Corporate Insight’s annual Bank Monitor Awards showcases leaders in the industry within six categories. Here, we offer a preview of the Desktop Site Transfers and Payments category, where we examined design and functionality in presentations and journeys for account holders to set up and manage transfers.
Here’s what the medalists have in common, which sets them apart from their peers in our coverage group:
- Customers can reach all payments and transfer menus using the main navigation.
- Wire transfers offered online, with all but the Bronze medalist offering international wire transfer capability.
- Flexible settings to schedule recurring payments and transfers.
- Dedicated pages for account holders to view upcoming transfers and payments.
And here’s where the platforms (and accordingly, medal rankings) differ:
- Integration of similar transfer types (internal and external)
- Payments help—recommending transfers, displaying limits
Chase wins its fourth consecutive gold medal in this category. Its redesigned private site offers a new navigation menu that focuses entirely on transactions, with a central page of payment and transfer activity and history, organized by type. The firm presents a consistent interface across multiple transfers and payment options, offering an impressively dynamic interface for users to schedule internal and external transfers and recurring transactions. It continues to offer excellent and rarely-found functionality in its person-to-person payments platform, with the abilities to request money and allow users to determine their own amount through its in-house QuickPay service.
Redesigned Chase Internal and External Transfers
Bank of America and Citibank earn silver medals for transfers as they continue to offer noteworthy platforms that include wires. However, both sites, while comprehensive, still present unique challenges in design and navigation that do not optimize the customer experience. With that said, Citibank added a virtual assistant tool throughout the private site that proves especially useful with embedded help to determine what kind of transfer a customer should make. Bank of America offers a recommender tool to walk customers through steps to sending money.
Bank of America Choose a Transfer and Citibank Virtual Assistant
The Bronze medalist, Ally, offers straightforward payments and transfers features with uniform navigation spread across multiple menus, but fewer capabilities than the other medalists in this category.
To access a free slide deck highlighting the gold medal winners in all six categories of this Bank Monitor Awards Report, click here.