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    Banking Mind Model Study is finally released!

    Posted by Luis Serpa on November 17, 2006 - 1:56 AM
     

    For the past 4 months I’ve been helping to conduct a study about the Online Customer Experience on the U.S. Banking Industry.  The study is called “Mind Model” and is finally available for free download from Vox Inc at http://www.voxinc.com/banking-mind-model.htm.

    The Banking Mind Model Representation is a general analysis of how Banking industry websites are represented and how typical consumer banking customers would recognize and react to some of its distinct characteristics. Customers become used to this convention, deeming bank websites that don’t follow such protocols as “confusing”. While a company’s strategy may purposefully break from this convention, such a break should not be arbitrary. Rather it should be driven by a thorough analysis of the risks and benefits associated with such a divergence.

    Below is an example of graph, extracted from the study, showing the Industry Mind Model representation and Allocation Map:

    Banking Industry Mind Model Representation 

    The Banking Mind Model highlights the similarities and differences between various consumer banking website homepages and how consumers, exposed to the online banking competitive landscape, might recognize and react to a site’s distinct characteristics. Vox compared the top 10 U.S. providers and several bank sites from related segments including insurance, financial services and regional banks. Bank sites assessed include:

    Allstate Bank3 Merrill Lynch Bank USA4
    Bank of America, N.A. 1 State Farm Bank, F.S.B. 3
    Citibank, N.A. 1 SunTrust Bank1
    Fifth Third Bank2 U.S. Bank N.A. 1
    Harris N.A. 2 Wachovia Bank, N.A. 1
    HSBC Bank USA, N.A. 1 Washington Mutual Bank1
    ING Bank, FSB4 Wells Fargo Bank, N.A. 1
    JPMorgan Chase Bank, N.A. 1 World Savings Bank, FSB1
    LaSalle Bank N.A. 2

    1 Top ten U.S. Bank by assets 2 Regional Bank; 3 Insurance; 4 Financial Services  

    Customer engagement is critical to ensuring strong, long-term relationships. Online banking is one of the most effective offerings for cementing customer loyalty. Given this fact, it’s surprising how many of the major sites don’t prominently feature tutorials for online banking and contextual help. Another area where banks are behind the curve is screen resolution. Most bank sites are optimized for 800×600 displays, ignoring the fact that approximately 75% of today’s customers use larger monitors. Thus, valuable real estate opportunities are being lost.

    To know more download the full report. It’s free. 



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