E-Banking snapshot. Online banking and customer retention: Stand by me. July 2005 No. 14. Digital Economy Economics

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1 Digital Economy Economics July 2005 No. 14 Online banking and customer retention: Stand by me Editor Antje Stobbe Technical Assistant Sabine Kaiser Deutsche Bank Research Frankfurt am Main Germany Internet: Fax: Managing Director Norbert Walter 1. Retaining the current customer base is key. The reason is, that the cost of acquiring new customers is high but the probability that they stay quite is low. New customers who are acquired at the margin are quite likely to be switches. They will eventually switch to a better offer. 2. Customer satisfaction is the prerequisite for customer retention. More than two thirds of the customers who are delighted with their bank say they will not switch to another provider. Quite the contrary: they consider buying other products from the same provider, and will even recommend them to others. 3. Online banking users are less likely to leave their banks. Online banking appears to be the retail channel that is especially promising in cultivating customer loyalty: online banking users are less likely to switch their checking account provider than their offline counterparts. 4. Online banking households are more challenging customers, though. They are better informed and more actively involved in their financial affairs than online households that do not use their bank s website. Online banking households use websites to gather information and shop around. They also prefer to make their financial decisions on their own. 5. Complexity of online banking sites may turn customers away A startling 92.6 percent of German internet users regularly abort their visits to bank websites according to an Emnid survey. The top reason for aborting is that they cannot find the information they are looking for because it is hidden or not available. 6. but a good website retains customers. A study conducted in Canada finds that a good website causes more online customers to stay with their banks than lower fees, financial advice or a broader product selection. This calls for more attention to be payed to the user-friendliness of online banking services. 7. Online customer retention is worth the effort, because keeping online customers increases a bank s profitability. A study controlling for this selfselection bias shows that the internet channel alone increases a customer s profitability to the bank by impressive 4 percent. 8. Banks should therefore convince more of their customers to go online. Of those offline customers who are interested in online banking, almost 90% find a security guarantee crucial. A well-known offline brand and relatively cheaper fees are also considered very important. Surprisingly enough, only 29% find a broad selection of financial services important in this context. Jürgen Schaaf, Contributions from Dorothe Singer

2 Cost of acquiring new customers high, probability of retaining them is low Retention probability In many businesses, the customers most likely to sign on are precisely the worst customers you could possibly find. Marginal acquisition cost F. Reichheld 1. Retaining the current customer base is key. The reason is that the cost of acquiring new customers is high, but the probability that they stay is quite low. New customers who are acquired at the margin are quite likely to be switches. They will eventually switch to a better offer. Or as Reichheld puts it: In many businesses, the customers most likely to sign on are precisely the worst customers you could possibly find. Source: Staelin, 2005 Satisfaction translates into loyalty Delighted Pleased Indifferent Disappointed Will consider repurchase or other products Will recommend Won't sw itch % of customers 2. Customer satisfaction is the prerequisite for customer retention. More than two-thirds of the customers who are delighted with their bank say they will not switch to another provider. Quite the contrary: they consider buying other products from the same provider, and will even recommend them to others. By contrast, almost threequarters of dissatisfied customers say they will switch their financial institution. Source: A.T. Kearney, 2004 Economics 2

3 Online banking users are less likely to leave their banks "How likely are you to sw itch to another checking account provider in the next year?" Very likely Likely Neither likely nor unlikely Unlikely Very unlikely Base: Canadian households Source: Forrest er, Online banking customers Non-online banking customers 51 % Online banking users are less likely to leave their banks. Online banking appears to be the retail channel that is especially promising in cultivating customer loyalty: online banking users are less likely to switch their checking account provider than their offline counterparts. Only 4 per cent of Canadian online households say they are likely or very likely to switch their provider. The corresponding figure for offline households is twice as high (8 per cent). While these results come from North American customers they are likely to also apply in the European context. Online bankers more involved in their financial lives I rely on financial advice from professionals (e.g. advisors, brokers, insurance agents) I alw ays try to shop around for financial products I like to do my ow n research before making financial decisions If I place more money w ith a firm, I am entitled to preferential treatment from it I make investment decisions on my own Base: US online households Source: Forrest er, Don't use bank's website Use bank's website Percentage who agree with the following Online banking households are more challenging customers, though. They are better informed and more actively involved in their financial affairs than online households that do not use their bank s website. This is the result of studies conducted in the United States. Online banking households use websites to gather information and shop around. They also prefer to make their financial decisions on their own. Economics 3

