Online Bankers Generally Satisfied With Internet Services

Business Wire, May 21, 2001

Business/Technology Editors

WALTHAM, Mass.--(BUSINESS WIRE)--May 21, 2001

New Gomez study identifies variance in satisfaction across life

stages; more active online bankers are happier with their banks.

The more online bankers use the Internet to handle their banking tasks, the more satisfied they are with their bank, according to a new consumer research study released today by Gomez, Inc., the Internet quality measurement firm.

The study, Customer Satisfaction in Online Banking: An Exercise in Relationship Management, reveals that online bankers have an average satisfaction level of 5.1 (on a 1-7 scale), with mature online bankers (over 55) and those who use the Internet as their primary means of banking reporting higher levels of satisfaction.

"Online bankers who perform the majority of their banking tasks via the Internet are realizing the time-savings and at-your-service availability of information that the Internet delivers," explains Moriah Campbell-Holt, lead research analyst who co-authored the study.

The study focuses on the satisfaction levels of online bankers; differences in satisfaction by life stage and bank type; key opportunities to improve user satisfaction; behaviors and features that are driving satisfaction; and actionable recommendations for banks to improve satisfaction. Among the key findings uncovered by the Customer Satisfaction in Online Banking study:

--Almost 31% of online bankers with low satisfaction have considered switching banks based on their Web experience.

--There is a significant lack of awareness among online bankers about the specifics of their online banking service. For example, 50.2% of online bankers are unsure whether or not their primary bank offers online stop payment capabilities.

--Online bankers who stop using online banking ("Disusers") cite lack of benefit, convenience or interest; concern about Internet security; and unreliable site performance as top reasons why they stopped accessing their accounts online.

"Given the high level of concern with Internet security, banks need to emphasize the measures they have taken to protect their customer's online experience and reinforce these messages in a clear and consistent language," said Campbell-Holt.

In the study, Gomez offers actionable recommendations that enable banks to enhance and refine their online banking offering to increase overall customer satisfaction and maximize retention. According to Campbell-Holt, "many online bankers are unaware of the full scope of their bank's offering and cannot derive benefit and value until banks improve messaging concerning why customers should bank online." The study can help banks to:

--Gauge the satisfaction of their customers.

--Measure the demographics and behavior of their own customers in the context of the online banking population.

--Understand what features are important to customers' satisfaction.

--Better communicate with customers about their current online offering.

"Banks are investing an enormous amount of resources in developing and migrating their customers to the online channel. This report underscores that all of their efforts will lead to satisfied customers and stronger retention," explained Paul Jamieson, Gomez's director of financial services and co-author of the study.

Customer Satisfaction in Online Banking: An Exercise in Relationship Management is a highly focused report that leverages Gomez's expertise in the online banking space with the data analysis expertise of the firm's Consumer Research Services group. This study continues Gomez's examination of the role of the Internet in the banking industry. The next report, The State of Online Banking 3.0, is expected to be available in June 2001.

About Gomez

Gomez is the Internet Quality Measurement firm, providing e-commerce customer experience measurement, benchmarking and customer acquisition services to help firms build successful e-businesses and guide consumers in transacting online. GomezPro provides e-commerce customer experience measurement tools, analysis and consumer research services to help companies build successful e-businesses. Gomez Performance Network enables companies to optimize customer experience with real-time Web site performance measurement and diagnostic tools. Gomez.com provides Scorecard rankings and merchant certification of over 6,000 firms in 75 industries, helping consumers transact online with confidence, and through its Performance Media program, enabling merchants to reach desirable consumers at a guaranteed acquisition cost. For more information, visit www.Gomez.com

Gomez, Gomez.com, GomezPro, Gomez Performance Network, Performance Media and Internet Quality Measurement are trademarks and/or service marks of Gomez, Inc.

For more information about purchasing the study, please contact Mark Rudolph at (781) 768-2183.