Customer Service in Finance

Part
01
of seven
Part
01

Financial Services - Website Benchmarks 1

The pay-per-click clicktrough rate benchmark equals 1.91%, while the banner ad clickthrough rate benchmark equals 0.35% per advertisement. The page conversion rate benchmark is 4.02%.

Pay-per-click clicktrough rate benchmark

  • The average CTR across the financial services industry is 1.91% (for search engine networks).



Banner ad clickthrough rate benchmark


Page conversion rate benchmark

  • The average page conversion rate in the financial service industry is 4.02%.


Part
02
of seven
Part
02

Financial Services - Website Benchmarks 2

Five percent of users per month accessing financial services via desktop return, while about 4.8% of users per month return via the mobile web. The conversion benchmark for financial services websites is 25% via desktop web, 24% via mobile web, and 37% via mobile app.

Frequency by which active users visit a website

  • Five percent of users per month accessing financial services via desktop return. The percentage means that the average user visits the website 1.5 days over one month.
  • About 4.8% of users per month return via the mobile web; which means that on the average, users visit the website 1.44 days over one month through this channel.
  • Ten percent of users per month return via mobile app. The percentage means that on average, users visit the website three days over one month.

Conversion Benchmarks

  • Conversion entails the completion of an action by the user that generates revenue.
    • Desktop web converts 25% of its users.
    • Mobile web converts 24% of its users.
    • Mobile app converts 37% of its users.

Additional Information

RETENTION RATES
  • Desktop web retains 30% of its users after one month.
  • Mobile web retains 20% of its users after one month.
  • Mobile app retains 43% of its users after one month.
TIME USED ON SITE
  • The average time spent on financial websites via desktop is 6.85 minutes.
  • The average time spent on financial websites via mobile is 3.31 minutes.
AVERAGE PAGE VIEWS PER VISITOR
  • Average page views on desktop is 8.66.
  • Average page views on mobile is 5.20.
BOUNCE RATES
MARKER SHARE OF DESKTOP, MOBILE, AND TABLETS

Research Strategy:

The research team was not able to find any benchmarks with regard to financial websites visited using tablets. We were unable to find this information after combing through market and industry report, leading publications, various databases, and expert blogs and news articles. The team also tried to triangulate the benchmarks for tablet by trying to find the actual market share of tablets compared to desktop and mobiles. However, after locating the actual market size of tablets, we found out that the market size of tablets (3.75% compared to mobile 51.65% and desktop 44.6%) was too small. The team was, however, unable to use this data to triangulate various benchmarks for financial services websites.
Frequency by which users visit a financial website is given by: Percentage * 30 days
Desktop web = 5% * 30 = 1.5 visits
Mobile web = 4.8% * 30 = 1.44 visits
Part
03
of seven
Part
03

Customer Service Case Studies 1

Among the top companies in the UK and Scandinavia that have produced quality customer service are Honda and Spec Savers. Both have been very successful based on their NPS scores of 49 and 29, respectively.

CASE 1: HONDA

CUSTOMER SERVICE PROCESS
  • Honda Motor Company Ltd. was founded in 1948. It is a Japanese ‘public multinational conglomerate’. The company manufactures motorcycles, automobiles, and power supplies.
  • In 2019, Honda got a score of 49 on Net Promoter. This is considered very good, as the industry average for Car Manufactures and Consume Brands is 39. This means that Honda would have had a high number of promoters who ranked them 9 or higher, and a high number of passives who ranked them 7 or higher.
  • On Consumer Affairs, 841 customers overall gave Honda a 4.1-star rating. On another customer metric system, Dealer Rater, 238 customers gave Honda an overall 4.9-star rating.
  • Honda takes pride in delivering delightful customer service at all times. Their customer service starts when they are developing new cars, as they ensure that each design is based on their customer's wants and needs. They continue that level of service even after the car is purchased.
  • They offer product updates to their customers, and even the Honda Extended Guarantee provides customers with reassurance against unexpected electrical and repair costs. This even covers the UK and European breakdowns.
  • Honda even offers complimentary safety checks. They check windscreen wipers, fluid levels, brakes, clutch, exposed belts, external lights, engine noise, battery condition, and lots of other things.
  • If customers have an issue with any of the company’s products or services, they can choose from a variety of ways to get in touch with the company. They can call the contact center or write them a letter.
  • Honda also offers 24/7, 365 days a year, break down and accident assistance.
  • Honda’s customer service is even extended to its own employees. The company willingly accepts new ideas that their employees may have as it relates to care designs and anything else that will lead to the company’s advancement.
WHAT MAKES THEIR CUSTOMER SERVICE STAND OUT FROM THEIR COMPETITORS?
  • Honda stands out from its competitors because it does not globalize its customer service. Each Honda location operates as autonomous companies.
  • They adapt customer service and design based on consumer behavior and local conditions. This makes it a top brand in each country it operates.

