Visitor Monitoring 2014 Keynote Small Business Banker Scorecard Results | Keynote

2014 Keynote Small Business Banker Scorecard Results

By Josh Galde | August 18, 2014

CATEGORIES: Web Performance, Performance Analytics

According to a 2013 McKinsey and Co. study citing Small Business Administration statistics, combined revenues from both small businesses and their owners’ personal banking activities is no small potatoes – representing 20 to 30 percent of banks’ financial service revenues. In 2011, this combined stream totaled approximately $160 billion to $230 billion for small businesses with annual revenues of more than $500,000. With so much at stake in one of the fastest growing segments of the U.S. economy, the advantages of offering a compelling suite of online small business offerings couldn’t be more important.

What is the Keynote Small Business Banker Scorecard?

The Keynote Small Business Banker Scorecard is an annual assessment of the online small business banking offerings of the largest banks in the U.S. It is a fact-based, competitive benchmarking study designed to help retail banks identify strengths and opportunities in acquiring and servicing small business consumers through digital channels based on industry best practices. The Scorecard measures approximately 400 objective, weighted criteria and focuses on the online banking needs of U.S. small businesses generally under $1 million in revenue. It evaluates public website content targeted towards small business owners and managers, as well as optional account management and money movement capabilities, such as payroll and invoicing services, designed to work within or supplement small business digital banking. Also considered are premium services available within the baseline banking offering or available separately, but which don’t entail upgrading to a different account management platform. These were all measured across desktop, tablet and mobile devices. Scores are out of 100, based upon: Functionality; Ease of Use; Privacy & Security; Quality & Availability.

Online channels have become the battlefield for winning the hearts and minds of consumers. The performance, usability and brand perception for online content owners are now closely tied, and can quickly influence a customer’s choice – positively or negatively. This is especially true in competitive verticals like Financial Services where the difference between the top players often comes down to the quality of the initial customer touchpoint, which for most people these days is the online channel. Having a way to accurately measure and benchmark the performance of your company’s digital platform against that of the competition is extremely important for internal audiences, and being able to say that you were named by a trusted third party is extremely valuable from a marketing and brand perspective.

Who was included in the 2014 Keynote Small Business Banker Scorecard?

  • Bank of America
  • Capital One
  • Chase
  • Citibank
  • PNC
  • U.S. Bank
  • Wells Fargo

Who won the 2014 Keynote Small Business Banker Scorecard?

We are pleased to congratulate Bank of America for taking first place AND for the second year in a row!

Who were the top winners of the 2014 Keynote Small Business Banker Scorecard?

  • 1st Place: Bank of America
  • 2nd Place: Wells Fargo
  • 3rd Place: Chase

How did Bank of America win the 2014 Keynote Small Business Banker Scorecard?

As part of its winning efforts on behalf of its small business customers, Bank of America offers services designed for small business integrated into the online banking platform. It also recently redesigned its small business product pages with an expandable global navigation panel listing small business services, such as remote deposit, payroll, invoicing and account permissions. Overall, the Scorecard highlighted Bank of America’s continued leadership across the board in their digital offerings for small business clients.

”We are delighted to achieve top honors in Keynote’s annual Small Business Banker Scorecard for the second year in a row,” said David Solis, National Sales Executive for Small Business Specialized Sales, Bank of America Merrill Lynch. “Providing our small business clients with the resources they need to help them succeed – whether online, via mobile, by phone, or in one of our banking centers – is what motivates us every day. Being recognized by a trusted third-party like Keynote provides great validation of the convenience and comprehensive banking solutions we offer to small business owners.”

To obtain a copy of the complete this Scorecard and see where your bank placed, please visit:

Other key findings in the 2014 Keynote Small Business Banking Scorecard include:

  • Remote check deposit (RCD) is offered by six of the seven sites benchmarked in the Scorecard.
  • Account aggregation of external balances and transactions within online banking is only available at Bank of America and Citibank, through their consumer-based personal financial management (PFM) service, which helps business owners generate spending reports and track expenses.
  • Five banks enable business owners to assign access privileges for online banking and transactions.
  • Four banks enable small business customers to assign different levels of online banking access privileges, such as to view accounts only or the capability to make specific types of payments or transfers.

Keynote Scorecard Methodology

This Scorecard uses approximately 400 objective, weighted criteria to measure:

How well the bank collectively meets weighted criteria in four categories:

  • Functionality Ease of Use
  • Privacy & Security
  • Quality & Availability

How well the site meets weighted criteria within five types of tasks:

  • Open Accounts
  • Look Up Information
  • Transact
  • Get Service
  • Learn and Plan

About Keynote Competitive Intelligence

Keynote Competitive Intelligence includes the Keynote Scorecards and Keynote Competitive Rankings. Keynote Competitive Rankings (KCR) benchmark the complete customer experience including site performance, usability and brand within the competitive context of a specific vertical. The studies include tasked-based usability research and performance measurements across multiple digital channels. This bi-annual study helps customers understand where they should focus to improve their customer experience and what top sites are doing to be the best. Verticals studied include financial services, travel, hospitality, and insurance.

Keynote Scorecards are fact-based, competitive benchmarking studies that measure and rank digital offerings based on over 200+ criteria reflecting industry best practices. The annual and bi-annual Scorecards are designed to help financial services companies identify their strengths and opportunities in acquiring and servicing consumers through their digital channels, and how they rank against their competitors in key categories and tasks. Learn More.

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