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Improving banking customer experience: learning from the challenger banks #ChartOfTheWeek

Author's avatar By Dave Chaffey 29 May, 2020
Essential Essential topic

New research comparing user customer experiences for banks

This study caught my attention since it highlights the digital disruption caused by challenger banks and how some industry incumbents have improved their performance, but others haven't.

This painstaking usability research involved competitor benchmarking where Peter Ramsey of Built for Mars each click reviewed different activities like opening an account was logged and compared.

The findings are shocking... Look at the difference between the 10+ days for an account to be active from existing banks in comparison to the 2-3 days for an account to be active from challenger banks like Monzo, Starling and Metro.

Kudos is due to the traditional banks like Barclays and Lloyds who have revised their back office process using STP (straight-through processing) so that they offer a 2-day turnaround process.

In terms of digital experiences, the challenger banks perform even better...

It took 5x as many clicks to open an account with First Direct, than it did with Revolut.

The research also considers offline interactions so postal interactions are also considered making this a good study for benchmarking integrated communications as part of onboarding.

Research source

 

Auhtor's avatar

By Dave Chaffey

Digital strategist Dr Dave Chaffey is co-founder and Content Director of online marketing training platform and publisher Smart Insights. Dave is editor of the 100+ templates, ebooks and courses in the digital marketing resource library created by our team of 25+ digital marketing experts. Our resources are used by our Premium members in more than 100 countries to Plan, Manage and Optimize their digital marketing. Free members can access our free sample templates here. Dave is a keynote speaker, trainer and consultant who is author of 5 bestselling books on digital marketing including Digital Marketing Excellence and Digital Marketing: Strategy, Implementation and Practice. My personal site, DaveChaffey.com, lists my latest Digital marketing and E-commerce books and support materials including a digital marketing glossary. In 2004 he was recognised by the Chartered Institute of Marketing as one of 50 marketing ‘gurus’ worldwide who have helped shape the future of marketing. Please connect on LinkedIn to receive updates or ask me a question.

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