« Other Product Usage and Small Business Usage Metrics | Main | Average Banking Costs per Household »

Gomez Scorecard and Internet Bank Ratings

By Jim Bruene on May 9, 2000 8:54 PM | Comments

Gomez Scorecard

Despite some conflict-of-interest grumbling in the brokerage community (top-ranked broker, E*Trade chalked-up nearly a half-million dollars in consulting fees with Gomez in 1999), Gomez Advisors  www.gomezadvisors.com  has achieved near-adjective status in the financial services community, e.g.,“We are working on increasing our Gomez.” The company’s quarterly rankings of Internet stockbrokers, banks, mortgage lenders, and credit card issuers, are widely sited in the press and touted on the home pages of the winners. Even a high score in a single category can be leveraged into PR. USABancshares, despite finishing 20th overall, and 3rd in cost, rotates this message on its home page, “Twice Ranked #1 for overall cost by Gomez.com.”
 

00-may-gmoex2.jpg

News flash on the home page of USABancshares.

To be included in the Gomez Scorecard, banks must provide Web-based account access and bill payment. Gomez calculates an overall score based on ratings of five attributes: ease of use, customer confidence, on-site resources, relationship services, and overall cost. The company assigns a score through direct observation of the bank’s Web site, results from a questionnaire sent to the bank, and interviews with bank customer service reps. Table 18 on the next page shows the rankings for fourth quarter 1999 (Note: the Spring 2000 Scorecard is now available at gomez.com). Table 20 summarizes bank scores by Web platform vendor.

Table 1

The Internet Bank Ratings

overall score on the Gomez Advisors scorecard

Bank

Overall Score1

Web Platform2

1.        SFNB3

7.47

S1

2.        WingspanBank.com

7.10

other

3.        Wells Fargo

6.81

other

4.        First Internet Bank (IN)

6.74

Virtual Financial

5.        CompuBank

6.68

Edify

6.        Ohio Savings Bank

6.58

First Data

7.        Net Bank

6.46

Edify

8.        Citibank

6.39

other

9.        Bank of America

6.37

other

10.     everbank.com

6.32

other

11.     Bank One

6.29

other

12.     Directbanking.com

6.28

S1

13.     American Express

6.27

S1

14.     Huntington

6.23

S1

15.     Fleet Boston

6.18

other

16.     Citi f/i

6.17

S1

17.     Chase Manhattan Bank

6.09

Edify

18.     USABancShares

6.06

EDS

19.     BankDirect

6.02

other

20.     Key Bank

5.96

other

21.     Mellon Bank

5.92

Integrion

22.     First Union

5.84

other

23.     USAccess Bank

5.81

Edify

24.     TD Waterhouse Bank

5.67

ina

25.     Harris Bank

5.60

Edify

26.     Wachovia

5.56

S1

27.     Telebank

5.55

S1

28.     Hibernia National Bank

5.52

Corillian

29.     First Natl Bank of Omaha

5.48

other

30.     M & T Bank

5.41

Corillian

31.     First Tennessee Bank

5.37

other

32.     Fifth Third Bank

5.35

other

33.     Bank Caroline

5.30

other

34.     Commerce Bank (NJ)

5.29

CFI

35.     Intrust Bank

5.28

eCommLink

36.     LaSalle

5.26

other

37.     American Bank

5.23

other

38.     Summit Bank (NJ)

5.20

other

 

39.     Union Bank of California

5.20

in house

40.     nBank

5.19

nFront

41.     National City Bank

5.16

in house

42.     Bank United (TX)

5.12

ina

43.     Flagstar Bank

5.10

nFront

44.     Dollar Bank

4.99

Edify

45.     AmSouth Bank

4.94

Corillian

46.     SunTrust Bank

4.93

Corillian

47.     HSBC Bank USA

4.85

EverSystems

48.     Firstar

4.79

EDS

49.     BB&T

4.74

in house

50.     Commerce Bank (MO)

4.66

in house

 

Bank

Overall Score1

Web Platform2

51.     People’s Bank (CT)

4.64

other

52.     First Citizens B & T 4.64 other
53.     Union Planters Bank

4.62

Funds Express

54.     M&I Bank

4.62

other

55.     Regions Bank

4.56

S1

56.     Washington Mutual

4.56

other

57.     Citizens Bank (RI)

4.43

other

58.     PNC Bank

4.22

Integrion

59.     California Federal Bank

4.09

Online Resources

60.     Guaranty Fed’l Bank (TX)

4.07

Jack Henry

Average

5.44

 

