The online channel has already proven its worth in the UK retail banking
market, but changing pressures and ever-demanding consumers mean that
providers need to ensure that their online propositions continue to meet
This report explores the balance between maintaining a satisfactory online
banking proposition that allows consumers to carry out their day-to-day
banking, and the merit of additional online features such as personal
financial management (PFM). Ensuring that the relationship with online
customers is maintained is vital due to the remote nature of the online
FEATURES AND BENEFITS
- Refine the design of your online banking platform by learning the key
consumer demands from this channel.
- Benchmark your online offering with comparisons of ease of use of online
features from the UK's top providers.
- Boost customer retention by identifying the core target customers for the
- Maximize the potential of the online channel by ensuring that innovation
aligns with customer needs.
- As a number of top UK providers face upheavals in their customer bases
with the sale and purchase of branches, this creates a challenge to retain
customers sold off with the branches, or attract new ones. The quality and
functionality of the service that consumers receive on their existing online
banking platform will play a part in this decision.
- The remote nature of online banking weakens the relationship between a
provider and customers. This may contribute to the feeling among consumers who
predominantly use the online channel that their provider does not understand
their financial situation. Providers must address this in order to offer
services that align with their customers' needs.
- Consumers who only use the online channel for their regular banking
activities are more likely to be self-sufficient when seeking out advice.
Providers will want to find ways in which to deliver advice and information
effectively through the online channel in order to continue to advise these
YOUR KEY QUESTIONS ANSWERED
- What are the key challenges of the online channel for the top UK providers?
- Is online banking primarily a customer retention or acquisition tool?
- Is there a gap between consumer demand and bank offerings for specific
- Who is the typical online banking customer?
- What is the potential of the online channel for marketing to customers?