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Banking and Cards Research
Digging into the Customer Experience: Banking and Credit Cards
Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.
|Dedicated ALert Centers|
Increasing exposure to, and awareness of, security threats and phishing attempts has heightened the online banking community’s desire to closely monitor account balances and activity. In such an environment, it is not surprising that online banking firms have responded by revamping (or introducing) alert centers and generally improving their alert capabilities. Currently, a majority of the Bank Monitor firms (11 of 14) now provide clients with access to dedicated alert centers.
While the number of alerts offered by the Bank Monitor firms varies widely, we did not focus on trying to identify the exact amount of distinct alerts offered by each firm. Some firms allow clients to set multiple triggers tied to what would be considered a single alert type, while others break their alerts into numerous, highly-focused notifications, which might inflate their alert count by comparison. Instead, our focus was more on the functionality of each firm’s alerts platform and the range of activities for which clients can receive alert notifications.
Our analysis would not be complete if we did not also factor in delivery and alert suspension options. Allowing users to send alerts to multiple email addresses and various wireless devices lets clients stay connected to their bank accounts at all times – even when they are not near a computer or bank branch. It has become commonplace for Bank Monitor firms to allow their account holders to receive alert messages at delivery addresses other than personal email accounts – we were surprised to find that two firms have yet to introduce a wireless option for their alert capabilities. Suspension options permit clients to avoid clutter in their inboxes and temporarily halt the delivery of alerts for a specified period of time (e.g., a week long vacation) without having to delete alerts and reset them a later date. While 10 of 11 Bank Monitor firms allow clients to suspend individual alerts, only four firms present clients with the opportunity to suspend all of their alerts at once (e.g., until alerts are manually turned back on, until a specific date).
Security, Customer service, help, & support, Account reporting