LONDON – With a Digital Sales Score of 67, Barclays.co.uk is the favourite when UK consumers orientate themselves on a new current account online, followed by Nationwide.co.uk (66 points) and Santander.co.uk (64 points). This is the result of WUA’s latest digital customer experience benchmark study, which was carried out in May 2018 with 300 consumers on their own personal desktop computer or laptop.
Digital Sales Score
Study: Current AccountMeasurement: May 2018Country: United Kingdom
- 1 Barclays.co.uk 67
- 2 Nationwide.co.uk 66
- 3 Santander.co.uk 64
- 4 HALIFAX.co.uk 61
- 5 LloydsBank.com 59
- 6 HSBC.co.uk 58
- 7 NatWest.com 56
- 8 MoneySuperMarket.com 52
- 9 TSB.co.uk 50
- 10 FirstDirect.com 49
- 11 Tescobank.com 48
- At the base of each Digital Sales Scan® lies the Digital Sales Model. With this model, the details of the orientation process are mapped. Eventually the performance of a website is reflected in a single, overall score: the Digital Sales Score.
More results can be found in the Current Account Insights Update May 2018.
Potential customers were given the following task:
“Imagine that you are looking for a new current account. Go online to orientate yourself on a current account. Go as far on the website as you can, but do not go through a hard credit check and do not actually apply for or open a new current account.”
As these potential customers searched online for a current account, they each evaluated the websites they came across, based on first impression, further look into the customer journey, and ultimately the application process. With this study, WUA is able to determine customer experience and preference, and how real consumers experience the orientation and decision-making process in the UK banking industry.
This study shows once again that Digital Excellence is an absolute necessity. To beat the competition, you have to offer an excellent digital experience in the entire customer journey, and take the number 1 position when it comes to preference. Being found and scoring high in Google isn’t enough.
Some insights from this study
More results from this study can be found in the Current Account Insights Update May 2018.
- The winner of this Digital Sales Scan is Barclays.co.uk (67/100 points), followed by Nationwide.co.uk with 66 points and Santander.co.uk with 64 points. The other websites in this study scored 61 points or lower.
- Barclays.co.uk has by far the highest findability (58%), Santander.co.uk and Nationwide.co.uk are found by 49% and 45% of respondents respectively. There is a gap of 15 percentage points between the top 7 and the other websites.
- Despite having the highest findability (58%), Barclays.co.uk has a much lower conversion (25%) than Nationwide.co.uk (33%) and Santander.co.uk (29%).
- FirstDirect.com has a relatively high conversion rate (24%) despite its low findability of 15%.
- When it comes to the customer experience themes Look & Feel, Product Offer, and Brand, Nationwide.co.uk has the highest scores in the First Impression phase. In the Further Look phase, this bank also has the highest score on Brand.
- FirstDirect.com performs much better in the Further Look phase than in the First Impression phase. This bank shares the highest score on Look & Feel in the Further Look phase with Barclays.co.uk and Nationwide.co.uk (each 84 points), and has above average scores on the other customer experience themes in this phase. FirstDirect.com also shares the highest Overall Opinion score with HALIFAX.co.uk (each 82 points).
- MoneySuperMarket.com is the only comparison site to feature in the ranking, and gets the highest Product Offer score (83 points) in the Further Look phase, 4 points above the average.
- The banks in the top 3 are each chosen by 14-15% of respondents as their number 1 website. The other websites in this study were the number 1 choice for 9% of respondents or fewer.
- For most respondents, the preferred way to open a current account is via the bank’s desktop website (68%). 19% of respondents prefer face to face contact, and just 5% would prefer to use an app. With 1% preference, the chat function would be a very unpopular way to open a bank account.
- The majority of respondents only have a current account with one bank. 22% have current accounts with two different banks, and 9% of people have a current account with three or more different banks.
Aim of this study
The aim of the study is to precisely identify the digital experience of consumers when they search for a new current account online. Who do they choose, and mainly: Why? Using a proven model WUA has worked on over the past ten years, we map out what it is exactly that consumers want, what the best practices are, and what the areas for improvement are.
Who can benefit from this study
In the study, WUA’s online experts reveal problem areas and areas for improvement for all customer experience themes, based on the Digital Sales Model. We offer conclusions and concrete recommendations to a limited number of providers in a tailored report. Who can benefit from this study:
- Everyone who is commercially responsible: The winner takes it all.
- Management: For the right direction and mindset.
- Online marketing professionals: Get started immediately with the recommendations for higher conversion.
- Research: Thorough research with validated model is the foundation for digital success.
- Proposition/marketing: In addition to Look & Feel, the customer experience themes of Product Offer and Brand are key factors in the purchasing process.
The level of cooperation of the above stakeholders can make or break digital success!