The majority of online banking users in the UK regularly abandon transactions on the Internet due to poorly designed sites and unsatisfactory service levels, according to a report commissioned by software provider, Motive Communications.
The research finds that online financial services users encounter a range of problems including difficulty in locating information or completing transactions, through to complicated navigation and poorly designed sites. The survey also reports that current service request methods such as e-mail and telephone are not adequately assisting users in completing online financial transactions. As a result, 84% of online financial services users have abandoned Web sites due to poor customer service levels.
From a total survey audience of 216 online financial services users, 94% say they regularly have problems buying financial services online. Eighty-nine per cent say they have problems in signing up for a service, with three in four users reporting problems in completing online transactions. Almost one in five say that it took up to 24 hours to receive any reply when seeking help in dealing with a problem they encountered.
In terms of transaction completion, only 21% of online financial services buyers were completely satisfied with the levels of online assistance provided to them.
Bruno Teuber, general manager, Europe, Motive, says: "This survey shows that online financial services providers have a long way to go before customers are confident in using their offerings. If such organisations do not implement adequate customer service measures, the long term success of their businesses will be affected, as users shy away from Web sites that are difficult to use."
Teuber says financial services' online offerings should give the user the same level of assistance they would normally expect if they were in the local bank. "Companies must embrace customer care over the Internet as a core ingredient to successful online business," he says.