Banks Offer Omnichannel Customer Support and Improved Dashboards to Enhance Digital Customer Experience
Wilmington, Del., May 29, 2024 – Keynova Group, the principal competitive intelligence source for digital financial services firms, today announced the results of its semi-annual Online Banker Scorecard for Q2 2024. Bank of America continues its winning streak with the highest overall score for its desktop user experience in Keynova Group’s competitive evaluation of 18 leading U.S. retail banks.
The Scorecard tracked banks’ development of omnichannel customer service options – digital and live, and online account summary dashboard improvements which are vital elements in forging a positive online banking experience.
“Online and mobile banking are increasingly more closely aligned in function and form, presenting a more consistent customer experience and, similarly, banks are working to align the digital and live customer experience,” said Susan Foulds, managing director, Keynova Group. “The availability of additional support options, together with practical account dashboards designed for ease of use, independent of device type, create a familiar experience across digital channels and help improve customer satisfaction.”
Key Findings:
Customer Service that Blends Digital and Live Support On the Rise
While retail bank customers have come to expect online self-service, they still want easy access to live representatives when needed. Striking the right balance can be challenging, prompting several banks to provide omnichannel services or the ability to transfer digital customers to live support. Two-way messaging allows for near real-time help, retains conversations for users to view later, if desired, and is provided by nearly one-third of the evaluated banks (BMO, Fifth Third, PNC, Regions and Truist). Currently, 72% of the banks offer chatbots for assistance, and 67% of these will transfer account holders to live chat after two failed attempts to answer a question. Additionally, two-thirds of the banks enable live chat with half of these sites displaying an estimated wait time for a representative. As many consumers still need access to phone support, most banks offer customer service numbers on their website though only 56% of banks support easy access to numbers via a search or virtual assistant. And while most of the reviewed banks (83%) enable customers to schedule a branch appointment via the website, 61% offer phone appointment scheduling and 20% offer video meetings.
Dashboard Account Summaries Key to a Positive Customer Experience
Efficient navigation to account information and banking actions is important to account holders’ positive banking experience. Account summary screens with well-designed dashboards help provide customers key account information and quick access to common actions from a central screen. The ability to view recent transactions and statements, available on account summary pages for 28% and 89% of banks, respectively, is important for users to track account activity and keep an eye on spending. A personalized summary screen, allowing account holders to customize their experience by selecting quick access links, is now supported by 28% of banks. Additionally, 61% of the assessed banks display a free, updated credit score on the summary page, helping customers see a full picture of their financial wellness in the dashboard. Citibank’s account summary page stands out by supporting several of these best practices including key information such as account interest rates in effect and available credit for loan and credit card accounts without further navigation.
About the Online Banker Scorecard
Keynova Group’s semi-annual, fact-based Online Banker Scorecard, offered for more than two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that drive online strategy in banking. The evaluation encompasses the websites of Bank of America, BMO, Capital One, Chase, Citibank, Citizens Bank, Fifth Third Bank, Huntington Bank, KeyBank, M&T Bank, PNC, Regions Bank, Santander, TD Bank, Truist, USAA, U.S. Bank, and Wells Fargo. A separate semi-annual Mobile Banker Scorecard reviews the mobile app and mobile web experience. For more information please visit: https://www.keynovagroup.com/scorecards/#banking
About Keynova Group
Keynova Group is the nation’s foremost competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending and insurance. Since 1999, Keynova Group’s Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights. The firm’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects.
For more information:
Meggan Manson
Young & Associates, for Keynova Group
301-371-6995
megganm@yapr.com