPLE: BankofAmerica 7evaluations;1519paneliststotal Chase ~200persite;USonlineadults18+ Citibank Currentonlinebankingcustomerofsitebeingevaluated SunTrust Allpanelistssuccessfullyloggedintoaccount U.S.Bank WachoviaTIMING: WellsFargo Wave7evaluationperiod:May2010 Previousevaluationperiod: May2009 Nextevaluation:May2011 6. Astheytookthestudy,wesawhowtheyusedtheoffering,askedwhattheythoughtofit,andanalyzedtheresults Weinvitedonlinetoevaluatetheir..usingourbrowser bankersbanksonline companionthat bankingcapturesevents whichweanalyzeprovidingperformingtasks quantitativelyandclickstreams, &answering qualitativelycommentsand questionsfeedback Findinformationthatmeets yourneeds.Howsatisfiedareyouwiththissite? 7. Totheuser,theevaluationwasanaturalexperienceTheusersview Keynoteasksusertoperformatask Keynoteasksquestionsabouttheusersexperienceperformingthattask Keynoteaskstheusersimpressionsofthebank Tous,itwasanopportunitytofindouthowsomebanksgetbetter businessoutcomesfromonlinebanking 8. Weaskeduserstoperformsixtasks 1. LogIn 2. CheckBalancesandTransactions 3. UpdatePersonalInformation4. SchedulePaymentorExploreOnlineBillPayment 5. UseCustomerSupport6. Explorethebanksotherproducts 9. Asusersconductedthesixtasks,wefoundtheexperiencesthatpredictedBrandandLoyalty BUSINESS SUCCESS DRIVERSBRAND IMPACTLOYALTY IMPACT CorrelationtoCorrelationto BrandImpact LoyaltyImpact1.CustomerSupport3.BillPaySatisfaction =Thehighestpartialcorrelationofdrivertoindex 10. Whoexcelledatthesebusinessdrivingsiteexperiences? Bill PayRANK Customer Support Satisfaction1SunTrust Bank of America23 Bank of AmericaSunTrust4 U.S. Bank567 11. CustomerSupportWhoisLeadingtheWayandWhy 12. CustomerSupportRankings TopmetricsinthisdriverSunTrustandBankofAmericaamongtopsites Optionstoresolve satisfaction Agreeincontexthelp provided Agreesitecares Onlinehelpnotwell organized DifficulttolocateFAQsand otheronlinehelp Difficulttosearchonline help Sitedoesntprovide specifictips/instructionsasI completedifferenttasks 13. SunTrustLeads:AgreeInContextHelpProvidedRateoftoptwoboxagreementwithstatement Howstronglydoyoudisagreeor agree withthefollowing statement? "Thissiteprovidesme withhelp,tips,and guidancespecifictothe taskIamtryingto complete(i.e.,without havingtoleavethepageI amon)." 1=Stronglydisagree 7=Stronglyagree 14. RateofonlinebankingusersfrustratedbylackoflivechatinonlinebankingBankofAmericaismeetinganexpectationWhichofthefollowingproblemsorfrustrations,ifany,haveyouencounteredwhencontactingcustomerserviceatCOMPANYinthepast (viaemail,phone,etc.)?[Checkallthatapply]Onlinechatnotavailable 15. LiveChatgetsnoticed:BankofAmericaMultiplecontact/helpoptions Therearedifferentoptionstogetcustomerservicesuchastelephone,emailorchat. seemtobethereforyou24/7.Ifyouneedtotalktosomeone,youcanchat,email,orcallthe1800number. Ilikethefactthattherearedifferentchannelsofsupportwhetheritisliveorweb/phone.Idolikehavingimmediatesupport. IlikethatwhenIclickhelpitpopsuphelpforthesectionofthesiteIamon,exifIaminbillpayIamgivenhelpforbillpay.Livechathelpfulforimmediatehelp Likeverymuchonlinelivechat.Veryveryhelpful. Iusedthelivechatforaproblemanditwasresolvedrightaway. Ialsoreallylikethatthereisanonlinechat.ThatmakesitreallyeasywhenIamalreadyonthecomputerandIneedhelpsolvinganissue. 