Business Online Banking Rank 2022 by Markswebb analytical and consulting agency
Market overview & Benchmark

Work out insights to refining banking digital services for SMBs

The Business Online Banking Rank 2022 serves as a critical analysis of the evolving dynamics in the digital banking sector, particularly for small and micro-businesses in Eastern Europe. Conducted among changing market conditions and increased digital adoption, this extensive research meticulously evaluates a wide array of banking services across multiple dimensions. Covering 15 banks and analyzing over 700 criteria within ten distinct product areas, the research benchmarks the current offerings and sheds light on the strategic pathways banks might pursue to enhance their digital services. This study not only serves as a comprehensive resource for understanding the status quo but also highlights growth opportunities and practical insights for financial institutions committed to refining their digital landscapes.

  • 15 online banking services
  • 700+ criteria
  • 146 user scenarios studied

Update!

This research is conducted annually. The next iteration of the "Business Online Banking Rank 2023" is available to all stakeholders. Contact us for the most up-to-date information.

Researh highlights

Digital services adaptation

The research discusses how online banks have adapted to help clients navigate the new market conditions. It notes the need for banks to provide digital services that accommodate the evolving requirements of businesses, such as easier access to different currency accounts necessary for international trade.

Top performers and services

Specific banks and their services are highlighted for their effectiveness and customer satisfaction. For example, banks that offer instant account opening, digital banking interfaces that help in currency management, and comprehensive support for business operations online.

Market trends and client expectations

It outlines the main expectations of entrepreneurs from their online banks, including digital acquiring services, payroll projects, and niche business needs. The study also touches on the role of marketplaces in the banking sector and how banks are catering to sellers.

Currency account opening

The study finds significant differences among banks regarding the number of currencies available for account opening, with some banks offering accounts in up to nine different currencies and others only in four.

Client experience

The overall client experience is rated on a scale from 0 to 100, with detailed rankings of various banks according to their online banking services.

A detailed assessment of digital banking services for small and micro businesses in Eastern Europe demonstrates the adaptation of digital solutions in response to crisis market conditions.

Benefits of the Markswebb research: optimal strategies for navigating through a crisis state

The benefits of the Markswebb research are particularly significant as it outlines optimal strategies for navigating through an unprecedented crisis state. This analysis provides valuable insights into adapting digital banking services, ensuring financial institutions are equipped to respond effectively to rapidly changing market conditions and client needs during challenging times.

Market challenges and responses

  • The research highlights the challenges faced by businesses due to market changes and restrictions, such as the need for quick account opening in different currencies and better integration with marketplaces.
  • It details how banks have adapted, for instance, by offering accounts in new currencies and developing educational materials for entrepreneurs using marketplaces.

Best practices identified

  • Best practices for individual entrepreneurs include clear loan conditions, detailed deposit management options, and advanced online currency account services.
  • For small businesses, the research praises solutions like advanced business assistants in messengers and high-level cash management services integrated with accounting software.

Utilization of research

  • The research aims to provide a comprehensive market overview, identify growth points, and understand customer needs and expectations.
  • It offers insights into effective solutions that can help banks improve their services and maintain or achieve a leadership position, emphasizing strategies to adeptly manage and respond to the challenges presented by the global crisis.

The following ratings were presented based on the research results

The following ratings were presented based on the internet banking research results illustration

Methodology: in-depth examination of online banking practices

The Business Online Banking Rank 2022 provides an in-depth examination of online banking practices across 18 banks, delving into the intricacies of each institution's offerings to gauge their effectiveness and user-friendliness for small and micro-businesses. To ensure a robust analysis, the research methodology was multi-faceted:

Account setup and transaction tests

Each of the 18 banks was scrutinized by opening business accounts to not only test the registration process but also to perform a variety of transaction types. This hands-on approach allowed researchers to directly assess the operational efficiency and user experience provided by each bank's online platform.

User scenarios

A total of 146 distinct user scenarios were enacted to simulate a broad range of banking activities. These scenarios are designed to reflect real-world use cases that a business client might encounter, from routine transactions to more complex banking operations, thereby providing insights into the practical utility of each bank’s interface and services.

Detailed criteria checklist

The study utilized an extensive checklist consisting of over 760 criteria, each aimed at evaluating specific aspects of the banking experience. These criteria covered various dimensions such as ease of use, security features, the breadth of services offered, customer support, and technological innovation, among others. This comprehensive approach ensures that all potential factors that affect a user's experience are considered in the evaluation.

Usability testing with entrepreneurs

To gauge the real-world applicability and efficiency of online banking services, 42 entrepreneurs participated in usability testing. These individuals, who were users of online banking for their businesses, interacted with the banking platforms of three banks they hadn't previously used. This method helped gather authentic feedback on the intuitiveness and functionality of the banking services from a new user’s perspective.

By the way, we're proud of our research methodology, which excels in comparative analysis by meticulously organizing all gathered data to enable objective comparisons between various applications. We decompose services into their essential elements, assign weights according to user significance, and derive a score that truly represents the quality of the user experience.

To summarize

The main conclusion of the Business Online Banking Rank 2022 study is that the development of digital banking services is essential for financial institutions to effectively respond to and recover from the global crisis. And development must follow a defined trajectory of meeting evolving customer expectations in order to maintain a competitive advantage in a rapidly changing financial landscape.

This requires actionable analytics and well-chosen best practice algorithms. In summary, it is worth noting that this study contains a large amount of data and primarily demonstrates the capabilities of the Markswebb agency.

Conducted annually, the study has accumulated a unique body of data over the years, demonstrating the agency's extensive experience and deep understanding of the digital banking landscape. This annual continuity not only enhances the quality of the analysis, but also emphasizes Markswebb's commitment to providing actionable information on online banking.

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