CASE 2: SPEC SAVERS

CUSTOMER SERVICE PROCESS
  • Specsavers is a British ‘multinational optical retail chain’. The company has been in operation for over 30 years and operates in 10 different countries.
  • In 2019, Specsavers had a score of 29 on Net Promoter. This is considered a good score as they passed the average score of other companies in the same market. This means that Specsavers would have had a reasonably high number of promoters who ranked them 9 or higher, and a high number of passives who ranked them 7 or higher.
  • On Trust Pilot, 25,030 customers gave spec savers an overall rating of 4.0.
  • Specsavers offers exceptional customer service to everyone who enters its stores. The company’s customer service starts from their product designs as they match each design to their customers’ needs and wants.
  • At Specsavers, they keep their customers happy by fixing any problems with their products, free of cost, within 3 months of purchase.
  • To ensure that their customers’ complaints are dealt with quickly, they advise them to make complaints to their local store. This ensures that their issue is dealt with in the fastest possible time.
  • They also ensure that they listen to the concerns of their customers. For this, company gives questionnaires to customers where they can provide their feedback on their experiences. They assure customers what they will follow up on each concern. They even offer prizes for customers who fill out the questionnaires.
  • For customers who are unable to visit the store due to physical or mental disability, the company offers a free at-home visit to test both eyes and hearing.
  • A customer posted an article that followed the entire customer service process at Specsavers. He arrived 10:25 am for his 10:35 am appointment and the office was packed with customers. He was booked in and immediately shown to a waiting area. Within moments, he was then brought to do his visual health checks.
  • This customer was offered the opportunity to book a hearing test. The attendant, he said, was extremely friendly and made him feel comfortable. As soon as he returned to the waiting area, he was called into the examination room where he spent 20 minutes and got his prescription, after which a call was made to the desk for a dispensing optician.
  • The dispensing optician took him to the examination room. The optician followed the test and examination notes and delivered great service. In two weeks, he collected his glasses and was told of their 90 days 100% satisfaction guarantee.
  • He was also given a 50% discount voucher to purchase more glasses. He was indeed delighted.
WHAT MAKES THEIR CUSTOMER SERVICE STAND OUT FROM THEIR COMPETITORS?
  • Specsavers offers free-at-home testing to its customers who are not well enough to make it to the store. It offers both vision and hearing tests.
  • This makes them stand out from their competitors as they show their customers that they care about them.

Research Strategy:

To find information for this research, a general search was done on the top companies ranked by customer service. These findings were short-listed to companies that operate in both the United Kingdom and Scandinavia. We then visited a variety of customer service metrics such as Net Promoter, Dealer Rater, Consumer Affairs, and Trust Pilot. We then selected the companies that were in both UK and Scandinavia with the highest NPS scores.

The company websites were revised for information related to their customer service practices and options. To get more information on this, we went back on the customer service metric sites to get information from the customers. We also did another general search trying to find this information. We used news platforms, blogs, and business sites for additional information on the companies.

Part
04
of seven
Part
04

Customer Service Case Studies 2

The top two financial services companies based on customer experience (as measured by net promoter scores) in the U.K. and Scandinavia are Lloyds Bank and Nordea, respectively.