16. BillPaySatisfactionWhoisLeadingtheWayandWhy 17. BillPaySatisfactionRankings Allmetrics Schedulepayment satisfaction(Q58) Schedulepayment difficulty(Q56) Inadequateonlinebanking feature:Paybillsonline (Q117) ReasontoStopOnlineBill Pay:Difficulttouse(Q61) ReasontoStopOnlineBill Pay:Notenoughbillpay features/options(Q61) Inadequateonlinebanking feature:Receivebillsonline (i.e.,ebills)(Q117) ReasontoStopOnlineBill Pay:Feesaretoohigh(Q61) 18. SunTrustandU.S.Bank:SchedulePaymentSatisfaction(Q58) Howsatisfiedareyouwiththe onlinebillpaymentservice atthis site? 1=Notatall satisfied 7=Extremely satisfied 19. BillPaySatisfactionBestPractices:U.S.BankQuickandeasytouse Quick,clear,easy. Itsveryeasytouse,theprocessisfast. Itsconvenientandveryeasytouse. Ilikethesimplicityofit.Veryclean.Easeoflookingup/addinganewbill Itcanpayapersonbylookinguphisphonenumber. Settingupnewpayeestartedwithaskingforphonenumber,tosimplifyprocess. Itssoeasytolookupapersonifyouarepayingthemabill.findsalloftheirinformationforyou. Easytofigureouthowtoaddbills,andlotsofgoodinstructions.HelpfulPaymentAssistantwindow Whenyouclickonabilltopay,aboxcomesupwithinformationonthelast3paymentsthatweremadetotheaccount. 20. BillPaySatisfactionBestPractices:SunTrustQuickandeasytomakepayments,service isfree Itseasytouse,&fast. Theeaseofuseanditsfree! Theonlinebillpayprocedureisverystraightforwardandsimple.Anditisfree. Itisfastandeasytoarrangethepaymentonlineandhasslefree. Theserviceisveryeasytouseandconvenient.HelpfulPaymentAssistantwindow MypaymenthistoryisrighttheresothatIcanreviewpreviouspaymentsandtimewhentheyweremade. IlikebeingabletoseewhatmypaymenthistorytoeachbillerisEaseofaddingnewpayee Ilikehoweasyitistoaddabillandtomakeapayment. ItiseasytouseandIcanpayanybilloranyone. 21. HowbanksarelearningfromthebestoftheWebWhoisLeadingtheWayandWhy 22. BB&T:LandingpageashubTellthecustomerwhattheyneedtoknow,eveniftheydidntrealizetheyneededtoknow Displayupcomingtransactions Showalerttopics Highlightnewinformation 23. PNC:LeadingthemovementfromstatementtohubTellthecustomerwhattheyneedtoknow,eveniftheydidntrealizetheyneededtoknow Availablebalanceistheonedimensionalmetricthatmattersmostinacheckingaccount ButwhathaspostedandwhatwillpostarecriticaltounderstandingthatmetricandanswermostquestionsOnpagetoolstosortorfiltertransactionsAggregateofpendingwithdrawalsanddeposits 24. Webster:ThelittlebankwhosecustomerscoulddoitmoreeasliyWhatdoIneedtoknowandwhatcanIdo? Unlikecustomersatmostlarge banks,Webstercustomersdont havetoclickpastthesecuresite landingpagetoseeifarecent transactionhasbeenprocessed. Thesitealsoprovidesanonpage transferinterface. Thelinkdirectlytothecurrent statementisaneasilyignoredbut importantfeature,withmostbanks requiringaoneclicktopickan accountandasecondclicktoview itsstatements. 