In a review conducted by user experience design agency Foolproof (www.foolproof.co.uk), Standard Chartered came top out of nine major Singaporean banks, according to how well the bank served customers online. OCBC came in second with UOB and Maybank being the lowest performers.

Foolproof examined the online experience of each bank for customers following three typical visitor journeys:
1. Shopping for a credit card
2. Shopping for a car loan
3. Locating the nearest bank branch

The performance of each bank was measured against ten customer experience principles developed from Foolproof’s ten years’ experience working with top banks in the UK and internationally, as well as published best practice reports.

The review is part of a wider study by Foolproof into how consumers in Singapore use the internet and mobile to shop for banking products and services online.

Keynes Yeo, Business Development Manager at Foolproof, said:
“This review shows how each bank is performing according to best practice, but what this, and our wider research, tells us is that the online shopping experience offered by banks in Singapore still has a long way to go. The majority of bands reviewed are still struggling to serve the basic needs of customers relating to site navigation, content and customer support.

In the long-term banks may struggle to create market differentiation if they continue to push products over service. Short-term strategies, focused on deals and aggressive marketing, have led customers to focus solely on promotions and benefits. Banks are going to have to work hard to get their brand and reputation back into consumer consciousness. But the bank that delivers a significantly better user experience than the current norm will create valuable competitive advantage.”

View the report here: http://bit.ly/1rWYQRK

Published on: 12:25PM on 3rd December 2014