fake bank white background presentation for printing january 2005 fake bank

Fake BankWhite Background Presentationfor Printing

January 2005

Fake BankFake Bank

2bermani

Table of Contents Page

Background and Methodology…………………………………………………….. 2

Executive Summary…………………………………………………………………. 6

Relative Importance of the Twelve Web Site Features Tested………………. 7

Relative Importance of the Levels within the Twelve Web SiteFeatures Tested……………………………………………………………………….11

Priorities for Improving FirstUnion.com………………………………………….22 Web Site Improvements Overall…………………………………………………………….

22 Retaining and Deepening First Union Customer Relationships………………………….

31

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Background and Methodology

Fake BankFake Bank

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Background and Methodology

17%11%

12%

14%

14% 16%

16%

Key Drivers of Web Site Loyalty*(First Union’s View of How the Key Drivers Are Organized)

Speed• Allows me to conduct business quickly• Pages load quickly

Navigation• Screens are uncluttered• Information is easy to find

Ease of use• Clear and straight forward information• Online help function is useful

Content• Provides the online products and

services I need• Impressed with the information on

the site

Security/Privacy• I trust the firm to protect

my privacy

Access• Dependable site• Being able to get onto the site

Brand• Firm was not trying to sell me

something

* An outcome of the key driver analysis is that each driver is assigned a weight that tells how important the driver is in contributing to web site loyalty as compared to the other drivers. This pie chart shows what proportion of the importance comes from each area.

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Fake Bank and Methodology – Tradeoff Features and Levels

Feature Rep-Assisted Help Online Help Security Home Page Content

Page Load Speed

Site Availability

Levels within Feature

The web site is always up and available.

The web site is down occasionally

Web site pages load within the time it takes to snap your fingers.

You have to wait for pages to load.

While online, you can get help by calling a service rep who can view your screen. You may have to wait for a rep to become available.

You can get help by interactively "chatting" with a rep while online (communicate back and forth to get clarification or ask more questions interactively). You may have to wait for a rep to become available.

You can get help by calling an 800 number and speaking to a customer service rep who cannot view your screen. There is little or no wait time for a rep to become available.

You can get help by sending an email to the firm to schedule a service call. A rep will call you back when it is convenient for you.

For a question or to get help, you can type in your question and instantly receive a computer-generated response.

You can get help by sending an email message and a service rep emails your answer within 2 hours.

You can get help by sending an email message and a service rep emails your answer within 24 hours.

Firm emails a security message verifying certain account activity such as a large withdrawal or unusual credit card activity.

For certain types of transactions thatyou want to be more secure, you can request an additional log in step.

There are no security alerts or additional log in steps.

In addition to information on financial products, the homepage features a wide range of other information such as news, weather, shopping links and financial planning information.

The homepage includes just information on the financial products this firm offers.

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Background and Methodology – Tradeoff Features and Levels

Feature

Levels within Feature

You can see the products and services a firm offers on the homepage before going to the page to log on to your accounts.

You can bypass the homepage and go directly to the page to log in to your accounts.

After entering your password, you go to a standard log in page that has a menu of all transactions.

You can customize your log in page so that there are buttons to take you directly to the transactions you use most often.

Ability to see 12 months of transaction history online.

Ability to see 3 months of transaction history online.

You can easily download information to financial software such as Quicken or Microsoft Money.

You cannot download information to financial software such as Quicken or Microsoft Money.

The firm sends a timely email verifying that you conducted business online, set up a new account, traded, or requested service.

The firm does not send an email verifying that you conducted business, set up a new account, traded or requested service.

You can call special technical reps for certain types of support such as setting up and/or using your accounts.

For any type of online issue or question, you contact general service reps.

CustomizationAccessing Accounts

Financial Software

Transaction History

Special Service RepsConfirmations

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Executive Summary

Fake BankFake Bank

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Relative Importance of the TwelveWeb Site Features Tested

Fake BankFake Bank

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Relative Importance of the Twelve Tradeoff Features

Fake Bank CustomersTotal Market

Security12%

Site Availability11%

Page Load Speed10%

Rep Assisted Help10%

Confirmations10%

OnlineHelp10%

Download toFinancialSoftware

8%

HomepageContent

7%

TransactionHistory

6%

Customization6%

AccessingAccounts

5%

SpecialServiceReps5%

Security12%

Site Availability11%

Page Load Speed10%

Rep Assisted Help10%

Confirmations9%

OnlineHelp9%

Download toFinancialSoftware

8%

HomepageContent

8%

TransactionHistory

6%

Customization6%

AccessingAccounts

6%

SpecialServiceReps5%

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Security 12% 1 13% 1 13% 1 12% 1

