TORONTO, ON --- May 19, 2009 --- Royal Bank scores top honours in a public website analysis conducted on the consumer banking industry, according to the recently released Surviscor Public Website scorCard. Taking the runner-up spot was TD Canada Trust, followed by National Bank and President’s Choice Financial, while Scotiabank ranked the lowest of the ‘big six’ banks.
Surviscor’s Public Website scorCard is a comprehensive, impartial audit of online features and functionality of the public/pre-login website offered by leading Canadian banks and credit unions. This simulated-usage study, conducted in the 1st quarter of 2009, measures hundreds of objective criteria within multiple service categories that are weighted according to industry-defined importance. The scorCard is powered by CorbinPartners Inc., a leading business intelligence provider and gold-seal member of the Marketing Research and Intelligence Association (MRIA).
“With more and more Canadians comfortable with direct channels, a public website is not only your gateway to secure services, but a vital marketing tool for online financial institutions” said Glenn LaCoste, President of Surviscor. “To compete in today’s business, financial institutions need to offer a comprehensive and easy-to-use website that provides product and service info, planning and education tools, , and a direct path to enrollment. A modern, well-presented website is now the expectation from the public at large, no longer the value-added.”
Royal Bank’s overall finish in the top spot was fueled by a strong showing in all major categories, including a 1st place finish in ‘Enrollment for Online Banking’. TD Canada Trust lead the way in the all-important ‘Online Resources’ category which audits the availability of tools, calculators and general educational information, including the disclosure of product rates and fees. Relatively smaller financial institutions proved they can be every bit as competitive as the big Canadian banks, as shown by President Choice Financial with a top industry score in the ‘Applying for a Bank Account’ category.
Certain credit unions also performed well in specific areas, such as Vancity achieving the top score in the ‘Presentation & Functionality’ category. However, the positioning of many credit unions towards the bottom end of the overall score scale speaks volumes about the missed opportunity these organizations may be facing, and the ongoing risk of losing both existing and potential customers to the competition.
The overall scores indicate that no firm meets all the criteria, and there is significant room for improvement at both the banks and credit unions. The Surviscor scorCard makes it abundantly clear that if Canadian financial institutions are going achieve their fair share of the online banking market going forward, efforts to improve their public website must be labeled ‘PRIORITY #1’.
For further information, contact Glenn LaCoste, President, Surviscor, (905) 593-9364, glacoste@surviscor.com, http://www.surviscor.com
About CorbinPartners Inc.
CorbinPartners Inc (www.corbinpartners.com) is an established provider of corporate business intelligence, statistical measurement and forensic market research. It conducts service, brand and customer experience audits in many retail areas, and has Canada’s leading specialty practice in research support for risk analysis, regulatory matters, and litigation.