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Simplicity and usability key in online banking
Feb 19, 2013 (Datamonitor via COMTEX) --
As more consumers step away from bank branches and go online to take care of their banking needs, online banking has become a channel through which banks can learn to understand their customers' needs and resolve any issues quickly and efficiently. However, providing an online platform that is easy to use and that offers real solutions for customers is crucial.
Online banking is now a standard service that is offered by almost all retail banks in Australia, with customers increasingly stepping out of the branch and logging on to take care of their banking needs. In addition to enabling users to perform the usual tasks of checking balances and transferring funds, the online banking platform is an important medium through which banks can interact with, learn, and understand their customers. User experience then becomes a key aspect of how banks can encourage customers to log on and have their banking problems resolved via web interfaces.
During Datamonitor's discussions with an executive in charge of digital banking at one of Australia's "big four" banks, it was confirmed that an effective online banking platform does not necessarily need to offer the fanciest visual interface or the greatest number of functions. Instead it should be a platform that provides the smoothest possible banking process for core activities while eliminating any frustrations that customers might encounter.
Strong platform functionality helps to instill confidence among customers that their banking needs can be taken care of entirely online, expanding the extent of activity they do via the banking site while encouraging uptake among the few remaining non-users. For banks, being able to monitor what their clients do on their sites will also provide them with far greater understanding of customers' banking behavior and needs; this in turn would facilitate the development of products that customers are likely to seek out, while highlighting opportunities for banks to improve their offerings and their ability to cross-sell to their client base.
For further information, please contact Arnie Cho at acho@datamonitor.com.
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