1) LLOYDS BANK

  • The U.K.-based financial institution placed joint second in customer service by professional services firm, Engine's, survey of over 1,000 customers.
  • The financial services company boasts a net promoter score (NPS) of 61.8, according to the institution's latest annual report.
  • LLoyds Bank provides immediate customer service support in a variety of mediums including in-person at a branch, over the telephone, and online.
  • As reported by the financial services institution, 85% of customers seeking support for a complaint receive a resolution to their problem during the same encounter.
  • The company handles complaints by providing a response within five working days, either to provide an update or a resolution to the issue.
  • If there is no resolution within five business days, Lloyds Bank provides a detailed response of the contact information of the person or specialized team assigned to the case and an expected date of response for customers to remain updated and once all details of the complaint have been investigated they will issue a formalized "final response."
  • The Bank operates by the Financial Conduct Authority (FCA) guidelines, which state that any complaints relating to payment services or e-money (e.g. Direct Debit, Online Transaction) will receive a final response within 15 business days after receipt of a complaint though if there are unforeseen outside circumstances causing a delay, a final response will be provided within a maximum of 35 business days.
  • For all other complaints, the FCA guidelines provide a maximum of eight weeks for a final response, though Lloyds Bank aims to have a final response well before this deadline.
  • Lloyds Bank is a leader in customer experience, providing innovative services such as providing personalized services such as the Lend a Hand mortgage support to first time buyers, launching an API-enabled Open Banking aggregation capability to provide customers with more control over current accounts within Lloyds and outside institutions concurrently, and a Remote Advice video service to provide financial services virtually to over 38,000 customers.

2) NORDEA

  • Nordea is a Scandinavian financial services company that leads with an NPS benchmark of 46.
  • While lower than Lloyds Bank's NPS benchmark, Nordea's NPS of 46 is higher compared to its competitors (e.g., Danske Bank, SEB) due to the fact that several Nordic banks are struggling with money laundering concerns.
  • Providing great customer service experience is Nordea's number one organizational priority and it has developed a strategic plan complete with analytics, skilled IT management, innovative partnerships, and effective risk management to accomplish excellent customer service for its clients.
  • Nordea strives to provide great customer service by soliciting and processing customer feedback through its various feedback channels (e.g., Nordea customer service, online Feedback form, hard copy Feedback form available in-person at branches).
  • In order to improve the quality of products and service delivery, Nordea implores its customers to fill out Feedback forms or to contact a Nordea customer service representative with any feedback, to which the Customer Service team will reply within a maximum of three working days.
  • However, feedback that may require additional investigation will typically receive a final response in about 14 days.
  • If customers are not satisfied with the Customer Service team's response, for any reason, they may contact a Nordea customer ombudsman, an advisory body independent of the bank, or the authorities for further assistance.
  • For any cases of misconduct or irregularities (i.e., fraudulent, inappropriate, dishonest, illegal or negligent activity or behavior), Nordea has a whistle blowing policy in place for customers to appropriately report misconduct.
  • Nordea's organization is divided into four components to optimize the customer service experience, Personal Banking, Commercial & Business Banking, Wholesale Banking, and Asset & Wealth Management by ensuring optimal delivery of specialized services while increasing time spent with customers and reducing time spent introducing new products to the market.
  • The Core Banking program launched in 2018 by Nordea fully digitizes the customer experience and leverages data analytics for true digital end-to-end customer experiences and replacing multiple country-specific systems with a unified Nordic banking system for easier control across accounts.

RESEARCH STRATEGY

"Top" performers were identified by the highest net promoter score benchmark. Initial searches for lists to compile the top companies based on experience were scoured for companies in the identified regions (U.K. and Scandinavia) and cross-checked for current NPS benchmarks to identify the highest performers.
Part
05
of seven
Part
05

Consumer Trust - Industries

The European industries that are most trusted by consumers are clothes and footwear manufacturers, skilled trades, and consumer electronics and household appliance manufacturers. On the other hand, the least trusted industries in Europe are telecommunications companies, toy manufacturers and airlines. The factors which build or undermine consumer trust vary significantly by industry.

