TD Canada Trust ranked first in Surviscor’s 2011 Public Website scorCard™, a comprehensive, impartial audit of online features and functionality on the public/pre-login website of leading Canadian banks and credit unions. RBC Royal Bank ranked a close second, followed by two newcomers to the top five, Scotiabank and BMO Bank of Montreal, each making notable website improvements. CIBC fell to fifth place this year, after taking the top spot in 2010.
The Public Website scorCard is a simulated-usage study that measures close to one thousand objective criteria within multiple service categories, each weighted according to industry-defined importance. These categories include applying for a bank account, enrolling for online banking access, representative interaction, presentation and functionality, and online resources. The design, analysis and execution of the scorCard were powered by CorbinPartners Inc., a leading provider of business intelligence in Canada.
“The more effectively a financial institution allows one to explore product and service features, and functionality, and then to enrol, the more likely a bank is to attract and keep customers,” said Glenn LaCoste, president of Surviscor Inc. “TD Canada Trust took the top spot because they make it easy to apply for an account, and have a wide range of online tools and resources that are simple to navigate. They’ve complemented this with representative touchpoints when and where a customer needs it. This includes proactive use of social media networks, such as Twitter and Facebook.”
This year’s Public Website scorCard found that most online banking institutions are now making social media channels a key component of its customer support strategy. Social media is being leveraged to achieve multiple objectives, including product promotion, event notification, and financial education, and to respond to customer or prospective customer inquiries. “Many banking institutions have caught on that their public face goes beyond their own website, and are extending their customers access through social media,” said LaCoste. “Three of every four banking institutions that we assessed were actively using either Twitter or Facebook, or both.”
Jon Purther, vice-president at CorbinPartners, also noted that banking institutions are significantly improving their online help tools. “More and more, current or potential customers are seeking instant answers to pending questions and queries. Aside from online help content, having immediate access to banking representatives through click-to-call or live-chat capabilities leads to increased customer comfort and satisfaction,” he said.
The Public Website scorCard was conducted between July and Nov ember 2011 and incorporates online banking services available to a customer during that time period. Surviscor also conducted a complementary study, the Online Banking scorCard, on the secure websites of these Canadian financial institutions.