Raiffeisen comes out the clear winner in the online banking dimension. What can you learn from this?

Deep Dive Series Finnoscore DACH countries: #1 Online Banking

  • Online banking is a central criteria for customers!
  • What must online banking definitely be able to do 
  • This is what winners look like: ELBA electronic banking
  • Is that all – No, because even the winner still has room for improvement!
  • Online banking is a central criteria for customers!

    In 2020, around two thirds of German internet users used online banking, most of them even several times per month. And this number is rising sharply. This means that online banking has now become the most important point of contact with customers and shapes the perception of a bank. The coronavirus pandemic has accelerated this development: for months, many customers had only been stopping off at the self-service foyer of their bank at the most. That's why it's so important to stay competitive with online banking! 

    Let's take a look at our best practice example:

    In the area of online banking, the Raiffeisen Group Austria is the clear winner of the current Finnoscore when we focus on the DACH countries. Within the group, Vorarlberg is just ahead of Lower Austria-Vienna, Upper Austria and Salzburg. What can you learn from this now? 

    At Raiffeisen, online banking is an important issue. You can see this already from our landing page: we have a separate Online Banking menu item. On top of this, buttons for logging into the ELBA system can be found in the header banner as well as at the bottom of the screen. New customers are guided thanks to helpful tutorials.

    This all showcases Raiffeisen’s digital capabilities. The strategy is similar to neobanks, which also focus on online banking and mobile banking apps. 

    Raiffeisen Vorarlberg Online Banking

    What must online banking definitely be able to do? 

    It’s not just a website with access to online banking that modern banks need, if this was all they wouldn’t be able to stand up to competition from neobanks on their own. This is why Raiffeisen also presents additional functions such as the finance manager, a money transfer app or digital securities investment in detail on the website.

    This is what winners look like: ELBA electronic banking

    User-friendly design, for example, lists instead of continuous text as well as clear graphic presentation allow new customers to find their way around quickly. Furthermore, the tutorial Introduction to My ELBA gives an overview of the basic functions with the target group in mind. Anyone who want to know more can get additional information with further tutorials.

    Is that all? – No, because even the winner still has room for improvement!

    We’ve highlighted the fact that our best practice example provides sufficiently clear information in a positive way. However, this information is still spread over too many different sub-pages. This makes navigating the site unnecessarily cumbersome. For example, the arrangement of the My ELBA functions can only be found three levels below the homepage – if users even get that far! There’s a more customer-friendly way: Slovenská Sporiteľňa offers a demo version for George, even for users who do not bank with them. This makes it much easier to change banks, for example. 

    So what can we learn from our best practice example?

    • Information on online banking belongs in a prominent place on the homepage.
    • The essential information must be presented clearly and concisely.
    • Tutorials or demo versions help users find their way around.
    • Innovative features bring real added value.

    Do you want to be at the top of the Finnoscore too?

    If you want more details, subscribe to our FinnoBlog newsletter and you’ll continuously receive the other articles in our deep dive series Finnoscore 2020 directly into your mailbox. 

    Drawing comparisons is important, taking action is more important. 

    Take the first step with us: we’ll show you what quick wins can look like for your bank. Speak to us directly

    Photo of Iulia Bantoiu
    Iulia Bantoiu
    Iulia Bantoiu is a Senior Innovation Consultant at Finnoconsult. With more than 13 years of experience in the banking sector, she supports our customers in agile projects as a product owner.

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