Digital Competency for Major Banks Falls Between “Feeble” and “Genius”

L2, a digital think tank at NYU Stern, recently released a report that attempts to measure the digital competence of 17 retail banks and 10 credit card issuers with an IQ scale ranking.

The report used several methods to establish a bank’s IQ, considering the effectiveness of the brand’s website, digital marketing, social media, and compatibility and marketing on mobile devices.

Bank of America was the only bank to get a “genius” rating, landing above the necessary 140 points to receive this title with a score of 153. Nearly half of the banks, at 48%, got either a “genius” or “gifted” IQ ranking; Citi, Chase, ING Direct, Wells Fargo and Capital One all scored as “gifted,” between 110 and 123, which then descended to “average,” “challenged,” and, for those who scored beneath 70, “feeble.”

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The five unfortunate banks with a “feeble” rating include HSBC and Fifth Third, scoring 66 and 63, respectively; RBS Citizens came in 17th place with a digital competency IQ of just 53.

Some highlights: A majority, at 66%, of consumers prefer to receive financial information through email, while only 27% of bank brands allow email opt-in through their customer acquisition site; only 28% of financial institutions have a Facebook page for their overall brand, leading to a much lower number of “likes” compared to other brands in the industry; and more than two-thirds of brands host a mobile site or application.

For more, click here to download the report.

Written by Alyssa Gerace

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