Online banking customers want more personalised experiences
Banks failing to satisfy online customers
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23 Jul 2009, Phil Muncaster , V3
Gartner has warned financial institutions that they could lose online banking customers by failing to focus sufficiently on personalisation.
The analyst firm surveyed nearly 4,000 consumers in the US and UK to examine attitudes and behaviour towards retail payments, banking and investment services.
Respondents were asked about 18 different online banking features, and security came out top followed by single-sign on services.
Other popular features included the ability to deposit cheques online from home, set up a separate account to save for a specific goal, set up alerts for account and card balances, and analyse spending and cash flow.
Gartner research director Stessa Cohen argued that customers and banks want very different things in the online sphere.
"Customers want to personalise their experiences, analyse their transaction and payment data so they can better manage their money, pay bills and transfer funds," she said.
"Banks want to sell customers more products, but those that neglect personalisation trends now will sacrifice online, and possibly mobile, banking customers later."
Gartner advised banks to look at the features ranked most highly by consumers in the survey against their current online banking offerings, and then build a plan to provide the services to customers.
© Incisive Media Investments Limited 2010, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093
Do you agree?
Banks must balance security and usability
Gartner's research quite rightly highlights the importance of balancing security and usability for internet banking systems. Consumers are clearly aware of the need for security, but are also tired of having to type in multiple passwords or codes generated from card readers. As customers become more discerning about their online banking needs, the quality of a bank's online system will increasingly become a point of differentiation. Ultimately, the winners of this battle will be those banks that can offer a simple to use, yet highly secure way of authenticating their customers, and with solutions currently available that won't "break the bank" there is really no reason for them not to start investigating the alternatives today.
Posted by Stephen Howes, CEO/CTO, GrIDsure, 23 Jul 2009