Putting the "trust" back in Bank & Trust

Catalyst Group performed both quantitative and qualitative research to compare consumer perceptions of "trust" in terms of banks. Specific institutional websites were compared using eye-tracking studies and interviews.

This is an excerpt from the original pdf; it is also embedded in slide form below.

Marketers - from many industries - are spending money talking about "trust." Airlines, Insurance, Investments, and of course Banks. Is it working?

We asked:

• Are consumers as concerned with "trust" as corporate America (banks in particular) seems to believe?
• What does "trust" actually mean in this context - and is it important?
• How do users interpret online content from banks? Does it affect their feelings about their financial institutions?
• How can financial institutions use the online channel to establish credibility with their customers and potential customers?

Two Part Study
Quantitative

• high level assessment of WHAT people think about banks and trust issues

Qualitative

• deeper insight into WHY specific bank websites are effective, or not, in building trust

Quantitative: What we learned
Results were surprising - and more nuanced than anticipated.

• 80% rarely think about which bank they use
• 66% do not think their banks care about their interests
• 56% don't think their banks care about them at all
• 44% don't believe anything they see in banking ads or websites
• 49% "sometimes" believe what they see in banking ads or websites

When asked, "Can you name a bank you can trust?"

• 40% answered with some variation of "no."

But it gets surprising:

• 71% reported that they do not trust banks any less than they did 18 months ago.
• Only 36% said that when considering a bank, "security" and "safety" are the main decision drivers. (The leader was "customer service," at 52% by the way.)

That's the "what."

Let's talk about Qualitative: the "why."
14 lucky consumers came in to chat. We looked at 3 categories of banks.

Who we studied:

• "The Establishment"
• Wells Fargo
• Bank of America
• "The Brand Extension"
• E-Trade Bank
• "The Challengers"
• Ally Bank
• Redneck Bank

What was on the menu?

• The users did not know the intent of the study.
• "Assume that you have re-located to a new part of the country and have to find a new bank."
• We gave users the URLs of the banks mentioned previously and asked to explore them.
• We eye-tracked their experiences, and then asked them to walk us through what they were thinking and what they were doing with each click.
• In the process, we focused our questions around issues of "trust."

What we learned:

• "Trust" did not resonate as much as expected
• Most thought "FDIC Insured" = "money is safe" (all banks were viewed as safe)
• Other words were mentioned as alternatives to "trust":
• Credibility
• Dependability
• Honesty
• Reliability

People's thoughts on: trust

• Will I be treated fairly?
• Will I be valued?
• Identity theft - am I safe?
• What does a bank do in the community?
• How are its business practices? Is it scandal free?
• How complex are terms & conditions? How much fine print?
• Will they suggest services appropriate to me, or just try to sell me things?
• Is there a Chinese wall from investment banking arm?
• Does it have a track record of responsible lending practices?
• Are bonuses for bank executives "coming out of my money?"

People's thoughts on: banking

• Still Standing
• People felt that if a bank is still standing, it's safe.
• Not a lot of perceived differentiation
• Common sentiment: "Most banks are pretty much the same."
• Not much has changed
• "Current climate has not changed my view of banking."

-September 2009

This content was provided by Catalyst Group. Visit their company website at www.catalystnyc.com.

Tweet

Wait, I can do what? (A study of Amazon and Netflix on-demand video services)

by Catalyst Group

This report shares findings on the user experience for Netflix and Amazon On-Demand movie services. Follow the process of Catalyst Group from stated objectives through observations and insights. Read Article »

eReader Showdown – Kindle 2 vs. Sony eReader

by Catalyst Group

This report compares the user experience of the Amazon Kindle 2 versus the Sony eReader, looking at aspects such as physical design, interface design and shopping experience. Catalyst Group details their objectives, methodology, insights and observations. Read Article »

Google vs. Bing – Search Engine Preference

by Catalyst Group

This study compares user impressions of the Google and Bing search engines. Catalyst Group shares feedback from participants and eye tracking data regarding advertising space. Read Article »

Eye Tracking Study: Friends List Layouts

by Catalyst Group

This eye tracking report from May 2009 looks at the usability and design of friends lists on social networking sites Facebook and LinkedIn. Read Article »

Online Dating: Usability Study Report

by Catalyst Group

This study evaluated two top online dating sites for usability - eHarmony and Match.com. Users shared their experiences and perceptions of the two sites in interviews and eye-tracking research was conducted. The results were interesting and pointed out issues with technology facilitating emotional connection and chemistry between users. Read Article »

Extra Credit: An Eye Tracking study of Credit Card Websites

by Catalyst Group

This study takes a look at three major financial services websites: chase.com, capitalone.com, and discovercard.com. The goal was to gain some understanding of what company makes it easiest (and most difficult) for users to complete the crucial task of “applying for a new credit card”. The study was structured to gather and compare eye tracking data during task completion relating to several metrics. Read Article »

Beyond Red and Blue: Insights into the Design of Presidential Candidate Websites

by Catalyst Group

So much has been made of the role of the Internet in the 2008 presidential election. In particular, the Obama campaign made some impressive claims about the success of BarackObama.com in fund-raising and organization of supporters. Even on the most superficial level, the two candidate sites have a lot in common in terms of structure and content. But, to our eyes, there are many differences in terms of the design approaches taken by the two organizations. We wondered how ordinary voters might see these differences, so we conducted a comparative usability study of the two sites. Read Article »

Site Design Should Reward Frequent Users

by Catalyst Group

This report takes a look at interface design challenges and opportunities of catering websites for new and repeat users. Read this article for practical, experience-driven advice and tactics for building websites that survive and succeed. Read Article »

Screen Size Matters: Best Practices for Designing Websites to Match Browser Resolution

by Catalyst Group

Designing your website for various screen resolutions can be tricky but warrants serious consideration. Catalyst Group present different methods for addressing screen resolution, including optimization techniques for a hybrid approach. Read Article »

Net Rage: A Study of Blogs and Usability

by John Franklin, Catalyst Group

Catalyst’s proprietary test of the usability of blogs sheds light on a variety of user-experience related design challenges associated with blogs’ potential to become a mainstream medium for Internet users. Read this white paper to learn more insights gained from this usability study. Read Article »