Big Banks Increase Stakes to Compete with FinTech Challengers, Keynova Group Q4 Online Bankers Report Says

The importance of “humanizing” the digital customer experience cannot be understated in today’s consumer banking environment. When it comes to money and personal finance, responsive multi-channel customer service from big banks is always a must, ”said Susan Foulds, Managing Director.

Keynova Group, the leading source of competitive intelligence for digital financial services companies, today announced the results of its Q4 Banker Scorecard benchmark measuring online banking capabilities. Bank of America continued its long winning streak, ranking # 1 with the highest overall score based on its comprehensive digital online banking offerings, financial health tools, and focused educational resources. on the consumer.

The overall results show that banks are responding to pressures from low-fee digital challengers or neobanks by proactively helping customers avoid overdrafts and supporting a simple end-to-end digital process for opening new accounts. And while great strides have been made in digital customer service, institutions still seek the balance between providing robust self-service capabilities while offering a mix of live or near real-time customer support options. to personalize support for a broad customer base.

“The importance of ‘humanizing’ the digital customer experience cannot be understated in today’s consumer banking environment. When it comes to money and personal finance, the responsive multi-channel customer service of big banks is always a must for inquiries that go beyond support through automated self-service chatbots or virtual assistants. quasi-intelligent, ”said Susan Foulds, Managing Director, Keynova Group. “While many banks have introduced mobile-focused innovations over the past few years, we are now seeing more and more of them evolving their desktop offerings to meet various customer needs and expectations as well. ”

The semi-annual Banker Scorecard evaluates the 20 largest US retail banking sites used by consumers to compare and open new deposit and loan accounts, monitor account activity and spending, transfer money and complete transactions , manage and self-service accounts, and obtain advice on financial and planning matters.

Main conclusions:

Big banks challenge challengers

Competitive dynamics with low-fee challenger banks have prompted some banks to introduce new digital offerings, including alerts and grace periods, to help customers proactively avoid overdrafts. Five of the 20 banks are giving customers extra time to settle a negative account balance, and Huntington and PNC are sending out alerts letting customers know how much time they have to replenish a negative account balance. By helping customers stay on top of low balances, more than half (65%) of banks send real-time alerts when account balances fall below a user-defined threshold. Bank of America clearly displays a link to its fee schedule and offers tips for avoiding fees on the main accounts page.

Simplified digital account opening fosters success

Providing consumers with the ability to easily open bank accounts digitally is a competitive differentiator among leading banks today, especially as some banking challengers have launched interactive resources to guide new customers through the process. . Most Scorecard banks (90%) now offer end-to-end digital account opening capabilities, and half proactively describe the account opening process up front so applicants understand the steps and are less likely to drop a candidacy. Many banks (80%) also include an application progress indicator to guide applicants’ expectations. Only 25% of banks reviewed currently detail funding options in the account opening overview, but most offer ACH funding from an external account or through debit or credit cards, amenities that should be promoted.

Maintain a human element essential to the digital customer experience

Responding to consumers’ demands for personalized service when it comes to their money and personal finances, banking institutions have vastly increased their digital customer service capabilities, especially during the pandemic. Some gaps remain, however. While several banks offer specific advice to clients through their mobile apps, Truist is the first bank to introduce an early version of personalized information specifically for online banking clients – providing advice based on client data and models. known accounts. Virtual assistants are appearing in online banking (offered by two banks) and more than half take charge of making appointments in branches or by telephone. Citi and US Bank now also offer remote video meetings with bankers.

About the Q4 2021 bank scorecard

Unionized for more than two decades, the Keynova Group’s semi-annual, factual dashboard objectively assesses the digital capabilities, customer experience elements and best practices of America’s 20 largest retail banking institutions for desktop users. , and identifies changing trends and ideas that drive online connection. banking strategy.

For more information on the Keynova Group Q4 2021 bank scorecard, please visit https://www.keynovagroup.com/scorecards/#banking.

About the Keynova group

Keynova Group is the leading competitive intelligence company providing reliable analytics and benchmarking of digital financial services to consumers and small businesses, including banking, credit cards, home loans, and insurance. Formerly known as Keynote, Keynova Group Scorecards have served as a go-to source for leading financial services companies to gain reliable competitive insights and actionable insights since 1999. Keynova’s proven methodology and highly detailed results help its clients to maximize the value of their digital channels to deliver a best-in-class experience to customers and prospects.

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