Site Availability 11 2 9 7 11 2 11 2

Page Load Speed 10 3 10 3 10 3 10 3

Rep Assisted Help 10 4 10 4 10 4 10 4

Confirmations 10 5 11 2 9 5 9 6

Online Help 10 6 9 6 9 6 10 5

Download to Fin. Software 8 7 9 5 8 7 8 7

Homepage Content 7 8 7 8 8 8 7 8

Transaction History 6 9 7 9 6 10 6 9

Customization 6 10 5 11 6 11 6 11

Accessing Accounts 5 11 4 12 6 9 6 10

Special Reps 5 12 6 10 5 12 5 12

TotalOnline

Visitors OnlyOnline

Banking OnlyOnline Banking

and Bill Pay

Relative Importance of Features


Importance Rank Importance Rank Importance Rank Importance Rank

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Key Drivers of Web Site Loyalty –Customer Value Proposition

Conduct Buisness Efficently

46%

Customer Assistance

25%

Security/ Privacy

22%

Homepage Content

7%

Relative Importance of Tradeoff FeaturesCustomer Value Proposition

Allow Me to Conduct My

Online Business Efficiently

56%

Customer Assistance

8%

Brand11%

Privacy/Security12%

Content13%


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Relative Importance of the Levels within theTwelve Web Site Features Tested

Fake BankFake Bank

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3%

97%

2%

14%

84%

0% 20% 40% 60% 80% 100%

Relative Importance to All Respondents

Relative Importance of the Levels within the Features

Security

12%

Emails security message 82%

Requested additional log in step 15

No security alerts 3

Security

All First Union Customers

Confirmations

10%

Firm sends timely email verifying that you conducted business online 97

Firm does not send email verifying that you conducted business online 3

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63%

37%

62%

38%

28%

72%

5%

95%

1%

99%

1%

99%

0% 20% 40% 60% 80% 100%


Financial Software

7%

Efficiency

Can easily download information to financial software e.g., Quicken or Microsoft Money

Cannot download information to financial software e.g., Quicken or Microsoft Money


Site Availability

Always up and available

Site down occasionally11%

Page Load Speed

10%

Pages load in time it takes to snap fingers

Have to wait for pages to load

Transaction History

6%

Ability to see 12 months of transaction history online

Ability to see 3 months of transaction history online

Customization

After entering password, go to standard log in page that has menu of all transactions

Can customize your log in page with buttons that take you to your most frequently used transactions

6%

Accessing Accounts

5%

Can see products and services firm offers on homepage before going to log in page for your account

Can bypass home page and go directly to log in page for your accounts


99%

1

99

1

95

5

71

29

40

60

31

69

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Special Service Reps

6%

94%

3%

28%

69%

8%

20%

30%

43%

0% 20% 40% 60% 80% 100%



Rep-Assisted Help

10%

Call a service rep who can view your screen 45%

Interactive chat with rep online 26

Call 800 #, speak to rep who can’t view your screen 21

Send email and rep will call back when convenient for you 8

Customer Assistance


Online Help

10%

Type in a question and instantly receive a 66computer-generated message

Send email to service rep, 30who responds within 2 hours

Send email to service rep, 4 who responds within 24 hours

You can call special technical reps for certain types of support e.g., setting up your account 92

For any type of online issue or question, 8you contact general service reps5%

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64%

36%

0% 20% 40% 60% 80% 100%



Home Page Content

7%

In addition to financial products information,homepage features a wide range of other 39%

information e.g., news, weather

Home page includes just information 61 on financial products

Content


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Fake Bank.com and Best Case Web Site

Preference for FirstUnion.com Relative to Best Case and Least Preferred Web Sites’ Indexed Scores (Best Case = 100)

No security message

Site down occasionally

Wait for pages

Send email to firm

No email confirmations

Email response in 24 hours

Not easy to download

Wide range of information

3 months of history

Standard log-in

See homepage

Contact general reps.

Emails security message

Always up and running

Pages load quickly

Call rep who can view screen

Email verifying business was conducted

Instant computer generated response

Easy to download

Just financial products

12 months of history

Customize log-in

By-pass home page

Can call special reps.

Features:

Security:

Site Availability

Page Load Speed:

Rep. Assisted Help:

Confirmations:

Online Help:

Financial Software:

Homepage Content:

Transaction History:

Customization:

Accessing Accounts:

Special Service Reps:

No security message


Wait for pages






3 months of history

Standard log-in

See homepage

Call technical reps.

