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Citibank Loses Top Spot In Gomez Rankings By Chris Musto, Gomez, Inc. Bank Systems & Technology May 12, 2003 A slow economy notwithstanding, the country's largest banks are rapidly improving the functionality and usability of their online offerings to more effectively cross-sell products and services, generate greater cost savings and more efficiently monetize their fast growing Internet customer base, according to the Gomez Q2 2003 Internet Banker Scorecard.
In fact, our latest online banking Scorecard features several shifts in the rankings, while showing the effects of a sustained blizzard of activity in the Internet delivery of services to consumers.
Most significantly, Wells Fargo wins for Overall Score, eclipsing five-time consecutive winner Citibank. Always high ranked since the Scorecard's 1998 debut, Wells Fargo takes the top spot during a review period in which it launched an online deposit statement archive and more extensive bill presentment services, among other enhancements.
On the surface, the pioneering Web bank appears to have left elements of its eight-year-old online offering untouched. But in actuality, the breadth of products supported with education, applications, account look-up and money movement is industry-leading. Meanwhile, additional attention is paid to how customers use the offering; the bank exquisitely pre-fills applications and delivers extensive help, online banking demos and reliability guarantees.
Wells Fargo, moreover, has jumped to the front car of the online document delivery bandwagon, joining other large retail banks -- Bank of America, Wachovia, Wells Fargo and Bank One -- which all offer either online check images or online statement copies to most retail deposit customers. Wells Fargo's offering, however, goes one step further: it makes available seven years worth of online statements.
Citibank Evolves
Wachovia On The Ascent
New Entrants Emerge
Change Is The Only Constant
As the introduction of a new number-one bank and the replacement of three banks with new entrants suggest, the storm of enhancements and redesigns in online banking is increasing in intensity. Charter One, which dropped one place to third for Overall Score, is promising customers a new, improved online banking offering any day now, while Cherry Hill, NJ-based Commerce Bank offers a credit card payment feature so new customer service representatives hadn't yet heard of it during our testing.
Meanwhile, inter-FI transfers are now the talk of the online banking town. With money still available for consumer banking initiatives and document imaging already on their sites or in the development queue, banks are seizing on new and different features, and many have recently, or will soon launch redesigned offerings.
Clearly, the pace of online banking enhancements is not slowing -- it's merely changing form and focus.
Chris Musto is vice president of research at Gomez, Inc., a Waltham, MA Internet benchmarking and advisory services firm. He can be reached at cmusto@gomez.com.
This article originally appeared in Bank Systems & Technology eNEWS,
a weekly e-mail newsletter. To order a free subscription, click here:www.submag.com/sub/by?tc=1&wp=wpdly1&pk=WMNE
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