Ideas & musings about consumer behaviour

Who is the best Current Account provider in the UK & Ireland?

Current Account Digital Sales Effectiveness

Author: Marie Sheehan

UK & Ireland Current Account Providers Digital Sales Effectiveness study Q1 2014

Organisations included in the study: AIB, Bank of Ireland, Barclays, HSBC, Nationwide, RBS, Santander and Ulster Bank

The findings of our Digital Sales Effectiveness (DSE) Q1 2014 study into UK & Ireland Current Account providers market have just been published and it seems that there is a big difference between how well UK banks and how well banks in Ireland meet the needs of their Current Account customers online.

All but one of the UK banks included in our study are meeting the needs of their digital customers.

However, all three of the Irish banks included are currently failing their digital customers.

Current Account Digital Sales Effectiveness Scores

Current Account Digital Sales Effectiveness Scores

Where are Irish Banks failing to meet the needs of the online Current Account customer?

From our 14 years’ experience of collecting and analysing data on over 35,000 consumer interactions and over 500 companies each year, we know that a Digital Sales Effectiveness score of less than 55% means that the company is failing the customer online.

Current Account Providers Digital Sales Effectiveness scores Q1 2014:
Allied Irish Bank 31%
Bank of Ireland 34%
Ulster Bank 44%
Barclays 48%
Nationwide 55%
Santander 55%
RBS 57%
HSBC 59%

All three Irish Banks included in our study are really good at giving customers the information they need to contact them  (in fact the Irish Banks do this far better than the UK Banks), plus they all meet the needs of their Current Account customers online when it comes to helping them to understand their product offering.

But,  the Irish Banks are failing to meet the needs of the online Current Account Customers in the following areas:

  • Facilitating external comparison
  • Outlining fees and charges – one Irish Bank is particularly weak in this area
  • Applying online – only one of the Irish Banks allows customers to apply online for a current account

Industry

How are the UK Current Account providers doing?

HSBC achieved the highest Digital Sales Effectiveness score and excels at the “Introducing Options” stage of the online customer journey.

The UK banks are doing well overall, but there are some areas that need improving including:

  • In the “Initial Engagement” stage of the digital customer journey, banks are weak at building trust and meeting expectations
  • Some banks do not enable customer to evaluate options online at all
  • Across the industry banks are very poor at helping customers to select a channel

Global Reviews is expert in helping banks to optimise online sales effectiveness
We are better than anyone else at helping companies measure, track and optimise their online and mobile sales effectiveness at a tactical and ecommerce level

  • We deliver actionable insights
  • Our results are based on evidence and cannot lie
  • We take subjectivity out of decision making

To arrange a call back or meeting to discuss this study in more detail, and find out more about the full scope of the research as well as the actionable insights Global Reviews deliver please contact us.

To register your interest for our free webinar on this study or to receive our free white paper, please contact us

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