100

29 24

Best Case Web Site FirstUnion.com Least Preferred Site

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Fake Bank.com vs. Competitor Web Sites

Preference for First Union.com Relative to Competitors’Web Sites’ Indexed Scores (Best Case = 100)

No security message


Wait for pages



Email response



3 months of history

Standard log-in

See homepage

Call technical reps.

Features:

Security:

Site Availability

Page Load Speed:

Rep. Assisted Help:

Confirmations:

Online Help:

Financial Software:

Homepage Content:

Transaction History:

Customization:

Accessing Accounts:

Special Service Reps:



Wait for pages

Call 800 #, rep can’t view screen



Easy to download

Just financial products

12 month of history

Customize log-in

See homepage



Always up and running

Pages load quickly

Call rep who can’t view screen

Email verifying business was conducted


Easy to download


12 months of history

Customize log-in

By-pass homepage


29

92

53

FirstUnion.com Citibank.com Wellsfargo.com

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35% 35% 37%

49% 49%

34%29%

0%

20%

40%

60%

80%

100%

InvestmentFirms

Citibank Wells Fargo GeographicCompetitors

Net Only First Union Other Banks

Enhanced Web Site vs. Current Web Site

Percent of Firm’s Customers who Agree that Web Site with Enhancements is Significantly Better than Existing Web Site

Pe

rce

nt

Str

on

gly

Ag

ree

/Ag

ree

Caution: small sample size except First Union and Investment Firms.

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Likely to Recommend the Web Site to Others

32%28%

40%

21%

69%59%

75%

6% 3% 4%6%

62%

0%

20%

40%

60%

80%

100%

Before Tradeoff Based onEnhanced Site


Extremely/ Very Likely

Likely/ NeutralUnlikely

Total Market First Union


Likely to Recommend Web Site

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Likely to Continue to Visit Web Site or Use Online Services

17% 17%

40%

21%

81%

54%75%

6% 2% 4%6%

77%

0%

20%

40%

60%

80%

100%



Extremely/ Very Likely

Likely/ NeutralUnlikely

Total Market First Union


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22% 23%15% 14% 14%

44% 43%45%

40% 45%

34% 34%40%

46% 41%

0%

20%

40%

60%

80%

100%Extremely/Very Likely

Likely/Neutral

Unlikely

Brand – Switch Providers

Likely to Consider a Competitor’s Web Site

Pe

rce

nt

Lik

elih

oo

d t

o C

on

sid

er

How likely would you be to switch firms if...

N/A

Total Market*

Total Market*

Total Market*

First Union

* Asked of respondents who do not currently do business with this firm

If CurrentWeb Site

did not includeEnhancements but Citibank did

If CurrentWeb Site

did not includeEnhancements

but Wells Fargo did

Likely toConsider

First Union

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Priorities for Improving FirstUnion.com Web Site Improvements Overall Retaining and Deepening First Union Customer

Relationships

Fake BankFake Bank

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29.0%

0%

100%

First UnionSite

Fake Bank – Priorities for Web Site Improvement

Site Availability

EmailsSecurityMessage

IncreasePage Load

Speed

Firm EmailsConfirmation

AdditionalLogin Steps

Downloadto Finan.Software

Bypass Homepage

Instant ComputerResponse

Custom. Login Page

Homepage Has Only Financial Products

Info.

Email AnswerWithin

2 Hours

12 Mos. Transac. History

Interactive Help

Service Rep. Can

View Screen

37.9

46.4

54.9

62.7

69.975.9

79.9

87.891.6

94.597.7 98.9 100

83.9

8.9 8.5 8.5 7.8 7.2 6.0 4.0 4.0 3.9 3.8 3.2 2.9 1.2 1.1Number of Points Added with Enhancement

Tier 1 Priorities Tier 2 Priorities Tier 3 Priorities

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Points* Rank

Fake Bank – Priorities for Web Site Improvement

Total

Vulnerable/ At-Risk to Web Site**

Highly Loyal/Loyal to Web Site***

Points* Rank Points Rank

First Union Customer Web Site Improvement Priorities

* Points – Adding this feature will add this number of points toward becoming best case web site.** First Union customers whose web site loyalty is vulnerable or at-risk. These customer are showing indications

of not using the web site in the future.*** First Union customers who are highly loyal and loyal to web site. These customers show indications of using the web site in the future.