Sources: Score -- Gomez Advisors, 1/00, <gomez.com>;
Web platform vendors – Online Banking Report, 4/00
1Overall score from Gomez; see its Web for scores across all five attributes as well as scorecards designed for specific customer segments, Contact: John Robb, jrobb@gomez.com  (978) 287-0095;

2Web platform = vendor for the transaction area of the Web; many of the “in houses” are in-house systems

3Security First Network Bank, <sfnb.com>, is an Atlanta-based subsidiary of Royal Bank of Canada

Cross-referencing Gomez ratings with our database of Net-banking platform vendors, we generated Table 19 showing the average Gomez score for each vendor. However, the sample size is so small for most vendors, it’s difficult to draw many conclusions. It is evident that banks using S1 or S1-owned Edify score consistently higher than average. But we don’t really know the cause and effect, e.g., does the S1 platform cause Gomez scores to rise, or do banks that would normally score high on Gomez choose S1 for other price/performance reasons.

Perhaps a better indicator of platform performance is the ratings assembled by the consulting firm Celent (Table 4). In its interviews with banking execs, Celent found a strong preference for Corillian among large and medium banks and Digital Insight. among community banks. But there are so many variables in vendor selection that you must take these popularity contests with a grain of salt.

Table 2

Largest Public Net Banking Vendors*

dollars in millions

Company

Symbol

Q1 2000
Revenues

Market Cap
(6/5/00)

S1

SONE

$50.4 million

$2.1 billion

Digital Insight

DGIN

$10.4 million

$976 million

Corillian

CORI

$3.3 million

$546 million

Online Resources

ORCC

$3.1 million

$71 million

NetZee

NETZ

$2.9 million

$148 million

Intelidata

INTD

$2.6 mil lion

$316 million

*The majority of their revenues derived from Net banking software


 

Table 3

Internet Bank Service Providers

overall score on the Gomez Advisors scorecard

 

Web Platform Vendor

Number of  Clients in Gomez Winter ’99 Scorecard

Average Gomez Score

Range

Virtual Financial

1

6.74

n/a

HomeCom

1

6.58

n/a

S11

8

6.01

4.56 – 7.47

Edify2

6

5.94

4.99 – 6.68

In-house/other3

28

5.50

4.43 – 7.10

EDS

2

5.43

4.79 – 6.06

Concentrex (CFI)

1

5.29

n/a

eCommLink

1

5.28

n/a

Corillian

4

5.20

4.93 – 5.52

nFront4

2

5.15

5.10 – 5.19

Integrion

2

5.07

4.22 – 5.92

EverSystem

1

4.85

n/a

FundsXpress

1

4.62

n/a

Online Resources

1

4.09

n/a

Jack Henry

1

4.07

n/a

Total

60

5.52

4.07 to 7.47

 

Source: Gomez Advisors, 1/00; OBR, 1/00 (see table 11 footnotes)

1Provides the platform for the top site; 2Merged with S1; 3Category includes banks that use 100% proprietary systems, those that have a blend of vendor/custom software, and those that have not publicly identified the software used; 4Merged with Digital Insight

Table 4

Platform Rankings According to Celent

overall score on the Celent scorecard

 

Rank

Large Banks

Medium Banks

Small Banks

1 Corillian Corillian Digital Insight
2 Sybase/HFN Sybase/HFN Concentrex
  S1-Retail S1-Retail ORCC
3 S1-Consumer Digital Insight S1/Q-Up
 

Source: Celent Communications, 2/00, <celent.com>

Note on Web Traffic Methodology

Web traffic data is less precise than it may appear. PC Data derives Web traffic numbers from a sample of 100,000 primarily home-based users whose actual surfing habits are tracked by PC Data software. A Web site must have more than 100 visitors across the panel before being ranked. Sites below the threshold show as blank in our charts, even though actual traffic could be as much as 100,000 users or more. Another difficulty interpreting the trends is that PC Data has altered its methodology and panel make-up over time, so results in the current month aren’t directly com-parable to previous month’s data. Readers must be careful in reading too much into a given data point. For the complete methodology, see  www.pcdataonline.com/methodology

Comments

Most Recent Posts:

TrackBack

TrackBack URL for this entry:
http://www.netbanker.com/cgi-bin/mt/mt-t.cgi/1208

Upcoming Events

 

   

RSS Subscribe via RSS
RSS Subscribe to Comments



Email:


@NetBanker Twitter Feed



See all @NetBanker tweets