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2016 Monitor Awards Gold Winners: Banking

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This month, we are proud to present our annual Bank Monitor Awards, highlighting the best online and mobile banking account tools and features offered by firms in key areas.

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2016 Monitor Awards Gold Winners: Banking

  1. 1. Bank Monitor 2016 Gold Medal Winners
  2. 2. Corporate Insight provides competitive intelligence, consulting and user experience research to the nation's leading financial, health and education institutions. For more than two decades, the firm has tracked technological developments in the end-user online experience, identifying best practices in online financial services and investing, mobile finance, social media and other emerging areas. Corporate Insight offers subscription-based Monitor services in 14 verticals, including banking, healthcare and alumni relations, along with custom research, digital capabilities audits, special studies, user research and other consulting services. The firm helps its clients—including 70% of the financial services firms in the Fortune 500—to remain at the forefront of industry trends and improve their competitive position. About CI 2 Connect with CI
  3. 3. This month, we are proud to present our annual Bank Monitor Awards, highlighting the best online and mobile banking account tools and features offered by firms in key areas. The categories selected for this annual report cover only private site features, including the account maintenance capabilities that most impact the customer experience. In this report, we provide examples of the best in class for each of the online and smartphone tools covered and explain why we consider these features to be industry leaders. We distribute Monitor Awards in gold, silver or bronze based on the quality of outstanding features and tools. To review, a Gold Medal is reserved for the most robust and valuable tools, those that most closely achieve the ideal combination of important features and intuitive functionality. A Silver Medal goes to tools that offer great value but lack in some of the outstanding qualities of the best tools. A Bronze Medal recognizes those tools or features that are imperfect but still offer card holders a valuable experience. Bank Monitor Awards 3 Connect with CI
  4. 4. Medal Chart 4© CORPORATE INSIGHT Firm Medal Count Ally Bank of America BB&T Chase Citibank Citizens Bank Discover Bank U.S. Bank USAA Wells Fargo
  5. 5. Category Overview Transaction History and Statements Desktop Site Transfers and Payments Mobile Deposits, Payments and Transfers Website Design and Usability Promote Your Firm’s 2016 Monitor Awards! Corporate Insight is happy to assist all award-winning firms in promoting their honors. For more information and for examples of past promotions, contact us at pr@corporateinsight.com. Account Summary Information Private Site Help and Self-Service
  6. 6. Account summary information, displayed on the private site homepage or mobile app home screen, provides customers with an overview of important account details. The balance summary should display the customer’s individual and combined account balances and firms should provide easy access to detailed account information. Firms also should allow customers to link external accounts to provide a snapshot of balances across financial institutions. The best private site homepages include a preview of upcoming and recent activity, with options to make a quick transfer or payment without leaving the page. Account Summary Information 6 USAA wins a gold medal for its highly customizable, detailed private site homepage and mobile home screen with account aggregation to view balances across all of a customer’s linked accounts. © CORPORATE INSIGHT
  7. 7. Transaction History and Statements 7 Account history analyzes the presentation and availability of account transactions on the desktop site. Leading firms do so in a visually appealing manner, with an intuitive display for account holders to customize or modify page views to access more or less information. We combined the Account History and Statements categories and now include a weighting for these offerings on mobile apps as firms increasingly present an omni-channel experience. We evaluated the following criteria on both desktop site and mobile apps: depth of archive, data display and presentation, usability and search filter capabilities, transaction description, depth of statements archive and tax statements. © CORPORATE INSIGHT Chase’s site redesign earned the firm a gold medal for transaction history with many search, sort and filter capabilities.
  8. 8. Desktop Site Transfers and Payments 8 Transferring funds in and out of bank accounts is an essential tool for online banking. For this category, we examine both internal transfer and external transfer capabilities. We look at the ways that account holders can move money between their own accounts as well as those held by others. As all firms offer the ability to move funds internally, we place greater emphasis here on the external transfer capabilities offered by each firm. We focused on the following attributes: transfer capabilities, page design, scheduling options, transfer history tables, external account and payee management and pending payment management. © CORPORATE INSIGHT Chase wins the gold in this category for offering easy-to- use payment and transfer services, including wire transfers, between accounts and to other recipients.
  9. 9. Mobile Deposits, Payments and Transfers 9 This category evaluates the full range of deposits, payments and transfer capabilities available on mobile apps. This year the criteria has been updated to include bill payments, recognizing the importance of a customer’s ability to initiate and edit payments and manage payees from the mobile interface. Our grading criteria included fund transfer types, P2P payments, mobile deposit, scheduling options and modify/cancel abilities, and in-app help for transactions. © CORPORATE INSIGHT U.S. Bank wins the gold by offering unique capabilities in its mobile app, including the ability to add a payee by taking a picture of a paper statement and great flexibility in scheduling and changing payments and transfers.
  10. 10. Private Site Help and Self-Service 10 Private site help and self-service options are complementary functions that allow account holders to manage their online banking. Account holders should be able to update account information easily, access banking resources and offer helpful customer service like email and chat platforms. For our grading criteria, we examined customer service email and live chat platforms, help centers and contextual help resources, private site search and online self-service functions. © CORPORATE INSIGHT USAA’s extensive help, self-service abilities and unique call scheduling feature earn it a gold medal.
  11. 11. Website Design and Usability 11 This category measures how easy it is to navigate through sites, taking into account main menu design, secondary navigation options and consistency. When firms perform well in each of these areas, they help to improve the usability of their sites. Firms should make signing into the authenticated site and retrieving and resetting login credentials straightforward. Those firms that offer particular customization options are also recognized in this category. Grading criteria is determined by overall navigation scheme, page presentation and consistency, link affordance, use of color and fonts, user authentication and site customizability. © CORPORATE INSIGHT USAA earns a gold medal for offering a well-designed site that is consistent and employs main and secondary navigation effectively.
  12. 12. 12 Connect with CI Senior Research Associate Bank Monitor and Credit Card Monitor 646-454-2661 jjudd@corporateinsight.com Javonni Judd Contact Us

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