MOST TRUSTED

LEAST TRUSTED

RESEARCH STRATEGY

An extensive review of trusted media sources, research reports and articles published by authorities and key players in the consumer benchmarking sector was conducted to ascertain the most and least trusted industries in Europe. Unfortunately, no pre-compiled information was available from 2018 to 2019 which directly explained this subject. The reason this data was absent is likely due to the highly specific nature of the requested information, which resulted in many existing resources failing to discuss this specific topic. However, the 2017 Global Trust Report by global researcher, the Nuremberg Institute for Market Decisions, was identified, and this relatively recent report clearly and directly communicated the most and least trusted industries in Europe. Given how recently the report was produced, particularly within the context of such broad benchmarking, the 2017 Global Trust Report was determined to be relevant for the purpose of this analysis. Additionally, the more recent 2019 Edelman Trust Barometer was also included as part of the analysis, recognizing that it did not provide data specifically for Europe, but did provide more current global data on the consumer trust by industry. Finally, a research report published before 2018 was also used as a source in this analysis to discuss how toy manufacturers build or lose trust. Considering how specifically this research addressed the question of toy manufacturers building and losing trust, as well as the limited availability of credible content on the subject, it was also deemed reasonable to use this resource for the purpose of the analysis.


Part
06
of seven
Part
06

Consumer Trust - Financial Services

After an extensive search of the public domain, there was no information regarding the most trusted financial service providers in Europe. ING-Diba, Germany & Europe Assistance, France offer customers personalized information and innovations to ease their financial decisions while securing their financial identity. Deutsche Bank and Bank of England are the least trusted by the consumer because they ignored risks of breach of consumer information, lacked transparency or demonstrated inequality while attending consumer and employee needs

CONSUMER TRUST — FINANCIAL SERVICES

  • According to the Consumer International Organization, the global financial crisis prompted a collapse of consumer trust in the banking system. It also prompted regulatory responses that increased capital requirements and steps to reshape the structure of banks, to minimize the risk of a repeat crisis in years to come
  • In Europe, financial service providers like banks and insurance companies are the least trusted industry with 57% UK's, 23% Spain, 35% Denmark, 37% France, 45% Poland, and 22% in Italy.
  • Average consumer trust in the financial service industry in Europe countries was 35% in 2018.
  • According to the report by Instantly Brand Monitor in 2015, consumer trust in bank brands relative to tech firms found that the financial services offered by PayPal, Google, and Apple enjoy high levels of trust comparable with the largest banks.
  • According to 2017/19 report, Edelman Trust Barometer Financial services are the least trusted of all other industries but has continued to experience continued growth in the period 2012 – 2019.
  • In 2019, consumer trust in financial services stood at 57% but still the least trusted industry that varies across the mass population and informed public.
  • In 2017, consumer trust in financial services stood at 54% and grew by 11% in the global market; 35% in Germany and the UK 45% trust remains a minority sentiment.
  • Traditional banks remain the most trusted institution to create and maintain the best solution to financial onboarding woes because they utilize reusable digital identity schemes.
  • According to Accenture report, trust in banks and insurers is high where 78% of respondents in their survey said they trust their bank to look after their long-term financial well-being, while 68% trust their insurer to do the same.
  • According to a survey carried out by Significant on adults from Finland, Germany, the Netherlands, Norway, the UK, and Sweden about their digital on-boarding experience with retail bank accounts, credit cards, and insurance — 44% of consumers trust banks to manage their digital identity, 25% stands at Government schemes, while retailers and social media platforms aren’t trusted as at all, only chosen by 3% and 2% of respondents respectively.
  • Consumers do not trust banks for financial services offered by fin-tech companies.
  • According to Bain company’s survey of 151,894 consumers in 29 countries; 54% of respondents trust at least one tech company more than banks in general and 29% trust at least one tech company more than their primary bank.
  • According to a research survey by Brand Finance, NG-DiBa is Germany’s most trusted bank with customer consent for trustworthiness standing at 80.8% and 75.0% of the market because they offer direct banking without branches and with a limited number of consumer offer.
  • ING-Diba has approximately 9 million customers in Germany.
  • Deutsche Bank is the least trusted major bank with only 46.8% customer rating on integrity and trustworthiness.
  • Volksbank and Sparkasse, Commerzbank stand at 67.8%, 63.9%, and 53.8% respectively.
  • According to Brand Finance, public banks are less trusted than private banks because they are more localized and have more cooperate complexity to attend to their customer's needs.
  • Europe Assistance is the most trusted brand in the finance service industry in France, with a rating of 71%.
  • Europe Assistance is most trusted for the way they assist and support over 300 million customers in times of stress, responding to their need on time, and support during their daily lives achieved with the commitment of their employees.
  • Europe Assistance also align technological advances with evolving customer expectation and generation of personalized and innovative services that meet the new needs and uses of customers.