4 Top reasons for aborting Information hidden Information not available Security reasons Complexity of online banking sites may turn customers away. A startling 92.6 percent of German internet users regularly abort their visits to bank websites according to an Emnid survey. The top reason for aborting is that they cannot find the information they are looking for because it is hidden or not available. Information just for "financial experts" 12.0 % Source: Emnid, 2005 A good website retains customers Choose three reasons w hy you stay w ith the checking account provider you currently use: Has the most convenient branch/ ATM locations 56 It's too much trouble to sw itch providers 31 Has a better w ebsite than other banks Doesn't push products on me that I don't need Handles any problems I have quickly Offers better branch service than other banks Alw ays acts in my best interest, not just its ow n Has tailored products and solutions to fit my needs I have a personal relationship w ith an account rep Reduced fees based on my account size/number Gives me advice on how to manage my finances Offers better phone service than other banks A good website retains customers. A study conducted in Canada finds that a good website causes more online customers to stay with their banks than lower fees, financial advice or a broader product selection. This calls for more attention to be payed to the user-friendliness of online banking services. I have a special phone number to use Has the best product selection Base: Canadian households Source: Forrest er, % of online banking customers Economics 4

5 Online customers more profitable to the bank t 0 Profitability (index) 110 t Offline Customers (control group) 100 Future online customers go online Future Online Customers 104 Channel effect Online customer retention is worth the effort, because keeping online customers increases a bank s profitability. Online customers are often assumed to be more profitable than offline customers, because they are better educated and earn higher incomes. Still, a study controlling for this self-selection bias shows that the internet channel alone increases a customer s profitability to the bank by impressive 4 percent. Offline Customers (control group) Online Customers 90 Source: E-finance Lab, 2004 What prospective online banking users are looking for Security guarantee 87 Provider know n outside the internet 78 Cheaper fees than offline 69 Possibilty to ask questions High quality of financial services Cheap prices of financial services Personal advice Automatically generated offers Detailed information on financial services Banks should therefore convince more of their customers to go online. Of those offline customers who are interested in online banking, almost 90% find a security guarantee crucial. A wellknown offline brand and relatively cheaper fees are also considered very important. Surprisingly enough, only 29% find a broad selection of financial services important in this context. Search function w ithin the w ebsite 41 Personal contact 40 Broad selection of financial services 29 % of people interested in online Note: Multiple answ ers possible Source: Fit t kau & Maaß, 2005 Economics 5

6 2005. Publisher: Deutsche Bank AG, DB Research, D Frankfurt am Main, Federal Republic of Germany, editor and publisher, all rights reserved. When quoting please cite Deutsche Bank Research. The information contained in this publication is derived from carefully selected public sources we believe are reasonable. We do not guarantee its accuracy or completeness, and nothing in this report shall be construed to be a representation of such a guarantee. Any opinions expressed reflect the current judgement of the author, and do not necessarily reflect the opinion of Deutsche Bank AG or any of its subsidiaries and affiliates. The opinions presented are subject to change without notice. Neither Deutsche Bank AG nor its subsidiaries/affiliates accept any responsibility for liabilities arising from use of this document or its contents. Deutsche Banc Alex Brown Inc. has accepted responsibility for the distribution of this report in the United States under applicable requirements. Deutsche Bank AG London being regulated by the Securities and Futures Authority for the content of its investment banking business in the United Kingdom, and being a member of the London Stock Exchange, has, as designated, accepted responsibility for the distribution of this report in the United Kingdom under applicable requirements. Deutsche Bank AG, Sydney branch, has accepted responsibility for the distribution of this report in Australia under applicable requirements. ISSN Internet: / ISSN

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