With the ongoing drive to digital banking, how are banks performing on the basics such as making it easy for customers to apply online for a savings or chequing account?
To find out, we shopped the 5 major banks, HSBC and National Bank. Each was rated on 7 assessment points (see table below). Best practices and pain points were also noted.
Best Practices/Pain Points
Some banks excel by creating compelling sales messages, making applying a fun experience or going the extra step by informing the applicant where the closest branch is for them to go to.
Others, on the other hand make applying complicated and unnecessarily time consuming . Even the largest bank in Canada, RBC there were issues.
Nonetheless, on a very positive note, best practices outnumbered pain points 2:1.
Why This Matters
It’s safe to assume that every bank, whether the largest in Canada or a regional one has at least one glitch in their online sign up option that is preventing potential customers from becoming clients of the bank. These gaps need to be uncovered and addressed.