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ANALYSIS REPORT Digital Experiences in Banking 2019 Table of Contents

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ANALYSIS REPORT Digital Experiences in Banking 2019 Table of Contents ANALYSIS REPORT Digital Experiences in Banking 2019 Table of Contents 01 Introduction 3 About Us 02 Trends and Insights 4 Extractable is the digital strategy and experience design partner for 03 Results and Findings 7 financial services firms committed Our Approach 8 to delivering exceptional customer User Experience 10 experience. We plan, design, build, and optimize digital channels to Analytics and SEO 12 drive increased brand awareness, Visual Design and Branding 14 acquisition, and share of wallet Key Functionality 16 while reducing support costs and Content 18 churn. Our experience working Digital Marketing 20 with over 100 banks, credit unions, investment management firms, 04 Future of Digital Banking 23 retirement services providers, Digitally. Intelligently. Forward. 23 brokerages, and transaction Conclusion 24 servicers gives us rare insight into the challenges you face and how to solve for them, while generating positive ROI. EXTRACTABLE | 1 Extractable takes a deep dive 1 Home BancShares $14 B FORBES 2018 into the first 20 “Forbes 2018 2 Western Alliance Bancorp $20 B Top 100 Best Banks in America”1 3 Bank OZK $21 B 4 First Merchants $9 B BEST BANKS to analyze digital experiences 5 East West Bancorp $36 B across the industry. Find out 6 Community Bank System $11 B IN AMERICA what we learned. 7 Prosperity Bancshares $22 B 8 FCB Financial Holdings $10 B 9 First Hawaiian $21 B 10 Glacier Bancorp $10 B 11 Columbia Banking System $10 B 12 Cathay General Bancorp $16 B 13 Cullen/Frost Bankers $31 B 14 South State Bank $11 B 15 First Republic Bank $84 B 16 Bank of Hawaii $17 B 17 WesBanco $10 B 18 International Bancshares $12 B 19 Independent Bank Group $9 B 20 Hope Bancorp $14 B 1 The order of the list varies from what Forbes published originally. Our ranking skipped over banking institutions that did not have a retail banking experience. Forbes ranking criteria: “We ranked the banks based on 10 metrics related to growth, profitability, capital adequacy and asset quality. Metrics include return on average tangible equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percent of total loans. Forbes also factored in nonperforming assets as a percent of assets, CET1 ratio, risk-based capital ratio and reserves as a percent of nonperforming assets. The final component is operating revenue growth.” —Forbes (January 10, 2018), “Full List: Ranking America’s 100 Largest Banks 2018.” 2 01 Introduction Across every industry, the SUMMARY INSIDE THIS REPORT digital space continues As banking trends toward digital, our report acts as We compiled a snapshot of key industry trends, to shape customer a complement to the Forbes Top 100 Best Banks and also conducted our own heuristic review of the expectations for service report. Our assessment provides an in-depth user experience of the top 20 U.S. banks in these analysis of the digital performance of the top 20 areas: delivery. Our obsession highest-ranking banks. There is ample room for • User Experience with digital experiences improvement in the digital space — even amongst • Analytics and SEO in banking prompted our the best in banking. • Key Features and Functionality annual assessment of the In an era of digital self-service, 50 percent of • Visual Design and Branding digital maturity of financial the top 20 banks don’t offer an option to open services. Our goal is for an account online, and several lack a mobile- • Content innovators at every level optimized site. Fortunately, this experience gap • Digital Marketing creates an exciting new opportunity for financial of banking to find it to be institutions looking to stand out in the crowd. If you’d like to learn more about the methodology an informative resource We are on the cusp of a second inflection point in we used, the detailed results of your bank (if as they endeavor to shape modern banking. The first wave was marked by you’re one of the top 20), or chat about a specific their own digital strategies. fintech disruption, in the form of customer-centric score, please reach out to us at 415.426.3636 experiences for a narrow set of financial services. or email us at [email protected] to start the The second inflection point comes as the financial conversation. needs of a generation of digital natives mature. Those same fintech disruptors are now forced to add depth and breadth to their offering, focus on customer retention, and manage an expanded product line. Fortunately, incumbent banks are already in a position to meet the complex financial needs of this generation — but can they deliver their services digitally? EXTRACTABLE | 3 02 Trends and Insights TRENDS AND INSIGHTS Despite 94% of banks surveyed in the recent possessing Digital Banking Report say that they can 94%currently only deliver basic levels or no significant personalization at all. customer data, several banks 32% of financial services executives surveyed confirmed exploring AI technologies such as predictive analytics, 32% 1 have yet to unlock and recommendation engines. a meaningful level of personalization. 