Site availability 8.9 1 8.1 5 9.2 1Email security message 8.5 2 8.6 2 8.7 3Pages load quickly 8.5 3 8.6 3 9.0 2Email confirmations 7.8 4 8.9 1 7.4 4Additional login steps 7.2 5 8.4 4 6.8 5Easy to download to financial software 6.0 6 6.9 6 5.7 6By-pass home page 4.0 7 3.8 7 3.1 10Instant computer generated help messages 4.0 8 3.6 8 3.5 9Customized log in page 3.9 9 3.6 9 3.6 7Homepage has only financial products info 3.8 10 3.2 11 3.0 12Email response to message within 2 hours 3.2 11 2.9 12 3.6 812 months of transaction history 2.9 12 3.6 10 3.0 11Interactive chat with service rep. 1.2 13 2.1 13 1.4 14Service rep can view screen during call 1.1 14 0.6 14 1.4 13

71.0 72.9 69.4Current preference for First Union site 29.0 27.1 29.7

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Loyalty to the firm:

• Share of wallet with First Union

• Likelihood to recommend First Union

• Likelihood to remain a customer in next 12 months

• Likelihood in the next 12 months to switch some business from First Union to another firm

• Likelihood to switch most of business to another firm

• Assuming you had additional money to deposit (into checking, saving’s, MMA or CD), likelihood of making this deposit at First Union

• Assuming you had additional money to invest, likelihood of investing most of it with First Union

• Assuming you needed to borrow money, likelihood of applying for a loan at First Union

Web site loyalty is made up of:

• Likelihood to recommend First Union web site to a friend

• Likelihood to continue visiting the web site or using First Union’s online banking, bill payment, or trading services

• Extent to which customers are only visitingFirst Union’s site or only using First Union’s online services if they are “shopping” or using other financial services web sites

Loyalty to Fake Bank – Background

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Loyalty to Firm – Background

Low Share of Wallet with Firm High

Low

High

Committed Potential

VulnerableAt Risk

Fu

ture

Inte

ntio

ns

Loyalty to the Financial Services Firm

• High share and strong future intentions to continue and deepen relationship

• Low share of wallet with firm

• Strong intentions to continue and deepen relationship

• Low share of wallet with firm

• Weak future intentions

• High share of wallet• Future intentions to

continue and expand relationship are weak

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Loyalty to Firm vs. Loyalty to Web site

21% 21%

28%20%

21% 20%

20% 19%

33% 29%

18% 28%

31% 28%

28% 34%

Web Site Loyalty

Total Market First Union Total Market First Union

Highly Loyal

LoyalVulnerable

At-Risk or Unattached

At-Risk

Vulnerable

Potential

Committed

Loyalty to Website Loyalty to Firm

Loyalty to Firm

Com

mitted/ P

oten

tial

Vuln

erable/ At R

isk

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Web Site Improvement Priorities to Increase Loyalty to Firm

Committed/ Potential Vulnerable/ At-Risk

Deepen and Enhance Relationship

Committed Potential to Firm*

Retain CustomersVulnerable or At - Risk

to Firm*

* Reported for Market Overall, First Union sample sizes too small**Points – Adding this feature will add this number of points toward becoming the “best case” web site

Points ** Rank Points ** Rank

Site availability 8.5 2 8.5 3*

Email security messages 8.6 1 9.1 2*

Pages load quickly 7.6 4 9.6 1

Email confirmations 8.0 3 8.3 4

Additional login steps 7.4 5 7.8 5

Easy to download to financial software 5.9 6 7.0 6

Bypass homepage (accessing accounts) 3.1 11 3.1 10

Instant computer generated help messages 4.6 7 5.1 7

Customize login page 3.3 9 4.2 8

Homepage with just financial products 3.1 10 3.1 11

Email response within 2 hours 3.7 8 4.1 9

12 month transaction history 2.4 12 2.6 12

Interactive chat with service rep 1.8 1.3 1.6 13

Service rep can view screen during call 1.1 14 0.8 14

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Loyalty to Firm

12%

6%

11%

11%16%Loyalty to firm higher than

web site loyalty

46%Web site

loyalty higher than loyalty to

firmAt-Risk

Vulnerable

Potential

Committed

Loyalty to Firm

At-Risk Vulnerable Loyal Highly Loyal

Web Site Loyalty vs. Loyalty to Firm – Total Market

Web Site Loyalty

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Fake BankWhite Background Presentationfor Printing

January 2005

Fake BankFake Bank

fake bank white background presentation for printing january 2005 fake bank

Documents

web site features

web site improvements

web site pages load

site brand firm

site securityprivacy

bermani fake bank

customer service rep

methodology fake bank