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Keynote® Ranking Studies
Keynote Rankings for
Banking Web Sites
October 2006
Keynote Systems
1-800-KEYNOTE
(1-800-539-6683)
www.keynote.com
Banking Web Sites Research Abstract
Keynote’s Mission: Improve • Bank of America
• Citibank
eBusiness Success
• Chase
Keynote’s mission is to improve eBusiness
performance worldwide by providing metrics and • National City
insights into customer experience, operational • U.S. Bank
excellence, and competitive strategies on the Web. • Wachovia
The Keynote Customer Experience Rankings for • Washington Mutual
Banking Web Sites and The Keynote Service Level • Wells Fargo
Rankings for Banking Web Sites are part of a
syndicated competitive research program designed The customers were asked to pursue goals and
to benchmark and improve the operational and provide their reactions across a number of areas of
business performance of leading Web businesses. site experience. Consumers provided their reactions
and answered questions while Keynote recorded
The rankings are based on large-scale studies that
their behavior and captured their responses using
employ Keynote’s unique methodology and
the proprietary Keynote customer experience
expertise to provide comparison metrics and insights
methodology. More than 50 metrics were measured
into best practices. Unlike other research, Keynote’s
for each site included in the study.
approach uses actual consumer behavior and
feedback, in addition to quantitative measures of Keynote then assessed the impact of the user’s
site reliability and responsiveness, to provide a experience through a range of indices and a driver
detailed understanding of the impact that Web sites analysis to better understand which sites delivered
have on consumer perceptions and behavior. the best business outcomes, and what were the key
drivers behind this success.
Keynote Methodology Overview
Measuring Customer Experience
Measuring Service Levels
To gather data on the operational excellence or
Keynote’s proprietary approach to customer service levels of sites in a study, Keynote uses
experience research measures real people as they its Transaction Perspective® measurement computers
pursue real tasks on the Web. (“agents”) to mimic the actions of a consumer using
By capturing customer feedback and behavior at the the Internet Explorer browser.
point of interaction with a site, and with accurate The agents used for this study were located
knowledge of their intent, Keynote is able to provide throughout the U.S. and were connected
a complete understanding of their online experience to the Internet from both broadband and dial-up
and how it relates to business goals. This realistic connections. The agents performed transactions,
and in-depth view of the customer experience links collecting details of site performance and reliability
companies with their customers and prospective during a one month period.
customers and helps them to truly understand what
they think, how they behave—and why. The agents tracked more than 40 detailed
performance metrics and collected over 6500 data
For the Keynote Customer Experience Rankings for points on each site. Keynote analysts used these
Banking Web Sites, Keynote monitored over ,000 data points to rank the sites in the study on each
banking customers as they interacted with the of seven key performance factors, which are critical
following Web sites: aspects of the operational excellence of a retail site.
Keynote Rankings for Banking Web Sites / Competitive Intelligence Research Abstract / October 2006 /
® 2006 Keynote Systems, Inc.
Banking Web Sites Research Abstract 2
Keynote Methodology
1 Formulate
6 Deliver actionable research strategy
insights and & objectives
recommendations
2 Recruit a large,
targeted sample
5 Capture panelists’
behavior, thoughts
& attitudes 3 Panelists access
the Web from their
natural home or office
environment
4 Panelists perform tasks
& answer questions with
our browser companion
Results: Customer Experience Specific Areas of Success
Best Sites The best sites are determined by their success in
driving business outcomes including customer
The overall Keynote Customer Experience Ranking
satisfaction, customer conversion (acquisition) and
is the highest-level score of customer experience and
brand impact. The study benchmarks site success in
is based on an aggregate score of site performance
each of these specific areas.
across all 50 customer experience metrics measured
in the study. The overall ranking shows which sites Conversion Impact Index
are most successful in terms of satisfying customers,
driving customer acquisition, and supporting the Rank Banking Web Sites
company’s brand. Citibank
Of all the sites included in the study, Citibank was
Citibank also led the Conversion Impact Index.
the most successful overall, providing the most
Customers visiting sites topping the Conversion
effective online experience for banking customers.
Impact Index were more likely to state an intention to
Keynote Customer Experience Ranking reserve a car on those sites or return to those sites in
the future.
Rank Banking Web Sites
Citibank
Keynote Rankings for Banking Web Sites / Competitive Intelligence Research Abstract / October 2006 /
® 2006 Keynote Systems, Inc.
Banking Web Sites Research Abstract
Brand Impact Index Bill Pay Satisfaction
Rank Banking Web Sites Rank Banking Web Sites
Wachovia Bank of America
2 Citibank
The Wachovia site was the top rated site in terms of
3 National City
positive brand perceptions. Customers using the sites
topping the Brand Impact Index were generally more
satisfied, experienced less frustration, and ultimately
Qualitative Feedback
formed a more favorable impression of the brand as a To better understand why sites perform the way they
result of their experience on these sites. do on a given driver, Keynote analysts review the
best of breed sites in conjunction with the qualitative
Success Drivers and Best Practices feedback provided by panelists during the study.