93% of companies report having more success in converting prospects into customers when they personalize their 93% 2 marketing. 1 Source: Financial Brand 2 Source: Econsultancy, in partnership with Adobe, Dec 2017 EXTRACTABLE | 5 TRENDS AND INSIGHTS Security, privacy 59% of consumers worry about the and transparency amount of personal information that 59%private and public sector organizations are growing have about them.1 concerns among Top 5 factors increasing trust in financial services companies:2 Top 51. Easily understood terms and conditions consumers amid 2. Reliable fraud protection 3. Easily found product/service info 4. Business convenience ongoing data 5. Access to real people breaches. 25% of consumers believe that their banking provider “ensures their transactions 25%are safe and secure” and “protects the privacy of their personal information.” However, one in four U.S. consumers said they would switch banking providers if/when they experience fraud.3 1 Source: https://www.ey.com/gl/en/industries/financial-services/banking---capital-markets/ey-trust- without-it-youre-just-another-bank 2 Source: 2018 Edelman Trust Barometer Financial Services Edition https://www.edelman.com/sites/g/files/ aatuss191/files/2018-10/Edelman_Trust_Barometer_Financial_Services_2018.pdf 3 Source: 2018 FIS PACE Findings 6 03 Results and Findings RESULTS Our Approach RATING SYSTEM Inspired by the “Forbes 2018 Best Banks in America” list1, we A rating of 3 is considered good: the site is meeting set out to determine which of these banks had the best digital basic standards for best practices. 4s are extremely rare and reserved for sites that exceed expectations. experiences. We reviewed the public marketing websites of 5s are reserved for outstanding innovators. None of the top 20 from that list—omitting any that did not offer a retail the sites we evaluated reached that level. banking experience. METHODOLOGY WHAT WE REVIEWED In December 2018, Extractable See the individual sections for details on the criteria for each specialists in UX, Design, and category. 0 1 2 3 4 5 Analytics conducted a high-level Nothing to Poor Fair Good Exceptional Most review of each bank’s marketing • User Experience Evaluate Innovative site. We scored them according • Analytics and SEO to best practices in the categories • Key Features and Functionality listed below. These scores include both quantitative and qualitative • Visual Design and Branding criteria, and reflect our analysis of • Content the sites during a specific snapshot in time.2 In reviewing the sites, • Digital Marketing we aimed to be honest, fair, and consistent. 1 Forbes ranking criteria: “We ranked the banks based on 10 metrics related to growth, profitability, capital adequacy and asset quality. Metrics include return on average tangible equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percent of total loans. Forbes also factored in nonperforming assets as a percent of assets, CET1 ratio, risk- based capital ratio and reserves as a percent of nonperforming assets. The final component is operating revenue growth.” —Forbes (January 10, 2018), “Full List: Ranking America’s 100 Largest Banks 2018.” 2 Other opinions may vary, and we understand that organizations continuously update their sites, and may have already evolved since our evaluation. 8 RESULTS Digital Experience Winners Top 20 Average 1.90 The following banks achieved the highest South State average scores across categories, earning 1 Bank 2.72 their place as digital experience leaders. First Republic 2 Bank 2.48 Overall, they demonstrate a strong commitment to providing their customers with the experience, Cullen/Frost features, and aesthetic they deserve. While the 3 Bankers 2.43 banks we evaluated were chosen from Forbes’ 2018 Best 100 Banks in America, “best” does not always First Merchants translate to the best digital experience. 4 2.32 5 Hope Bancorp 2.24 6 Columbia Banking System 2.18 14 HomeBanc Shares 1.75 7 Bank of Hawaii 2.18 15 Cathay General Bancorp 1.75 8 Community Bank System 2.04 16 Western Alliance Bancorp 1.62 9 Bank OZK 1.98 17 Independendent Bank Group 1.61 10 East West Bancorp 1.85 18 FCB Financial Holdings 1.39 11 Glacier Bancorp 1.85 19 Prosperity Banshares .95 12 First Hawaiian 1.83 20 International Bancshares .90 13 WestBanco 1.83 EXTRACTABLE | 9 RESULTS User Experience Top 20 Average RANKING 2.14 The user experience (UX) of the banking sites we South State Bank reviewed ran the gamut; from modern mobile-first 1 3.00 designs, to dated, non-responsive sites. First Republic Bank 2 2.86 We evaluated each site on the following criteria: Bank OZK • Responsive 3 2.63 • Site architecture Hope Bancorp • Navigation 4 2.57 • Friction Glacier Bancorp • Scannability 5 2.43 • Layout and organization • Calls to action / Customer journey • Micro-interactions (bonus point) 10 USER EXPERIENCE THE THIRD-PARTY PROBLEM RESPONSIVE DESIGN THE OAO JOURNEY Speedbumps.
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