Customer Satisfaction With Online Financial Services Improves
The study, which employs the methodology of the University of Michigan’s American Customer Satisfaction Index, measured satisfaction with online banks and credit unions, credit card Web sites, and investment Web sites. All Web sites were rated on a 100-point scale.
Banks led the online financial services category in this year’s report. The group improved one point to 83 on the scale. Very few service industries break the 80-point barrier, according to the report. Credit card Web sites made the largest jump, soaring 7 points to 80, while investment Web sites climbed 4 points to 78.
Each industry also has made critical customer satisfaction improvements in key areas. For banks, the report attributes the satisfaction increase to Web content and functionality. For investment firms, improvements to online transactions, site performance and online portfolio management led to the increase. Credit card companies also have made effective investments in site performance in terms of improving the speed, consistency and reliability of loading pages on their Web sites.
Online financial services companies still have room for improvement, however. Functionality and portfolio management are priority areas for investment Web sites to improve, according to the survey. In addition, improving transaction processes and bill payment features are top priorities for credit card Web sites.
Customer confidence remains a problem, and one-third of survey respondents are less confident in the stability of their financial institutions. Additionally, only one in five online banking customers and one in three online investors recall seeing any communication or reassurance about their institutions' financial stability.
Among online investors with mobile phones, 27 percent use them to access investment Web sites, compared to 13 percent of online banking customers who use phones to access banking Web sites.