BUILDING CUNSUMER TRUST AMONG FINANCIAL SERVICE PROVIDERS

  • According to Elderman's trust survey 2019, tech-innovations are taking the lead to gain consumer trust.
  • Digital transformation aligned to protecting data and assets, fairer access to credit, financial inclusion for the bank, and digital gamification to advance financial literacy drive higher consumer trust.
  • About 53% of consumers trust digital transformation that allows integration of access to financial services and aspects of a customer’s financial life.
  • According to the manager, Santander Consumer Bank, it is significantly easier to win a client who uses BankID rather than other forms of ID. From our experience, 7 out of 10 car loan applicants complete their applications when using BankID, as opposed to 2 out of 10 normally.
  • Consumers no longer want to deal with application processes that are long and frustrating to complete. Digital identity is sure to play a critical role — but banks must implement changes more quickly than they have been.
  • East Africa Fintech apps like Mpesa and TIGO Insurance in conjunction with banking institutions are increasing consumer trust through effective supervision — digitally managed and enhancing financial inclusion.
  • Finance service providers build trust through internal innovation, self-disruption, and capitalizing on their advantages.

LOSING CONSUMER TRUST FINANCIAL SERVICE PROVIDERS

  • Globally, the most important social issue influencing consumer trust is income inequality and financial security.
  • However, digital innovation targeting trust amongst these issues are lagging far behind traditional products and services.
  • Financial service providers lose consumer because they ignore the risks of a breach of trust, increased cost, and lack of competitive prices or when the customer does not feel valued by not getting products that suit their needs or when they feel that they complaints are not taken seriously.
  • According to Edelman 2019, 78% of consumers believe how a company treats its employees is one of the best indicators of its trustworthiness.
  • The public relies on employer and employee relationship for guidance during turbulent times.
  • Employees of financial services companies trust their employer to do the right thing more than employees of other sectors.
  • Edelman concluded that financial service providers who trust their employees are far more likely to advocate on their behalf, stay loyal, be engaged and live your organization’s values, and be strongly committed to their job and the customers they serve which enhances consumer trust.
  • Banks that were recorded to have lost their consumer trusts are Wells Fargo provided little transparency into what caused so many accounts to be opened without customer approval — ex-employees attributed many of the problems to a cutthroat culture.
  • Bank of England consumers lost trust in the banking entity and bankers after the crash of 2008.
  • Deutsche Bank demonstrated a good way of losing trust amongst its employees.

Research Strategy:

After an extensive search of the public domain, there was no information regarding the most trusted financial service providers in Europe. We could not find information about companies serving in the whole of Europe. Instead, we located a few highlights about some of such providers in Europe countries like Germany, France, and the United Kingdom and used it as a proxy for the Europe market. Due to the lack of information, we could not determine a criterion for determining the most or the least.

We leveraged financial industry reports about the consumer sentiments with specific concern for European countries. Unfortunately, none of this information was available on any publication or financial journals, not even Statista or KPMG or MarketsResearch. Instead, those resources provided general information about consumer trust in all industries in Europe. We included this information in our findings because we believed it would be useful to provide information about how and what least or most trusted companies do.

Next, we scoured publications focused on consumer sentiments, reviews, and complains. However, there was little information regarding financial information and Europe based sentiments. Nonetheless, we found the Edelman Trust Barometer and navigated to trust around financial services, but they too did not provide information specific to Europe and specific companies.

We went further to leveraged research websites like Google Scholar, ResearchGate, Academia.Edu, and Mendeley; white papers, and specialist reviews like BrandFinance and Ey.com. Fortunately, we found two case studies/survey reports by BrandFinance and OpinionWays containing relevant information about consumer rating in Germany and France respectively. BrandsFinance mentioned best and worst brands in Germany Banking sector whereas OpinionWays mentioned best-trusted France. However, we could not locate the least trusted in France.

Those were only two banks as compared to the required 4-6 most and least trusted in Europe. So, in our last strategy, we sought to peruse news websites, articles, and reviews concerning consumer sentiment aligned to the financial industry. Here, we discovered some articles and consumer sentiment information about trust in finance. However, none of them provided a scale or ratio of trust by consumers of those companies. More so, some of those companies differed in the level of trust according to traditional banking service provides versus fin-tech companies.
Part
07
of seven
Part
07

Consumer Trust Metrics

Some publicly available metrics of brand trust/consumer trust include net promoter score (NPS), repurchasing ratio, upselling ratio, and consumer loyalty index (CLI). Below is a deep overview of the topic.

