It’s no secret that technology usage has been growing and is now engrained virtually everywhere in our society.
From ordering groceries online to booking travel reservations, the way Americans do business is through the internet.
Using internet-only banks, or “eBanks,” is no exception!
By measuring and enhancing user experience for eBanks, these growing institutions can measure how their websites can serve clients well.
And that’s more important now than ever.
In the following sections, we’ll discuss how user experience design can help this promising industry.
The Rise of eBanks: Usage & Stats
The number of Americans now using eBanks as their primary financial institution reached 1.7M in December of 2021 – marking an increase of +48% from 1.1M users at the end of 2019.
eBanks is now the fastest growing banking segment, far outpacing +3% to +5% annual growth in users seen for traditional banks and credit unions from 2019 to 2021.
Perhaps the most interesting data points concerning user experience for eBanks are centered around Millennials. Half of eBank users are considered to be part of this age group.
The number of Millennials using eBanks has grown faster than the overall adoption of eBank usage at +62% for Millennials vs +48% for all the users from 2019 to 2021, mentioned earlier.
The increase in the number of Millennials using eBanks should not be surprising, as this is a generation that was raised with the internet.
Case in point, Millennials are nearly twice as likely (+86%) to spend 20+ leisure hours per week online than the average adult, 1 in 3 own a smartwatch, and 1 in 6 will spend up to 5 hours per day on social media.
Benefits of Enhancing Your eBank's User Experience
The past few years have been challenging for millions of Americans, especially where finances are concerned.
From the pandemic to layoffs, from inflation to high-interest rates, the industry seems to be “under attack” from several angles.
While eBanks can’t control these factors, one aspect of their business they can control is their customers’ experiences when using their websites and apps to do online banking.
This is how user experience design can capture feelings and sentiments when users do business across websites and apps.
Improving UX with Surveys
The goal of any digital banking survey should ultimately be to gain insights and measure website or app users' overall experience.
But to actually improve user experience for your website, key data needs to be collected.
This can be accomplished by gathering quantitative and qualitative data through the use of questionnaires administered directly to users.
Popular methods include online surveys that can be taken through an emailed or texted link, site intercepts, or in-person phone interviews.
Check out these three popular methods of user experience for eBanks:
- Online questionnaires/surveys: Popular and easy to administer, online surveys are run through a platform to obtain respondent feedback. Online surveys are also versatile, and can be completed via text, should that fit the respondent’s needs.
- Website Intercept Surveys: Intercepts on a website can also be referred to as “pop-up” surveys. For this tactic, users can respond to a set of questions while on a site or app. Website intercept surveys are very effective but can be a pain to the user if not deployed correctly. That’s why we suggest keeping them short!
- Personal interviews or focus groups: These methods prioritize face-to-face feedback, whether that’s with one person or a small group. They’re also ideal for brands that want to gather direct responses for a topic to measure an audience’s thoughts and attitudes.
Aside from user experience, here are more surveys that are critical for banks and credit unions.
💡 The Key Takeaway: Designing user experience to reach an audience (the right way) often requires the use of market research tools. From focus groups to online surveys, there are a variety of methods that can yield valuable feedback.
Recommended Reading: How to Improve User Experience (UX) Design with an Online Survey
Additional Ways to Improve eBank User Experience
As we know, creating a website isn’t just about making it look nice. This is even more important for any kind of financial site!
Now that we covered common market research methods companies can use, check out the recommended practices to improve the user experience for eBanks:
- Talk to the millennials! It’s key eBanks understand what engages this key group of users.
- Asking closed-ended questions will gather quantitative, measurable responses.
- Asking open-ended questions can uncover qualitative, detailed insights like attitudes and behaviors.
- Keep the language, meaning, and context clear when asking questions.
- Respondent privacy comes first. This not only includes keeping the survey short but always keeping all responses confidential.
- Users need to be able to skip a question if it’s simply not relevant to them. This can be programmed into a survey with a “skip” or “not applicable” question.
- Test your survey out with a smaller group of respondents. This is known as soft-launching and can give a brand insight into how their survey will be received.
- Incentivize your research. This boosts (and speeds up) survey response rates, according to SurveyMonkey.
As pain points are discovered, eBanks can work to improve the user experience of their site. No matter the action, it’s safe to say all website users want a seamless experience online.
Our user experience market research firm recommends eBanking institutions focus on a few areas of interest.
Some specific areas that eBanks could benefit from include:
- Real-time feedback from users as they’re on the website
- Understanding of user experience from the moment of logging on to logging off
- Measuring how long user transactions take
💡 The Key Takeaway: User experience for eBanks is essential for a well-functioning website. Aside from research methods to test the effectiveness of a website, we also recommend a number of practices that can help the process.
Additional Resources:
- Market Research Options for Banks and Credit Unions
- Competitive Rate Analysis: How Banks & Credit Unions Can Stay Ahead
- Measuring Your Bank or Credit Union's NPS
- Future of Banking Technology: Is Your Bank or Credit Union Prepared?
Contact Our UX Market Research Company
Websites with the best user experience are responsive, easy to navigate, and visually appealing. And with eBanking on the rise, these burgeoning financial institutions can benefit massively by following key principles.
Drive Research is a market research company based in New York that partners with banks and credit unions. Our team is no strangers to effective user experience. Combining years of industry knowledge, we’ll work with you to boost your website goals.
Want to learn more about our market research services? Get in touch with us through any of the ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Bryan Champ
Bryan is the Senior Research Manager at Drive Research. He has more than 15 years of experience working hard to provide actionable insights that help his stakeholders make informed decisions.
Learn more about Bryan, here.
