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.”
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