25. LowingthebarriertofeedbackWhoisLeadingtheWayandWhy 26. BankofAmerica:TransactionhistoryenablesonpageeditingAstreamlinedpathtoedittransactionrecordsdirectlyfromthetablewithoutclickingthroughhierarchicalpagesmakesforamoreintuitiveandfasteruserexperience 27. BankofAmerica:Lowbarriertofeedbackontransactiontagging Taxdeductible reimbursableNotjustbeautifulwordstoyouraccountant Lowerbarrierstopositivereturnsonconsumereffortstillpayoffforbothbankandcustomer 28. KeynoteCompetitiveResearchBankingProspectsStudy 29. BankingProspects Howdobankingsitescompareintechnicalquality?SiteperformanceandsiteavailabilityareagoodstartKeynoteusesamoreholisticapproachtoassessingsitequality Consideracommonpath(transaction)throughthesiteInthiscase,startatabankhomepage,stepthroughtheprocessof findinginformationoncheckingaccounts,andbegintheapplication process Knowinghowyoursiteranksinacompetitivestudyisimportant, butknowingwhyyourankwhereyoudoismoreimportant 30. TypicalStudyMeasurementLocationsAtlantaVerizonBostonVerizonChicagoVerizonDallasVerizonDetroitLevel3HoustonVerizonLosAngelesQwestMiamiVerizonNewYorkAT&TPhiladelphiaLevel3SanFranciscoSprintWashingtonD.C.Qwest 31. TransactionComparedHomePageList/Details Apply ProspectiveCustomer 32. 7KeyFactors HighSpeedResponse DialUpResponse Responsiveness ResponseTimeConsistency Index GeographicUniformity LoadHandling Availability Reliability OutageHoursIndex 33. StudyPeriodForonetimestudies,Keynoteusesatleastthreeweeksofdata Importanttomeasureweekdaysandweekends Multipleweeksreducetheimpactofanyholidaysorunusualnewsevents Forbankingstudies,Keynotedoesnotconsiderweekendstobepeakperiod,butasmoreandmorecustomersinteractwithfinancialinstitutionsonline,thismightneedtochange Longtermcontinuousmeasurementisthebestwaytomanagesiteperformance 34. AnExampleofanActionArea AverageTimeandVariability Allpagesareveryslowtoasmallpercentageofsitevisitors 5%ofvisitorsseepageloadtimesofslowerthan23seconds Keynoterecommendsallpageloadsaverage2secondsorfasterHigh95thpercentile timesindicate smallnumber ofsitevisitorsseemuchslowertimes thantheaveragesitevisitor 35. ActionAreas ProfilingPagePerformancebyElement Manythingscanimpactsite performance,includingissues withapplicationcalls,CDNs,and thirdpartyelementsYoucannotrelyuponimplementingbestpracticestosolveallproblems,youneedtomeasure 36. ActionAreas ApplicationCallsandVariability Theapplicationcallthatgeneratesthebasepagecontentoccasionallytakes5to8secondstoload Endusersseenochangestothenewpageuntilthiscalliscomplete Thedelayisverydamagingtoenduserperceptionofthesite 37. ActionAreas ClientSideProcessing 150msofclientsideprocessingdelayAlthoughbankingsitesarenotpushing theAJAX,Javascript,andFlash modelasmuchasotherindustries, weareseeingitmoreandmoreYouneedtounderstandtheimpactofclient 200msofclientsideprocessingtime sideprocessingdelayThispagehastwoperiodsofclientside processing,earlyinthepage download,thatimpacttheenduser perceptionofthepage 38. ActionAreas ThirdPartyElements Managingtheperformanceandreliabilityofthirdpartycalls(adtags, analyticstags,marketingtags,etc.)isachallenge Delaysfromthirdpartyelementscanblockcriticalpagecontentfromloading Thedelayisverydamagingtoenduserperceptionofthesitesales.liveperson.netcalltakesanextraordinarilylong time Criticalpagecontentfrom