The Not-So-Good, The Bad and The Ugly

•  30% of routine questions submitted via Webmail to top 20 banks were completely ignored
•  80% of routine questions emailed to info@bigbank.com at the top 20 banks were completely ignored
•  only 5 of 91 financial institutions (5%) used an emailed autoresponse
•  only 3 out of 91 financial institutions (3%) answered our email query about setting up an IRA
•  only 7 of 131 queries (5%) were actually answered, and 2 of the 7 answers came by snail mail, one 19 days later
•  only 18 queries of 131 (14%) received any kind of response (including autoresponses) within 24 hours
•  from the better-late-than-never department, Washington Mutual had the slowest response with a mailed packet 19 days after our Webmail inquiry; but it was postmarked 2 days before runner-up Citicorp’s phone call on day 17

Source: Online Banking Report 12/99; tests conducted 10/99 and 11/99

No wonder consumers aren’t flocking to online banking; if you can’t respond to basic email questions, will your customers trust you with a $2,000 funds transfer? Here’s a simple fix that would put you ahead of 86 of the 91 financial institutions tested: program your server to deliver an autoresponse to any email referring users to the proper email address or Web-based form. How the Tests were Conducted

OBR research manager, Margaret Quinn, conducted the test during Oct. and Nov. 1999. Using a MSN dial-up account, she anonymously sent 131 Webmail or email* inquiries to 91 U.S. financial institutions. The test results can not be used to make valid statistical projections. Sample sizes were too small, and we purposely avoided following the instructions on the

bank’s Web site (except as noted). We were merely trying to illustrate our point, that most financial institutions are not putting enough thought and resources into the critical area of email support.

Email Test Flights

Source: Online Banking Report, tests conducted 10/99 and 11/99

*IRA (individual retirement account) is a deposit/savings account that receives special tax treatment in the U.S.; we used it as our test subject because it is somewhat out of the ordinary.

*Except for survey #1 using Webmail, the test procedure was to send email to generic addresses, info@(bank).com and customerservice@ (bank).com; if those emails bounced (were returned as undeliverable), the bank failed the test. However, after a bounced email we did what many users would do, we went to the bank’s Web and followed instructions on contacting customer service. Results of those Web inquiries are listed but are not included in results.

Top Performers in Each Flight

Source: Online Banking Report, 12/99; tests conducted in Oct. and Nov. 1999

*Our researcher had an account at U.S. Bank, so the response time is not necessarily comparable with other banks surveyed.

Top-Line Results from Each Survey

*If email to info@(bank) was returned as undeliverable, a second email was sent to customerservice@(bank); if that was also returned, the request was made at the Web site. (A) Indicates the question was answered in the response.

# 1: Top 20 Banks – Webmail for Checking Account Information*

*Question: “I am relocating to [your city] soon and would like checking information including pricing.”

Webmails submitted Oct. 8 through Oct. 11, 1999, a holiday weekend.

# 2: Top 20 Banks – Email for CD Rates*

*If email to info@(bank) was returned as undeliverable, a second email was sent to customerservice@(bank); if that was also returned, the request was made at the Web site. (A) Indicates the question was answered in the response.

Question: “I would like the current rates for 6 months and for one year for a $10,000 CD.”

Date sent: Thursday, Nov. 4, 1999

# 3: Top 20 Banks – Email for SEP/IRA Information*

*If email to info@(bank) was returned as undeliverable, a second email was sent to customerservice@(bank); if that was also returned, the request was made at the Web site. (A) Indicates the question was answered in the response.

Question: “I would like information for setting up a SEP/IRA.”

Date sent: Monday, Nov. 8, 1999

# 4: Random 25 of Top 100 Banks (excluding top 20) – Email for SEP/IRA Account Information*

Source: Online Banking Report, 12/99

*If email to info@(bank) was returned as undeliverable, a second email was sent to customerservice@(bank); if that was also returned, the request was made at the Web site. (A) Indicates the question was answered in the response.
Question: “I would like information for setting up a SEP/IRA.” Date: Monday, Nov. 29, 1999

# 6: Credit Unions – Email for SEP/IRA Account Information*

*If email to info@(bank) was returned as undeliverable, a second email was sent to customerservice@(bank); if that was also returned, the request was made at the Web site. Our email didn’t include any info. that would have allowed the credit union to determine if we were a member or eligible for membership.

Question: “I would like information for setting up a SEP/IRA.”

Date: Monday, Nov. 29, 1999