ICICI Bank Website has the Best User Experience for Online Customers
MUMBAI, November 26, 2012
MUMBAI, November 26, 2012 /PRNewswire/ --
- User Experience Leaders are ICICI Bank, Tata Capital, HDFC Bank, Axis Bank
and State Bank of Hyderabad
- On Many Other Websites, Online Customers are Neither Engaged nor Converted
due to Poor User Experience
In the first-ever syndicated user experience research report in India, Kern, a
global user experience company, benchmarked the user experience of 32
prominent banks and financial institutions' websites in India. The research
report ' Acquiring Car Loan Customers Online' throws shocking insights about
the user experience of banking websites in India.
User experience (UX) is a specialized field dedicated to 'ease of use' of
online products and services. In the recently concluded 6 ^th Economic Times
Banking Technology Conclave, RBI's Executive Director G. Padmanabhan, during
the keynote address, highlighted the importance of user experience in online
banking, "Banks need to examine how they can make electronic transactions safe
and secure while providing customers equal or more ease, comfort and
convenience compared to branch banking."
According to Ripul Kumar, Director of Research at Kern, "Western banks reap
good customer engagement and conversions online as many have embraced good
user experience practices over the past two decades." "Despite Internet
evolving as an important channel for customer acquisition, banks in India
neglect the user experience of their websites. Apart from the leaders like
ICICI Bank, banks turn away significant chunk of online customers everyday,"
According to the report, the leader ICICI Bank has a UX Index 75.31 out of the
maximum 100, a 30% lead from the runners-up Tata Capital at 58.32. ICICI Bank
leads the UX Index because prospective customers are able to find relevant
pages easily, get complex information in a user-friendly way, and can become a
customer-all easily online, without human intervention.
The other user experience leaders areHDFC Bank at 54.76 and Axis Bank at
51.34. The only public sector bank in Top 5 is State Bank of Hyderabad with
the UX Index of 49.93. The worst performing bank has a UX Index score of
Contrary to popular belief, public sector banks actually provide overall
better user experience than private banks. Overall, new private banks lead the
user experience with an average score of 52.51.
This 100-page report analyzes the relative user experience of competing
websites. Illustrated with more than 110 annotated screen shots of featured
websites, graphs and tables; the report provides more than 60 major UX
insights. Banks can instantly use these to increase online engagement and
conversions. Supplemented the insights are over 70 design recommendations
along with industry best practices.
This benchmark UX report will be useful for product owners, customer
experience managers, marketing heads, and digital channel owners of financial
institutions. Institutions planning to improve or launch their online services
will significantly benefit from the research findings. Research companies will
find this specialised report useful for banking industry analysis. Financial
regulators will find benefits in forming guidelines about great online user
experience for member institutions.
The report comes in at a time when the volume of car financing is increasing
rapidly at 40% per year and active Internet users in India are more than 11.1
crore. Banks and leading financial institutions now consider the Internet as
an important channel to offer loan services to customers.
The 32 financial institutions covered in the research report are Andhra Bank,
Axis Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India,
Corporation Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank,
Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra
bank, Mahindra Finance, Oriental Bank of Commerce, Punjab National Bank, State
Bank of Bikaner and Jaipur, State Bank of India, South Indian Bank, State Bank
of Hyderabad, Sundaram Finance, Tata Capital, The Saraswat Cooperative Bank,
UCO Bank, Union Bank, United Bank of India, Vijaya Bank, and Yes Bank.
About Kern Communications:
Kern Communications is a global user experience consulting company.
Headquarted in India, Kern has been improving the user experience of banking
technology, medical products, mobile phones, enterprise software, online
gaming, and aviation services for the past one decade.
Kern's user experience consulting services are:
- Expert usability reviews
- Lab-based usability testing
- Ethnographic user research
- User experience design
- Innovation consulting
Kern consults with global clients like Nokia, Research in Motion (Blackberry),
Samsung, Sony, Google, Philips Healthcare, Lufthansa, ESPN, Standard Chartered
Bank, and others to innovate and improve the user experience of products and
services. Kern also works closely with leading user experience (UX) research
agencies across the globe.
To know about Kern, go to http://www.kern-comm.com
Kern is a part of International User Experience Partners (IUXP), a global
alliance of leading UX companies. Together, IUXP provides UX services across
Primary Media Contact: Amit Kumar, firstname.lastname@example.org , 91-97-04501135
Secondary Media Contact: Ripul Kumar, email@example.com , 91-98-66342166
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