Academic journal article ABA Banking Journal

"We Don't Get No Respect": Customer Respect Index Tells Bankers What Rodney Dangerfield-Type Online Users Want

Academic journal article ABA Banking Journal

"We Don't Get No Respect": Customer Respect Index Tells Bankers What Rodney Dangerfield-Type Online Users Want

Article excerpt

More than 200 million Americans use the internet today. About one in four of them say they have done some banking at a website--almost a 50% increase over 2004. Some 13 million users perform banking tasks online every day. Among "young affluents" (users between 25 and 34 with household incomes over $75,000), more than 60% bank online--compared with about 40% of all internet users.

That's the good news. The bad news is that one of every six users abandoned website banking either because they were uncomfortable with its privacy policy or the company's business practices were unclear. Two of every three were "nervous about websites having information about me." One of every four users said they abandoned sites because they were too hard to use. Another one out of four said they quit because site performance was too slow. Only about one in three online customers use online customer support.

This portrait of online user experience comes from a Customer Respect Group report. CRG, www.customerrespect.com, an international research and consulting firm with Irish parentage, is creator of the Customer Respect Index (CRI). The firm counts 75 of the Fortune 1000 as customers. The statistics in the report are a mosaic of findings from CRG and other researchers--Internetstats, Harris Interactive, The Pew Internet & American Life Project, Jupiter Research, and The Annenberg Public Policy Report: "Americans and Online Privacy: The System is Broken".

In its research methodology, CRG first interviewed representative samples of the adult internet population to learn their Likes and dislikes about website performance. CRG then analyzed more than 2,000 corporate websites and conducted customer surveys of hundreds of those sites to come up with 90 global attributes of the online experience that apply to industries across the board. CRG then boiled the global attributes down to six groups, weighted each group, and blended them into a single Customer Respect Index (CRI)--a number between one and ten.

In March CRG released the results of its first quarter 2005 study of 60 of North America's Largest financial services firms, among them 30 U.S. commercial banks, four web-only institutions, and four Canadian retail banks. Others include card companies, savings institutions, and securities firms.

Overall, the 60 financial-services websites got an index rating of 6. …

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