As we posted last week, Bank of America recently introduced an innovative new ATM that allows tellers to assist customers with ATM transactions via real-time video. Bank of America isn’t the only firm that is working to redesign and enhance the ATM customer experience. Chase, Citibank, PNC Bank and Wells Fargo have also introduced a number of advanced ATM features. The most common feature among the banks is the ability for the ATM to dispense smaller denomination bills ($1 and $5 in addition to $20 and $100 bills). Let’s take a look at some of the ATM innovations released across the banking industry:
Earlier this month, Bank of America announced the launch of a new ATM with Teller Assist. The new ATMs offer a range of banking services and allow customers to speak directly with a teller via real-time video during regular and extended hours (see image below). Tellers will be able to provide support in both English and Spanish, can assist customers in cashing checks for an exact amount (including receiving change), and can help execute cash withdrawals in a variety of denominations ($1, $5, $20 and $100).
Tuesday Tips helps financial services firms improve a key aspect of the online user experience. Recommendations are taken directly from our Monitor Reports and Consulting Services research, which cover banking, brokerage, credit cards, asset management, retirement, annuities and insurance This week we examine the live chat customer service capabilities banks offer online. Live chat offers customers a quick way to reach out to their bank, without having to endure long wait times or picking up the phone. Banks can use online chat not only to offer customer support, but also to promote products and services. Live chat is also a great way to provide account-specific assistance to existing clients. The following five tips are taken from our recent Bank Monitor report, Live Chat Tools: Real-Time Online Help, and focus on ways banks can improve the live chat customer service experience they offer prospects and clients online:
This article originally appeared in the ABA Banking Journal. Conventional wisdom states that it’s much easier to retain clients than attract new ones. With that in mind, it’s crucial for banks to understand what drives customer satisfaction, and what can cause unhappy clients to leave. Corporate Insight recently conducted an online survey of 1,000 bank customers to understand the relative importance of online and mobile banking features and the overall customer experience. Our Bank Customer Survey Report summarizes our key findings and highlights pertinent themes and trends found in the total survey sample. When we asked participants about the likelihood of moving their primary checking account, 10% reported that they would “probably” or “definitely” switch accounts in the near future.
This article first appeared in the ABA Banking Journal. Many consider the iPad and similar tablets to be the future of mobile, if not the future of computing. Whether you believe the hype, the popularity of these devices is hard to dispute. Apple is expected to sell its 100 millionth iPad this year. Android-based alternatives like the Kindle Fire are finally beginning to gain traction in the marketplace, and even Microsoft has broken character announcing its own rival device, the Surface.
Introduced in May 2011, Google Wallet instantly became a focus for the hype around mobile payments. The app was one of the first serious efforts to have a phone enabled with near-field communication (NFC) technology replace a physical credit card at the point of sale. A year later, though, Google Wallet has struggled to gain widespread traction due to a lack of NFC-enabled phones, minimal network infrastructure and an absence of merchants that accept Google Wallet outside of major cities. In the meantime, PayPal and Apple have developed new products and partnerships that could take mobile payments in very different directions.
Corporate Insight conducted an online survey of 1,000 bank customers to understand the relative importance of online banking features, mobile banking behaviors and the overall customer experience. We tabulated the data for 13 key demographic segments focusing on a variety of customer types. The Bank Customer Survey Report summarizes the key findings from that survey. The report includes an executive summary examining the preferences of the total survey sample and detailed findings focused on six major themes: Bank Customer Demographics, Banking Website Attributes, Customer Satisfaction, Customer Service, Major Banks and Mobile Customers.
The following is a finding drawn from our upcoming Bank Customer Survey Report, set to be released in late June. Firms that engage Corporate Insight for a custom Bank Website Audit will receive the report for free. Corporate Insight's recent Bank Customer Survey found that mobile banking customers are twice as likely to switch firms as customers that have not logged into their bank account via a mobile device in the past 12 months. The survey asked 1,000 bank customers the likelihood that they would move their primary checking account to a different financial institution. Only 7% of non-mobile using customers said that they would “probably” or “definitely” switch to a new firm in the near future. This compares to 14% of participants that do use mobile banking.
