Investigating KPIs and UX: Digital Research Panel Series Part 2

by Jean-Marie Ubigau,  Daniel Latimore, November 16, 2015
North America


This is the second of a series of reports based on Celent's Digital Research Panel. Celent surveyed 32 panelists about the current state of Digital, and the management and design processes of user experience.

In Celent’s first Digital Panel, banks and credit unions prioritized key performance indicators (KPIs) and user experience as areas for further exploration. They’re unsure of how to measure their Digital efforts and whether they’re handling the evolution of UX appropriately. For example, when the participants indicated the degree to which their FI has realized various benefits of Digital, an astonishingly high percentage (41%) were unsure whether digital had increased customer balances.

Key findings of the report include:

  • Almost a quarter of the participants didn’t know if digital was providing any benefits. However, institutions with more than $10 billion in assets were more likely to recognize benefits than their smaller counterparts.
  • 53% reported that user experience is evaluated on an ad hoc basis. One-third of participants indicated that re-evaluations are prompted by customer complaints.
  • 72% indicate that their institution has a separate tablet app.
  • Employees supplemented by external contractors are responsible for the day-to-day operations of UX for one-third of the respondents.
  • Digital/ATM integration was by far the least mature aspect of UX, with 29% reporting they had no integration.
  • Alternative methods of UX delivery (other than smartphone and tablet apps) are very rare.

“It is clear that many FIs have yet to figure out how to capture the metrics that show the benefits of digital,” says Dan Latimore, senior vice president of Celent’s Banking practice and coauthor of the report. “To effectively prioritize new developments and efficiently allocate resources, FIs need to work on capturing information that will focus their digital efforts while improving internal coordination across channels.”

This 28-page report contains 19 figures.

Celent created the Research Panel to examine banks’ attitudes, progress, objectives, and priorities around Digital. We recruited panelists from our client base and from industry contacts (respondents do not have to be Celent clients to participate). Celent is accepting additional requests for membership in the panel and expects to field ongoing research through 2016 with surveys roughly every other month. If you’re a banker and would like to participate in future Digital Panels, please click here to fill out a short application.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary



Key Research Questions





Banks and Digital



Current State



Digital User Experience



UX Delivery and Design


Observations and Recommendations


Next Steps; Next Survey



Areas for Further Exploration



How to Use This



Recruiting More Panelists


Appendix I: Panel Demographics


Appendix II: Survey Instrument



Digital Research Panel — September 2015


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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