NET PROMOTER SCORE (NPS)

  • A net promoter score is the likelihood of a consumer to recommend a product or service to another consumer.
  • With NPS, the customer ranks a brand on a scale of 1 to 10 on how likely he/she can recommend it to a friend/family; 1 being the lowest customer satisfaction and 10 being the highest.
  • Using this, the company can record negative, positive, and neutral responses pertaining to the various brands it offers. This helps it to gauge how much of its customer base has trust in a certain brand.
  • Within the NPS scale, there are three different types of consumers: passives, detractors, and promoters.
  • Those consumers who rank the brand at score lower or equal to 6 are known as detractors. Detractors are consumers who are not satisfied with the brand and are likely to choose a competitor for their next purchase because they lost trust in that brand.
  • People who rank the brand with a 7 or 8 score are considered as passives. These won't spread negative word-of-mouth about the brand but will not promote it to other people.
  • Those who give a score of 9 or 10 are considered as promoters. These are satisfied with the brand and will recommend it to other people because they trust it.
  • The digital customer survey is the best way to collect data for NPS.
  • The total Net Promoter Score is calculated by subtracting “Detractors” percentage from “Promoters” percentage.

REPURCHASE RATIO

  • This measures the ratio of repeat purchasers over one-time purchasers. Purchasing is a fundamental element in a commercial relationship, which makes this metric a valid representation of customer trust.
  • However, this metric can easily be distorted. This is, if a consumer sees it takes a lot of effort to switch to another brand provider, he/she will keep repurchasing at the same provider and would nevertheless switch if this effort would be mitigated.
  • For example, at Userlike company, they kept renewing their contract with Help Desk software for a long time. They didn't think of switching because all of their customer data was locked in the tool. However, when Help Scout software was launched with an option to easily transfer all this data to their tool, they didn't hesitate to switch to other brands
  • The calculation of this repurchase ratio differs per business model. Those who have a subscription-based model simply divide the number of customers that extend after their first contract period by the ones that cancel after their first contact period.
  • For the transaction-based models, it's a bit challenging because the intervals between purchases are not fixed.
  • For this model, to know the number of repeat buyers, first, someone calculates the average time between the first and second buys of repeat customers and its standard variation.
  • Adding two times the standard variation to the average time will capture 95% of brand repeat customers, hence, dividing this by the number of non-repeat buyers will provide an estimated repurchase ratio.
  • This is the tool used to calculate the standard deviation.
  • The repurchasing ratio shows the number of customers trusting a certain brand.

UPSELLING RATIO

  • This metric tracks the ratio of consumers who’ve bought more than one type of product divided by the consumers who’ve bought only one product.
  • It's almost the same to the repurchase ratio, but the only difference is; It involves the purchasing of various products.
  • When consumers start buying new products/brands of the company that provides their favorite brand/product, it shows a clear indication of customer loyalty. This is, the trust the company gained through its consumers' previous experience has reflected on its other product/brand offerings.
  • The more different the added product is from the customer's favorite product/brand, the stronger the customer's loyalty is. For example, a consumer buying a kilo of apples at the grocery shop he/she knows to have great pears.
  • The upselling ratio is calculated by dividing the number of customers with multiple products by the number of customers with a single product.

CUSTOMER LOYALTY INDEX (CLI)

  • CLI is a tool used to track the customer's loyalty over time. It integrates the values of repurchasing, upselling, and net promoter score.
  • With this tool, the company can identify how much its customer base has trust in their brands/products.
  • It calculates all the three values with an NPS-like questionnaire on a 6-point scale; where 1 stands for “Definitely Yes”, while 6 stands for “Definitely No”.
  • The questions asked on the questionnaire include how likely are you to recommend us to your friends or contacts?, how likely are you to buy from us again in the future, and how likely are you to try out other of our products/services?