HSBC recently revamped their public site making them the third Bank Monitor firm to perform a public site update since the start of the year. The other two firms are Chase and E*TRADE. New Features HSBC revamped their site by implementing a new homepage, ubiquitous login link and redesigned product pages. The homepage does a good job of promoting the firm’s offerings through its new scrolling banner which currently contains four promotions. This is an improvement on the previous homepage which only displayed one promotion. The revamped product pages feature three embedded tabs that effectively organize and convey each product’s features. Finally, the new login link – which is now permanently positioned in the site’s header – makes it easier to access the login page and saves users time.
Mobile banking websites and apps have become increasingly important to smartphone users over the last several years. Nearly all major national banks now offer their customers a variety of ways to perform their banking on the go, and with demand as high as it is, regional banks can’t afford to sit on the sidelines either. One interesting case is Dollar Bank, located from southwestern Pennsylvania to northeastern Ohio, which has been riding the mobile wave long before many larger firms. So it shouldn’t be a surprise that Dollar Bank is once again beating many larger firms to the punch.
In a May 2, 2012 press release Charles Schwab announced a website accessibility plan that would make the site more inclusive for all clients, in particular those with some sort of disability. The firm has adopted Web Content Accessibility Guidelines (WCAG) version 2.0 level AA and will continue to improve the accessibility of the site over the next year to meet that standard.
By Richard MacManus "PINTEREST: Can financial services firms use this new platform effectively?" That was the subject line of an email in my inbox this morning. It came from Corporate Insight, a financial services consulting firm. The email went on to note that "Pinterest values imagery over text and incorporates many social aspects of Twitter and Facebook to connect users and spread content." While admitting that "no financial services firm uses Pinterest today," nevertheless Corporate Insight thinks that financial institutions should have a presence on Pinterest. Click here to read the full article...
Every Tuesday, Corporate Insight releases recommendations to help financial services firms improve a key aspect of the online user experience. Recommendations are taken directly from our Monitor Reports and Consulting Services research, which cover the banking, brokerage, credit card, asset management and insurance industries. This week’s recommendations come from our Bank Monitor report titled Private Site Homepages and focus on ways banks can enhance the account information they offer clients online:
Earlier this month, U.S. Bank launched U.S. Bank Connect, a site that offers education resources for small business owners and serves as a social platform for them to share ideas. U.S. Bank joined the ranks of American Express, Bank of America, Chase and Wells Fargo in offering dedicated websites focusing specifically on small business owners.
The iPad still dominates the tablet marketplace, but other similar devices are slowly gaining popularity. By some projections, the iPad’s market share is headed below 60% in coming years. As in the smartphone market, Apple’s major rival is Google’s Android operating system, which powers an array of devices including Amazon’s Kindle Fire.
Dan Gualtieri is the Web Production Specialist at Corporate Insight and part of the Mobile Monitor team. Apple’s iPhone is the most popular smartphone on the market today and there is no shortage of owners who have chosen to bypass the smartphone’s standard software by “jailbreaking” their device. Jailbreaking an iPhone gives users access to an entirely separate app store, allowing them to download apps that are not sanctioned by Apple. While having access to a larger selection of apps is nice, is it safe to perform mobile banking and other information-sensitive activities on a jailbroken iPhone?
Financial firms unveiled a number of new tools, as well as mobile apps, social media promotions and websites this January. On a smaller scale, firms also announced impending changes and implemented security procedures to login processes.
Every Tuesday, Corporate Insight will release recommendations to help financial services firms improve a key aspect of the online user experience. Recommendations are taken directly from our comprehensive Monitor Reports and Consulting Research, which cover the annuities, banking, brokerage, credit card, asset management and insurance industries. This week’s recommendations come from our Bank Monitor report titled Student Banking: Accounts and Resources For The Next Generation and offers three ways banks can improve their online offerings to students:
Article: No Tricks this Halloween: Financial Service Firms Treat Clients to New Features, Products and Revamped Websites
In October, financial service firms introduced new bill pay options, providing clients with additional conveniences. A number of firms also chose to unveil new sites, primarily public, offering users more efficient navigation and streamlining access to important pages. Firms also continued to add or enhance products, making product lineups more competitive. Let’s Pay Some Bills TD Ameritrade’s brokerage site introduced a free online bill pay system, allowing clients to set up recurring or one-time payments, organize payees, access up to one year of bill pay records and receive email alerts. Similarly, Fifth Third and KeyBank unveiled new online bill payment, Metavante (FIS) interfaces, both of which simplify the process of executing a bill-payment related task. Additionally, Wells Fargo’s banking site updated its bill pay system, allows users to more easily add a payee by consolidating steps.