By Derek Nicholson
What makes a great bank website or mobile app? With more than three quarters of Canadians now using online banking, it’s become the norm rather than a trend – and it’s important to see how our banks are keeping up. To examine how customer satisfaction is attributed, we conducted a small survey to see how Canadians feel about their lender sites and apps.
Here are the highlights.
How Often Do We Use Mobile Banking?
Seventy six per cent of our respondents indicated that they frequently visit a lender’s website to use online banking services, and 22 per cent state they frequent the mobile app. This not only confirms growing usage, but shows that Canadians are repeat mobile users. An increasing number of consumers enjoy the idea of banking at home at their convenience – and not having to visit a branch every time. I think it’s safe to say that the 7 per cent stating that they’ve never used either service before will definitely change.
Easy Navigation is Top Consumer Need
For the most part, customers want to use the lender’s website to quickly maneuver for information, and on their own time. A total of 78 per cent stated that they considered navigation to be the most important feature of a lender’s website, with 71 per cent stating the same for a mobile app. Not only did that trump the actual site and app content, but it was also twice as important from the surveyed customer’s perspective over the design. According to Canadians, it doesn’t matter how nice a site looks; if it doesn’t get you where you want to go, what’s the point?
What does this tell us? Canadians are happy to have a hassle-free alternative to branch visits for their banking questions; they turn to sites and apps to do so at their convenience, and this proves to be a valued component of the lender website experience.
So… Which Bank Site is the Best?
To discover which banks offered the greatest user satisfaction experience, we asked survey takers to rate their online lenders from 1 – 10. The overall satisfaction combined sits at about 66 per cent, which shows that Canadians find their banks online services adequate for their needs. With 10 per cent of respondents expressing they are dissatisfied with their experience using banks online services, which we considered as a rating of below 5, shows that there is still room for improvement to ensure no customer headaches.
|Bank||Percentage of ratings 8 and above|
14 of 16 responses = 88%
16 of 18 responses = 88%
9 of 11 responses = 81%
|TD Canada Trust||
20 of 28 responses = 71%
7 of 11 responses = 64%
5 of 14 responses = 36%
5 of 15 responses = 33%
Also read: Oaken Financial Adopts Cafe Banking Experience>
A Way to Build Trust
Lenders should consider their sites as not only information platforms, but a chance to build customer trust and loyalty. Sixty three per cent of respondents stated that the amount of trust in their lender would diminish if they offered a subpar website or mobile app experience. To put that into perspective, 67 per cent surveyed stated they would switch banks if they had a poor website or mobile experience, and an emphasis for a great out-of-branch experience really stands in the forefront.
About the Author: Derek Nicholson
Derek is in his fourth year of the Bachelor of Public Relations program at Humber College, working as an intern with the marketing team at RateSupermarket.ca over the summer. As his first foray into the world of personal finance, he hopes to expand and further develop his understanding while offering insight from a student’s perspective.