Comments on: The Online IQ of Retail Banks: Feeble or Genius?

By: Tony

Tony — Tue, 30 Aug 2011 04:23:30 +0000

It looks like these guys have developed a standard set of criteria to assess the players in different industries. What they have failed at badly is understanding the difference between buying a new pair of shoes and paying your bills.

While the criteria are valid to an extent, the equal weighting of social, and the absence of any mention online banking makes the whole thing pretty useless.

By: Editor

Editor — Tue, 23 Aug 2011 16:57:39 +0000

Brett, if you look at the methodology on page 5 of the report, you'll see they evenly weight the four categories: website, digital marketing, social media and mobile. Personally, I think social media does not warrant 25% of the total score. And one could argue about the significance of mobile right now — is it 25%? And you're absolutely right: where is the online banking component? My guess is that they didn't feel like taking the time to open accounts at 17 banks to test OB. On page 4 of the report, it says, "Like the medium we are assessing, our methodology is dynamic, and we hope you will reach out to us with comments that improve our approach, investigation, and findings. You can contact me at [click here for author's email].

By: Brett King

Brett King — Tue, 23 Aug 2011 06:34:34 +0000

JP,

I think this study is being rather generous

There’s a lot of work on basic engagement to do. One of the key factors that wasn’t measured here is engagement behind the login. 90%+ of daily traffic to bank websites goes behind the login, so how are banks converting that? That’s a key data set missing here.

Brett King
Bank 2.0