Spring 2009 - Canadian Public Website Banking Review
Royal Bank scored top honours in a public website analysis conducted on the consumer banking industry, according to the recently released Surviscor Public Website scorCard. Taking the runner-up spot was TD Canada Trust, followed by National Bank and President’s Choice Financial, while Scotiabank ranked the lowest of the ‘big six’ banks. Royal Bank’s overall finish in the top spot was fueled by a strong showing in all major categories, including a 1st place finish in ‘Enrollment for Online Banking’. TD Canada Trust lead the way in the all-important ‘Online Resources’ category which audits the availability of tools, calculators and general educational information, including the disclosure of product rates and fees. Relatively smaller financial institutions proved they can be every bit as competitive as the big Canadian banks, as shown by President Choice Financial with a top industry score in the ‘Applying for a Bank Account’ category.
RESULTS:
Surviscor’s Public Website scorCard is a comprehensive, impartial audit of online features and functionality of the public/pre-login website offered by leading Canadian banks and credit unions. This simulated-usage study, conducted in the 1st quarter of 2009, measures hundreds of objective criteria within multiple service categories that are weighted according to industry-defined importance. The scorCard is powered by CorbinPartners Inc., a leading business intelligence provider and gold-seal member of the Marketing Research and Intelligence Association (MRIA). “With more and more Canadians comfortable with direct channels, a public website is not only your gateway to secure services, but a vital marketing tool for online financial institutions” said Glenn LaCoste, President of Surviscor. “To compete in today’s business, financial institutions need to offer a comprehensive and easy-to-use website that provides product and service info, planning and education tools, , and a direct path to enrollment. A modern, well-presented website is now the expectation from the public at large, no longer the value-added."
CorbinPartners Inc (www.corbinpartners.com) is an established provider of corporate business intelligence, statistical measurement and forensic market research. It conducts service, brand and customer experience audits in many retail areas, and has Canada’s leading specialty practice in research support for risk analysis, regulatory matters, and litigation.
CRITERIA/CATEGORIES
The Criteria:
Surviscor reviews all major Canadian online banking firms including schedule I, schedule II and the largest credit unions. The Firms are evaluated for the online features and functionality they posses.
| The Main Categories: |
| 1. | Applying for a Bank Account
The Applying for a Bank Account category focuses on the ability on an online user to open account using the online features and functionality on the public website.
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| 2. | Enrolment for Online Banking
The Enrolment for Online banking category explores the ability of a bank customer to register and access the available online services
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| 3. | Representative Interaction
The Representative Interaction category explores the various customer touch points available to both non-customers and customers. More importantly, the category fully explores the firm's ability to service all incoming emails through the determination of the Customer Email Responsiveness (CER) 'mystery shopper' program.
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| 4. | Presentation and Functionality
The Presentation and Functionality category explores the design and usability of the public website.
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| 5. | Online Resources
The Online Resources explores the availability of tools and education modules available to the public website user.
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Next Analysis: Fall 2009