Keynote also conducts a sophisticated statistical driver For instance, visitors to the Bank of America site were
analysis to determine which aspects of site experience particularly happy with the ease and speed of the
had the most impact on site success. This driver bill payment process, and the clear payment details
analysis not only explains “why” sites perform the provided during that process.
way they do, but also demonstrates which
areas of improvement the sites should focus on in Bank of America
order to have the biggest impact on their desired Bill Payment Process was Quick and Easy
business outcomes.
• “It was easy and fast to add a payee and schedule a
The drivers that had the most impact on areas payment.”
such as customer acquisition and brand
• “It has a very easy user interface and the whole
affinity were customer support, price satisfaction
process takes only a few minutes.”
and online reservation process satisfaction.
• “It is easy to send payments to both businesses and
Top Impact Drivers individuals and I can schedule a payment quickly.”
Rank Banking Web Sites Important Bill Payment Information was Clear and Visible
Customer Support
• “Clearly tells you when the payee will receive
2 Other Offerings Interest payment.”
3 Bill Pay Satisfaction • “The chart of payee’s and the date and amount of
last payment is excellent. Having the available funds
Keynote then competitively benchmarks sites shown at the same time is a great touch.”
across these driver—and determines the key factors
contributing to success in these areas.
For instance, the Bank of America, Citibank and
National City sites topped the Bill Pay Satisfaction
rankings.
Keynote Rankings for Banking Web Sites / Competitive Intelligence Research Abstract / October 2006 /
® 2006 Keynote Systems, Inc.
Banking Web Sites Research Abstract 4
Results: Service Levels Keynote Service Level Ranking Responsiveness, July 2006
Rank Banking Web Sites
Best Sites
Bank of America
Using extensive measurement data and analysis,
Keynote benchmarked leading online wireless phones
The Bank of America site was the industry’s best in
sites in two major categories,
terms of site responsiveness, an indication of how fast
Reliability – Measures a site’s ability to service its the site was in comparison to its competitors.
customers without errors or outages
Responsiveness – Measures a sites’ ability to provide Keynote Rankings for Banking
highly responsive and consistent page downloads Web Sites
This abstract highlights findings the Keynote
Reliability Customer Experience Rankings for Banking Web Sites
To obtain the overall Reliability Ranking, Keynote and The Keynote Service Level Rankings for Banking
evaluates and compares the sites according to their Web Sites studies. The full studies contain hundreds
performance on two Key Performance factors, both of of metrics and include additional information not
which are comprised of several underlying metrics: only identifying the best and the worst Web sites in
certain categories, but also providing specific detail
• Availability
about why the sites ranked where they did. The
• Outages following measurements provide additional insight:
Keynote Service Level Ranking Reliability, July 2006
Keynote Drivers
Rank Banking Web Sites Critical insights of the study are derived from
Bank of America understanding why sites rank as they do. Keynote
conducted a sophisticated driver analysis to
The Bank of America site was the top rated site in determine which aspects of the site experience had
terms of reliability, indicating the site provided better the most impact on site success. The factors that
reliability than its direct competitors. have the greatest relationship to these site
effectiveness indices reveal which areas of the site
Responsiveness experience should get the most attention in order
to improve critical site outcomes.
To obtain the overall Responsiveness Ranking,
Keynote evaluates and compares the sites according
Cross-Site Segmentation
to their performance on five Key Performance
factors, all of which are comprised of several Segmentation provides insights about how certain
underlying metrics: customer profiles interact with and respond to
each site in the study. Keynote compares key metrics
• High Speed Response across the largest and key segments of the industry,
• Dial-up Response such as high income individuals.
• Response Time Consistency
• Geographic Uniformity
• Load Handling
Keynote Rankings for Banking Web Sites / Competitive Intelligence Research Abstract / October 2006 /
® 2006 Keynote Systems, Inc.
Banking Web Sites Research Abstract 5
Qualitative Analysis Keynote Systems
Using special qualitative analysis tools, the Keynote Keynote Systems, The Internet Performance
research team analyzes participant comments to Authority®, is the worldwide leader in e-business
identify and compare common themes across all of performance management services. Over 2,600
the sites in the study. Since our qualitative algorithms corporate IT departments and ,000 individual
are the same across each of the reports, these tools subscribers rely on Keynote’s growing range of
provide a fair and quantitative way to compare measurement and monitoring, service level and
customer verbatims across reports. customer experience management services to improve
e-business performance by reducing costs, improving
Web Norms Comparisons customer satisfaction and increasing profitability.
Participants in the study do not compare their site
experiences just among competitors in a particular For More Information
industry; they also compare their experiences to
If you have a specific question about the information
those presented by other types of sites. Keynote
contained in this Keynote Rankings Study,
provides site comparisons against larger web norms
please contact us at 650-40-2400 or online at
so that companies not only know how they compare
www.keynote.com.
to their own industry averages, but also to web
norms across industries. Keynote web norms are
derived from hundreds of evaluations run across
many major industries.
Longitudinal Comparisons
Keynote Rankings provide a solid base for
longitudinal comparisons and benchmarking.
Each iteration of the study uses a similar study
design, and the analysis is based upon standard
Keynote metrics, resulting in data that can
be easily benchmarked and compared over time.
Keynote Rankings for Banking Web Sites / Competitive Intelligence Research Abstract / October 2006 /
® 2006 Keynote Systems, Inc.
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