Survey: Online banking gets bonus from users

Online banking is up from 78 points last year

When it comes to using online financial services, users are more satisfied with the online experience offered by banks than by credit card or investment firms, according to a survey released Tuesday.

Online banking scored 82 out of 100 points, up from 78 points last year, while credit card and investment Web sites both scored 75, according to the 2008 ForeSee Results/ Online Financial Services Study, which employs the methodology of the University of Michigan's American Customer Satisfaction Index (ACSI). The online banking score rivals the satisfaction score of 83 for online retail, the highest scoring category measured by ACSI, said Larry Freed, president and CEO of ForeSee Results and author of the study, in a statement.

The organization surveyed 1,600 people between March 7 and March 25. This was the first year the study surveyed users of credit card and investment Web sites.

"Online banking is setting the bar for online financial services," Freed said. "Improving customer satisfaction is an effective way to move customers to the most cost-efficient channel. It's smart business."

User satisfaction with online banking is up because banks have found the winning formula for providing value, convenience, information and transactional features online, the report said. Over the years, banks have managed to convince a large number of customers of the convenience, value and security of banking online, it said.

Credit card and investment firms, however, have not yet achieved that winning formula, Freed said.

In fact, the lower score for credit card Web sites indicates that credit card companies are not using their Web sites to improve their overall business operations, the report said. Although credit card companies do not usually have strong relationships with their customers, the study suggests that if they invest in improving their users' online experiences, they could increase customer loyalty, Freed said. Investment firms are still having trouble providing users with a convenient and easy-to-use Web site for what are often complex financial transactions, he said.

"Financial services firms should resist the temptation to cut investment in the online channel in times of tight money," Freed said. "Our research suggests that, if anything, a commitment to improving satisfaction with the Web channel can improve both overall loyalty and the bottom line by moving customers into the most cost-efficient service channel."

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Linda Rosencrance

Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Bitdefender 2019

This Holiday Season, protect yourself and your loved ones with the best. Buy now for Holiday Savings!

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill


I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?