ForeSee Results Launch First UK Customer Satisfaction Report for Online Banking

LONDON, May 25, 2011 -

- …Average customer satisfaction score is a positive 80 on a 100 point
scale…

- …Findings indicate UK is slow to adopt mobile banking; disinterested
on social and still prefers postal communications…

ForeSee Results
(www.foreseeresults.com/products/product-science.shtml), the global
leader in technology-driven customer satisfaction analytics
(www.foreseeresults.com/products/channel-measures.shtml), are today
publishing the first customer satisfaction report for online banking in the
UK. Over 1,000 online banking customers of the top five consumer-oriented
retail banks in the UK (RBS, Lloyds, Barclays, HSBC, and Santander), were
surveyed in April 2011 to investigate how they perceive and interact with the
online banking services they use.

Despite the last two years of tumult in the global banking industry,
ForeSee Results is pleased to reveal that customer satisfaction with online
banking in the UK is fairly high and customers are very satisfied with the
top five banks (on aggregate they score 80 - generally considered the
threshold for excellence on the study's 100-point scale). These results
highlight the ability of the online channel to continue to build and maintain
customer relationships even during difficult times. Within the top five
banks, the range of scores varied from 77 at the lower end to 82 at the high
end indicating close competition between the top banks.

Other key findings:

    - Adoption of mobile banking is slow. Of survey respondents
      with a mobile phone, only 15 percent are aware of mobile banking apps
      or mobile sites for their bank. Only 10 percent of respondents are
      using their mobile phone to bank, and less than one percent of all
      survey respondents have actually used a banking mobile app.
    - UK customers prefer to hear from their bank through the post.
      When asked their preference for communications from their bank, 42
      percent said they prefer post, 38 percent prefer email, 11 percent
      prefer the website, three percent want text messages or mobile alerts,
      and only five percent said they don't want any communications at all.
    - UK customers are not inclined to get social with their banks.
      When asked if they would like to friend, follow, or like their bank on
      social media sites like Facebook, 97 percent said no.
    - UK Vs. US: On aggregate the UK online banking score of 80 on a
      100 point scale trails that of the US but by a small margin of just
      three points (83).
    - Industry comparison: UK online retailers score significantly
      lower than online banks in terms of customer satisfaction (72 vs. 80).
      The high satisfaction score for banking indicates that they are doing a
      very good job of meeting and exceeding customer needs and expectations.
    - There is a clear relationship between satisfaction and frequency of
      website usage. Customers who access their banking website roughly once
      a month report satisfaction of 71, while customers who access their
      banking website more than once a day report satisfaction of 89.
    - UK customers prefer the website to other channels by a huge margin.
      When asked which channel they are most satisfied with, 70 percent said
      The website (17 percent said the branch, 10 percent said the cashpoint,
      two percent said the call centre, and one percent said mobile banking).

"The stakes are high," said Larry Freed, CEO of ForeSee Results. "Our
research shows that a highly satisfied online banker's future behaviour
scores indicate they are 51 percent more likely to continue to use online
banking services; 63 percent more likely to continue to use the website
instead of other, costlier channels (branches, call centres); 39 percent more
likely to purchase additional services, and 76 percent more likely to
recommend the bank. Highly satisfied online bankers even report being 62
percent more likely to trust their banking institution overall and 64 percent
more satisfied with their bank overall, regardless of channel."

He concluded: "For online banking the website is a critical touch point,
so it's essential that they (banks) master that art of customer satisfaction
and invest their time and energy into measuring the different elements of
customers' online experience. Only by doing so will they improve and develop
their offering - and after all since studies continue to show a strong
connection between customer satisfaction and a company's financial future,
whether the markets are up or down, it's in their best interest to do so!"

ForeSee Results has been working in the UK since 2008 and opened its
first UK office in London in 2010. The company uses a proven, scientific
methodology (www.foreseeresults.com/products/product-science.shtml)
developed at the University of Michigan to determine how improvements to
specific aspects of the online experience, such as navigation and site
performance, will positively affect overall satisfaction, likelihood to do
business with the organisation, and loyalty. Inside knowledge into customers'
and site browsers' likely future behaviours empowers organisations to
prioritise enhancements and allocate resources efficiently.

More data resulting from this study is now available in a full report
format at: www.foreseeresults.com. Also visit Larry Freed's blog,
www.freedyourmind.com for additional comment, data and analysis
related to this report.

About the research methodology

This survey was conducted among nearly 1,000 respondents in April 2011.
Survey respondents were online panelists from Research Now. Respondents were
screened to ensure that we surveyed financial services customers in the UK
who use online services through their bank.

The data was analysed using ForeSee Results' proven methodology, which
was developed at the University of Michigan. With origins in Sweden where it
was originally developed as the Swedish Barometer, this methodology has been
adopted as a leading macro- and micro-level indicator by the United States
(as the American Customer Satisfaction Index) and the United Kingdom (the
National Customer Satisfaction Index-UK), as well as by Colombia, Dominican
Republic, Korea, Mexico, South Africa, Sweden, Turkey, and other governments
around the world.

About ForeSee Results

As the leader in customer satisfaction measurement, ForeSee Results
captures and analyses voice of customer data to help organisations increase
loyalty, recommendations and marketing value. Using a patented, scientific
methodology developed at the University of Michigan, ForeSee Results
identifies improvements across all channels and touch points that drive
customer satisfaction. With over 58 million survey responses collected to
date and benchmarks across dozens of industries, ForeSee Results offers
unparalleled expertise in customer satisfaction measurement and management
around the globe.

ForeSee Results can be found online at www.ForeSeeResults.com.

    Contact:
    Nikki Alvey
    Senior Associate
    The PR Network
    Tel: +44-0-7973-354-706
    Skype: Nikki.Alvey

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