Why Digital Research is important in tough Financial Times

By Michelle Fuller
Director at eDigitalResearch


With the banking sector moving towards consolidation, it is crucial that customers are understood, reacted to and rewarded for their loyalty. With the UK office of national statistics estimating that almost half of the UK population is now banking online, the role of the website in the customer journey has never been more important to financiers.

Our best advice is for banks to follow the examples set by some of the big online giants who we monitor. When looking at several of our top-rated commercial online retailers, their sites are well optimised, regularly updated and contain clear content and strong usability.

While the same could be said for several of the larger banks’ websites, our research at eDigitalResearch clearly demonstrates that financiers do not know whether these methods have a positive or negative impact on their consumers, with a shocking 60 per cent stating that they “live in hope” that visitors get what they want out of their website.

In order to meet the increasing popularity of online channels, financial institutions need to get under the skin of their customers, understanding what they want, how they want it and when they want to engage. Front-running organisations now even attempt to create strategies which anticipate customers’ future needs. However, despite this, our recent e-finance study identifies a notable absence in measurement of the online customer experience, with 40 per cent of respondents admitting that they have not asked their customers what they think of their website. Brand advocacy is vital in gaining customers and keeping them, and worryingly 40 per cent of financial institutions were unable to forecast what impact website changes have on brand advocacy and future loyalty.

Associated Link: Why digital research is important in tough financial times

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