Sources
Sources

From Part 02
Quotes
  • "We also focus on “stickiness,” or how active a product’s user base is. This is calculated as average DAU over the course of a month divided by MAU for that month, expressed as a percentage. So, let’s say your average DAU over the course of a month is 120, divided by its MAU, which is 2000. That would mean its DAU/MAU is 6%. Conversely, it implies that the average visitor is using the product 1.8 days out of a 30 day month (30*.06=1.8)."
  • "All the same, mobile app stickiness is double that of the other platforms, registering three visits per user over the course of a month on average; that’s roughly the same as mobile and desktop web performance at the 90th percentile. "
Quotes
  • "Here we see that every industry has a longer time on site for desktop over mobile, except for books and literature. The latter is probably due to people reading on mobile devices such as tablets."
  • "The desktop bounce rate is lower than the mobile bounce rate in every single industry, though the margin is quite small for these two categories:"
  • "Page views per visitor remained higher in every industry for desktop than mobile. "
From Part 06
Quotes
  • "The Global Financial Crisis prompted a collapse of consumer trust in the banking system. It also prompted regulatory responses that increased capital requirements and steps to reshape the structure of banks, with a view to minimising the risk of a repeat crisis in years to come."
  • "With regards to consumer trust in bank brands relative to tech firms, 2015 research by Instantly Brand Monitor found that the financial services offered by PayPal, Google and Apple enjoy higher levels of trust than the largest banks"
Quotes
  • "The 2019 Edelman Trust Barometer: Financial Services report indicates that trust in the sector is at its highest level since we started measuring it in 2012. But at 57 percent trust among the general population, financial services remains the least-trusted sector measured by the Trust Barometer. And despite modest gains broadly, more concerning to us in this year’s report is the re-emerging trend of diverging levels of trust between the mass population and informed public."
  • "The financial services industry has moved rapidly to innovate as digital insurgents threaten to take market share from incumbent brands. In light of the growing divergence in trust between publics, it’s important to recognize two equally important roles of innovation:"
  • "Globally, the most important social issue for financial services companies to address is income inequality and financial security. Yet, the innovations designed to broaden access and help close the gap are lagging far behind traditional products and services in terms of trust."
Quotes
  • "Consumers’ trust in financial institutions is high and increasing. Consumers are likely to say that they trust their banks and insurers more than they did 12 months ago. To maintain this trust, particularly when holding customers’ personal data, providers should demonstrate robust security measures while delivering value-adding insight and personalized services."
  • "Overall, trust in banks and insurers is high: Seventy-seven percent of respondents say they trust their bank to look after their long-term financial well-being, while 68 percent trust their insurer to do the same."
Quotes
  • "Earning consumers’ loyalty is harder than ever for banks, as insurgent technology firms nibble away at products such as mortgages and payment services. In Bain & Company’s new survey of 151,894 consumers in 29 countries, 54% of respondents trust at least one tech company more than banks in general, and 29% trust at least one tech company more than their own primary bank."
  • "Trust affects a customer’s willingness to try banking services offered by tech companies. For example, respondents who accord higher trust to Amazon are more open to trying a bank account with the company. With banks under siege, a high priority is to improve the convenience and quality of the experience for customers."
Quotes
  • "On each of these five elements, at least one large tech firm performs better than survey respondents' primary bank. That helps tech firms earn customers' trust at a level near banks."
  • "Firms such as PayPal and Amazon garner a level of trust with consumers almost as high as banks in general, Bain & Company’s new survey of 151,894 consumers in 29 countries finds (see Figure 1). These findings reinforce an earlier survey showing that 65% of Amazon Prime respondents (who pay an annual fee for such perks as free two-day shipping) would try a free online bank account offered by Amazon, with 2% cash back on Amazon purchases, similar to the company’s cobranded credit card."
Quotes
  • "Anybody looking for the definition of trust will find plenty of answers online: Among other things, political scientists and sociologists question how institutions gain our trust, economics tries to sound out confidence-building measures with regards to entrepreneurial success and psychology takes on the question of how trust can be built up, for instance in oneself or one’s partner."
