Study Reveals Banks Receiving Praise for Web Sites

By April 22, 2008

The results of a financial services study shows online banking is succeeding with customers.   ForeSee Results and partnered for the fourth time since 2003 to conduct the 2008 Online Financial Services Study. The study

measures how well banks, credit card companies and investment services firms are using the Web to build loyalty, increase share of wallet, and take advantage of a cost-efficient way to do business with customers.   Released on Tuesday, April 15, the study indicates that online banking customer satisfaction has soared over the past five years. Banks are successfully using the Web to provide customers the convenience of retrieving secure banking information with ease.   ForeSee's analysis uses the University of Michigan's American Customer Satisfaction Index (ACSI). The study recorded a score of 82 out of 100 for online banking, a 12 percent increase from a score of 73 in 2003. A score of 82 is just below the approval score of 83 for e-Retail, the top scoring category measured by the ACSI.   During the first quarter of 2008, ForeSee and Forbes polled 1,600 respondents through an online survey.   Key Findings from the 2008 Online Financial Services Study include:   Banks are using the Web better than both credit card companies and investment services firms to build loyalty and increase a share of wallet and encourage cost savings. Highly satisfied online customers are more likely to buy more services, remain customers, use the Web site as a primary channel, and recommend the site and bank to others. Overall, the Web provides opportunities for banks, credit card companies and investment services firms to improve features of their Web sites to encourage more satisfaction and loyalty.   Banks have not been popular with customers since making it harder to get a mortgage loan, cutting savings interest rates, and curtailing home-equity and credit-card lines. However, they are meeting the demands of online customer needs and ensuring customers will return and purchase more services. Ultimately, the aforementioned data suggests banks should aim to make customer satisfaction an organizational priority.   By Kathleen Clark   FEEDBACK For comments on this article, email us at

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