Online Banking Rank 2020: adaptability of internet banking systems
Market overview & Benchmark

Develop an efficient online banking for individuals despite the crisis

In the wake of unprecedented global challenges, the Online Banking Rank 2020 report emerges as a crucial analytical tool, shedding light on the resilience and adaptability of online banking systems in Eastern Europe. Conducted during the peak of the pandemic in 2020, this comprehensive study evaluates 22 leading banks, analyzing their performance across a multitude of criteria tailored to address the new norms in banking and customer engagement. With over 40 real user interactions and a dual-evaluation system focusing on Daily banking and Digital office capabilities, the report provides a benchmark for current services and outlines strategic pathways for future enhancements. This invaluable resource aims not just to benchmark but also to empower institutions to navigate through digital transformations effectively.

  • 22 banks
  • 140+ user scenarios

Key takeaways from the Online Banking Rank 2020

The Online Banking Rank 2020 meticulously documents how banks responded to the rapid change in the banking environment, with some accelerating their digital transformation to meet the new customer demands effectively. The insights drawn from this research are instrumental for banks to understand the evolving landscape and to strategically enhance their digital offerings.

Shift in customer behavior and adoption

The report reveals a significant shift in customer behavior and adoption rates of online banking services. With the pandemic rendering physical branches inaccessible, a substantial number of clients moved towards digital solutions, not just for routine transactions but also for complex banking needs. The research showed that digital adoption was not only a matter of convenience but became an essential service. Banks that had previously invested in enhancing their digital interfaces and transaction capabilities saw higher customer retention and satisfaction rates.

Advancements in Daily Banking

A critical focus of the study was on Daily Banking functionalities. The report evaluated how banks handled everyday financial tasks digitally, which became more crucial during the lockdowns. The performance of banks was assessed based on several criteria, including the ease of logging into accounts, transaction speed, user interface simplicity, and the security of online operations. Banks that offered features like automatic bill payments, easy account management, and advanced transaction search options ranked higher in customer satisfaction.

Innovation in digital office services

Digital Office capabilities were another focal point of the research. This area explored how banks are transforming traditional in-branch services to online formats, including account opening, loan applications, and customer service. The study highlighted banks that had successfully integrated video calling for consultations, digital document signing, and online financial advisory as leaders in this space. These services not only helped maintain social distancing protocols but also provided convenience to customers, influencing their banking choices positively.

Impact of digital cards and new technologies

The introduction and integration of digital cards became a standout feature during the pandemic. The study underscored the importance of banks offering digital cards that could be instantly issued and used for online transactions, thereby bypassing the need for physical cards. Furthermore, the report notes the expansion of services like contactless payments and enhanced security measures that have been pivotal in addressing the customers' heightened concerns about digital transaction safety.

The pandemic fast-tracked digital banking evolution, spotlighting the urgent need for banks to innovate and adapt to the new digital-first customer reality.

Practical benefits of the Markswebb online banking research

The Markswebb Online Banking Rank 2020 report offers invaluable benefits to financial institutions aiming to refine their digital services and align with modern customer needs. Here’s why this research is essential for your business:

Strategic decision making

Gain detailed insights into consumer behavior shifts and preferences in digital banking, enabling your institution to make informed strategic decisions and prioritize investments in technology and service enhancements.

Competitive benchmarking

Understand where you stand in the competitive landscape with a comprehensive analysis of 22 banks. Use this data to benchmark your services against the best in the industry and identify areas for improvement.

Innovation guidance

Learn from the best practices and innovative solutions adopted by leading banks during the pandemic. This knowledge can guide your own innovations in product offerings, especially in Daily Banking and Digital Office services.

Customer satisfaction and retention

Enhance user experience based on proven methods that have led to increased customer satisfaction and retention during the pandemic. The report details specific functionalities and services that customers valued during restrictive periods, providing a blueprint for long-term customer engagement.

Market adaptation

Stay ahead of market trends with insights into how the banking sector adapted to sudden changes during the pandemic. Applying these learnings can accelerate your institution’s ability to adapt to future crises or shifts in the banking environment.

Technology optimization

Identify which technologies have driven the highest efficiency and customer engagement among competing banks. This insight can direct your technology investments to the most impactful areas, maximizing ROI.

Methodology of the research

The Online Banking Rank 2020 by Markswebb employed a detailed methodology to assess online banking performance among 22 banks in Eastern Europe. The study included setting up real user scenarios to evaluate each bank's digital functionality:

  1. User experience trials: Accounts were opened, funded, and used for a variety of transactions to assess the ease of use and functionality of each bank's digital interface.
  2. Real user testing: Five new users tested each bank's platform, conducting tasks like fund transfers and account checks, providing firsthand feedback on their experiences.
  3. Expert input: Interviews with banking experts complemented user feedback, adding depth to the data through qualitative insights.
  4. Comprehensive comparative analysis: The results were analyzed and weighted according to the relevance of each function, culminating in rankings for Daily banking and Digital office.

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.

This method combines real user experiences with expert analysis, offering banks actionable insights to improve their digital offerings.

Best practices for Daily banking

In the full report, we have compiled all the best practices that have helped banks maintain development during crises. As an example, let’s briefly consider solutions related to the category of daily payment management.

Entry by credentials for new and returning customers

Customers who haven’t used their personal account for a long time may face the need to go through re-registration and set up their login and password again. This can be a factor that discourages them from using the service.

Global search helps users navigate the system

As online banking platforms introduce more and more features, new users may find it difficult to navigate through them. Therefore, a smart search that covers all system objects is needed. If there is no quick operations block, the search function can serve as a replacement. It will be more effective if the search is available on all screens.

Contextual learning is better than introductory slides

Onboarding the customer gradually as they explore the online bank proves to be more effective. It allows highlighting in-demand but non-obvious features and introducing them to new users.

Cash withdrawal option for customers without a card

This solution caters to an audience that has relatives who don’t use remote services or don’t have an account with the bank.

Link for receiving transfers

If the recipient’s bank is not yet connected to the phone number transfer system, an alternative transfer method should be offered to the sender.

Exporting card details simplifies online purchases

This helps customers complete tasks without the need to retrieve their physical card from their wallet, such as making online purchases from a computer.

Conclusion

The Online Banking Rank 2020 report encapsulates a pivotal year for digital banking, revealing how the pandemic accelerated the shift towards digital channels and highlighting the essential role of innovative banking solutions in maintaining customer relations and service continuity. The comprehensive analysis provided in the report underscores the necessity for banks to continue evolving and enhancing their digital services to meet emerging customer needs effectively. We invite financial institutions to leverage these insights to refine their strategies and operations. Partner with Markswebb to harness our expertise and drive your digital transformation forward.

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