UX and NPS Benchmarks of Banking Websites (2024)
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Online banking is ubiquitous. Banking websites and apps are an integral part of our financial lives.
They are no longer seen as merely nice-to-have features of a banking relationship. Consumers have come to expect the ability to do simple and complex banking transactions from their computers or phones. This digital transformation especially accelerated during the pandemic, when the number of in-person transactions steeply dropped.
Online banking platforms have drastically changed the way people manage their finances. However, users may face issues when using banking websites and apps, such as security concerns, complex banking processes, and reliance on technology that can be confusing and frustrating (e.g., errors using irrevocable money transfer services like Zelle or FedNow).
We used MUiQ to conducted a benchmark of six personal banking websites, collecting data on a variety of attitudes and intentions toward these websites:
We computed SUPR-Q? and Net Promoter scores, investigated reasons for using the websites, measured users’ attitudes regarding their experiences, conducted key driver analyses, and analyzed reported usability problems.
Discussion and Summary
In March 2024, we asked 285 users of banking websites in the US to recall their experience and perceptions of the listed banks websites and mobile apps in the past year.
Participants completed the eight-item SUPR-Q (which includes the Net Promoter Score) and the two-item UX-Lite standardized questionnaires, and they answered questions about their brand attitudes, usage, and prior experiences.
An analysis of the user experience of the six banking websites found:
The user experience of banking websites is about average. The banking websites in this study collectively performed just below average, falling in the 49th percentile. Chase received the highest SUPR-Q score at the 77th percentile, while Wells Fargo scored the lowest at the 25th percentile. Participants also had the most favorable attitudes toward Chase and were most likely to recommend that bank.
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Cluttered websites with frequent ads encumber the experience. Clutter was a top key driver of the overall SUPR-Q and LTR scores, and it was an issue mentioned by participants on all six banking websites. Cluttered webpages, frequent and annoying ads, and overwhelming information frustrated users as they navigated the banking websites.
Managing credit and debit cards can be difficult. Managing credit or debit cards was a frequent task and a key driver of the overall SUPR-Q and LTR, and there was low agreement that this was an easy task across the banking websites. Common issues with managing cards included difficulty stopping or locking cards due to fraud, unclear rewards programs, difficulty making payments, and issues updating cards.
Security is a concern. Issues around security, privacy, and fraud were top of mind for users of the banking websites. “My finances are in safe hands with my bank” was a top key driver of the overall banking website experience. Banks should make it a priority to help users feel that their money is secure.
Read the full article and related report on MeasuringU's Blog.
Benchmarking in MUiQ
The MeasuringU Intelligent Questioning Platform (MUiQ) is an unmoderated UX testing platform geared towards benchmarking the user experience.
It has built-in templates that make it easy to set up complex, competitive benchmarks and an analysis dashboard that compares standardized metrics across each condition so your team can quickly gather insights from the research.?MUiQ supports the following study types:
With the results being presented in an easy to understand analysis dashboard, MUiQ provides all of the tools you need to collect meaningful UX insights.
Reach out today to learn more about MUiQ.