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Good website = happy customer
17 June 2013
When it comes to being happy – or not – with our chosen financial institution the online service offered can make a big difference. Recent Canstar Blue research found that customers of many large and small institutions prefer to communicate online and that overall we are also most satisfied with that aspect of their service.
Would you prefer to:
- Visit a branch?
- Pick up a phone?
- Send an email?
- Jump online?
If you are a typical banking client, then chances are you visit a branch now and then when you need to, but would prefer to jump online. While more than sixty percent of customers still visit a branch and more than thirty percent use the call centre, many of those customers prefer to communicate with their bank via online channels when possible. Institutions which have online development low on their list of priorities should take note of that!
Interestingly, this customer preference is broadly consistent irrespective of the size of the organization, something which represents a massive opportunity for smaller institutions. In this new age of technology, their commercial growth does not have to be bound by their geographical reach.
|
Main communication channels |
|||
| All communication channels used | Preferred communication channel | ||
| Branch |
62% |
Branch |
38% |
| Call centre |
32% |
Call centre |
12% |
| Online via bank website |
59% |
Online via bank website |
42% |
|
11% |
3% |
||
| Other |
8% |
Other |
5% |
| Source: Canstar Blue Banking Satisfaction Survey 2013 | |||
What to look for in online banking?
Broadly, three components make up online banking:
| Internet banking | Look for a wide range of transactions available, reporting functionality, self-service menu, good online communication, security and product applications. |
| Website | Look for a good product application process, including ID verification, as well as a range of consumer education and tools. The website should be easy to use with online help available . Web 2.0 public interaction and location services are also a benefit. |
| Mobile banking | As well as security, look for good core banking needs such as easy transaction function and information, product applications, additional methods of payment and other applications and functionality, such as calculators, location services and contact. |
Who offers excellent online service?
For the fourth year running, Canstar has undertaken an extensive research exercise to determine the level of online banking functionality and ease of use offered to consumers by Australian financial institutions, collecting more than 300 pieces of information on the online capability of each Australian institution assessed. Overall, Canstar’s Online Banking Award considers the functionality that customers value most.
We gave a best online banking Australia award, as well as best online banking awards in the categories of mutual banks, credit unions and building societies.
Best online banking award: Commonwealth Bank
Commonwealth Bank has taken out Canstar’s award for Best Online Banking for an impressive fourth time in a row. Their continuous improvement and innovation in the online and mobile offering continues to set them above their peers.
- Internet banking: In addition to commonly available internet banking features, Commonwealth Bank also offers access to insurance and stockbroking, online chat, projected saving graphs, a transaction search by keyword and secondary authentication via token – a useful security tool for consumers who are outside mobile range. The addition of My NetBank Lab and MyWealth are an added benefit to their consumers.
- Website: Commonwealth Bank has the functionality their customers expect, as well as an active social media team offering round the clock service and online help.
- Mobile Banking: Commonwealth Bank?s iPhone app (Kaching) has been consistently innovative and incorporates mobile, email, Facebook, Bump and PayPass technology as a means to transfer money or make payments.
- Customer Satisfaction: Commonwealth Bank performed well in Canstar Blue?s most recent online and mobile banking customer satisfaction survey, scoring in the top quintile for satisfaction.
We congratulate Commonwealth Bank for their impressive online banking track record.