  • "There is still a lack of trust in the financial sector in most countries. It is consequently unable to keep up with the high values of other industries, as seen by the range of trust levels. This gap is especially large in Spain: While just under a quarter of respondents place their trust in banks and insurance companies, a clear majority of 84% feel that they can count on the services of tradesmen."
Quotes
  • "Today the European Commission published the 2018 Consumer Markets Scoreboard that monitors how EU consumers rate the performance of 40 goods and services sectors. While the overall trust in markets has followed a positive trend since 2010, the report reveals that only 53% of consumers trust that businesses in the services sectors comply with consumer rules. For goods, the figure is slightly higher at 59%. Consumer trust in services and goods' markets has not improved compared to the 2016 scoreboard. "
  • "Telecoms, financial services and utilities (water, gas, electricity, and postal services) remain particularly problematic areas for consumers in most EU Member States. On a positive note, the report concludes that the East-West gap in consumer trust is slowly closing. Also, services such as personal care services (hairdressers, spas), holiday accommodation and packaged holidays benefit from a high trust from consumer"
  • "Financial services are the sector where consumers suffer the highest detriment (financial loss or waste of time) in case of problems. At least 35% of consumers having faced problems in home insurance, mortgages, loans and credit, electricity and water supply report severe detriment as a result. Other areas where consumers facing problems report high levels of detriment are airlines, investment products, and car insurance."
Quotes
  • "Banking, investing, lending, insurance — it all seems to project an aura of questionable trust. And unfortunately, the industry's trajectory doesn't seem to be turning around anytime soon."
  • "We've all read far too many headlines about financial companies betraying customers' trust. The most heinous in recent memory was perhaps Bernie Madoff's Ponzi scheme. A recent example is the Wells Fargo situation, where accounts were created on behalf of customers, without authorization."
Quotes
  • "On July 8, 2019, Deutsche Bank demonstrated a good way of losing trust amongst its employees. As immediate redundancies were being announced in London, the BBC reported that some workers had been sent home and that others were being left in limbo, quoting one staff member saying, “They haven’t told us…. It’s all done on a need-to-know basis”."
Quotes
  • "Banks are still the most trusted institution to provide and manage digital identity"
Quotes
  • "ING-DiBa is Germany’s most trusted bank with 80.8% of its customers and 75.0% of the market trusting "
  • " Deutsche Bank is the least trusted major bank with only 46.8% of its own customers trusting the bank and 13.6% planning on leaving"
  • "ING-DiBa is the most trusted bank in the study with 80.8% of its customers trusting the brand. This reputation is testament to the fact that ING-DiBa has been a pioneer in direct banking in Germany. The brand operates without branches, maintaining a limited but successful consumer offer. With about 9 million customers in Germany, ING-DiBa has become one of the most successful financial services brands in the country, differentiated also by high levels of customer loyalty, with 68.1% stating they were ‘very unlikely’ to leave the bank. "
Quotes
  • "Europ Assistance re-elected brand that inspires the most confidence in French in the Banking / Insurance sector For the second year in a row, Europ Assistance has reached the top of the podium of the brands that inspire the most confidence in the Banking / Insurance sector, with a score of 71%. Europ Assistance stands out in this category, against the average confidence rate of 58% among the 20 brands in the sector."
  • "rust is at the heart of the human relationship, which is why Europ Assistance is proud of this beautiful brand of recognition of the French. We have been awarded again thanks to our 55 years of assistance and support to our 300 million customers worldwide, "
From Part 07
Quotes
  • "Smart marketers know that it’s easier to retain a customer than it is to attract a new one. In fact, 85% of business owners consider customer satisfaction a crucial part of their business."
Quotes
  • "It’s also conveniently short and sweet, consisting of a single question for customers to answer: “how likely are you to recommend us to family and friends?” Keeping track of your NPS – which records positive, negative and neutral responses to the question – helps you gauge how much of your customer base is likely to be loyal towards you."
Quotes
  • "6 Effective Methods for Measuring Customer Loyalty."
Quotes
  • "Data helps a customer success team operate and make decisions more effectively–it allows them to be more proactive instead of always firefighting."
Quotes
  • "If you don’t have a loyal customer base that purchases from you time and time again, you have to compete with other brands on factors like price and convenience"
Quotes
  • "It’s not hard to see why customer lifetime value (CLV) is quickly becoming the king of metrics in ecommerce. Rather than looking at individual purchases, CLV measures the value each customer will bring to your store over their entire life. Therefore, CLV is a great way to assess your store’s overall health and project future success."