Investigating KPIs and UX: Digital Research Panel Series Part 2

by Jean-Marie Ubigau,  Daniel Latimore, November 16, 2015
Other
North America

Abstract

This is the second of a series of reports based on Celent's Digital Research Panel. Celent surveyed 32 panelists about the current state of Digital, and the management and design processes of user experience.

In Celent’s first Digital Panel, banks and credit unions prioritized key performance indicators (KPIs) and user experience as areas for further exploration. They’re unsure of how to measure their Digital efforts and whether they’re handling the evolution of UX appropriately. For example, when the participants indicated the degree to which their FI has realized various benefits of Digital, an astonishingly high percentage (41%) were unsure whether digital had increased customer balances.

Key findings of the report include:

  • Almost a quarter of the participants didn’t know if digital was providing any benefits. However, institutions with more than $10 billion in assets were more likely to recognize benefits than their smaller counterparts.
  • 53% reported that user experience is evaluated on an ad hoc basis. One-third of participants indicated that re-evaluations are prompted by customer complaints.
  • 72% indicate that their institution has a separate tablet app.
  • Employees supplemented by external contractors are responsible for the day-to-day operations of UX for one-third of the respondents.
  • Digital/ATM integration was by far the least mature aspect of UX, with 29% reporting they had no integration.
  • Alternative methods of UX delivery (other than smartphone and tablet apps) are very rare.

“It is clear that many FIs have yet to figure out how to capture the metrics that show the benefits of digital,” says Dan Latimore, senior vice president of Celent’s Banking practice and coauthor of the report. “To effectively prioritize new developments and efficiently allocate resources, FIs need to work on capturing information that will focus their digital efforts while improving internal coordination across channels.”

This 28-page report contains 19 figures.

Celent created the Research Panel to examine banks’ attitudes, progress, objectives, and priorities around Digital. We recruited panelists from our client base and from industry contacts (respondents do not have to be Celent clients to participate). Celent is accepting additional requests for membership in the panel and expects to field ongoing research through 2016 with surveys roughly every other month. If you’re a banker and would like to participate in future Digital Panels, please click here to fill out a short application.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

 

Findings

1

Banks and Digital

2

 

Current State

2

 

Digital User Experience

6

 

UX Delivery and Design

9

Observations and Recommendations

16

Next Steps; Next Survey

17

 

Areas for Further Exploration

17

 

How to Use This

17

 

Recruiting More Panelists

17

Appendix I: Panel Demographics

19

Appendix II: Survey Instrument

21

 

Digital Research Panel — September 2015

21

Leveraging Celent’s Expertise

26

 

Support for Financial Institutions

26

 

Support for Vendors

26

Related Celent Research

27

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