"Throughout 2016, we saw a steady series of digital innovations to the user experience across the many industries and companies we track," noted
Corporate Insight's Monitor Services teams use rigorous, proprietary grading software to review key online tools and resources from more than 100 financial services firms and insurers. The Monitor Awards highlight the best resources and most important features of the online user experience.
2016 Gold Monitor Award Winners
Gold medals are presented for online features that exceed Corporate Insight's criteria for overall excellence and usability. In 2016, the following companies received the most gold medals across nine industry verticals:
- Advisor Monitor Awards
- Life Insurance Monitor Awards
- Annuity Monitor Awards
- Mutual Fund Monitor Awards
- Bank Monitor Awards
- Property & Casualty Monitor Awards
- Credit Card Monitor Awards
- Retirement Plan Monitor Awards
- e-Monitor Awards (Online Brokerage)
- Healthcare Monitor Awards
A Look Back at 2016: Summary of Key Trends
As part of its Monitor research services, Corporate Insight (CI) analysts use live accounts at each financial institution covered, identifying customer-centric improvements and trends as they occur in real time. The Monitor Awards are a culmination of a year's worth of website tracking and user experience assessment. The following is a summary of the most notable trends from 2016.
Website Revamps & Design Changes; Continued Proliferation of Responsive Design
Financial firms in every industry segment either redesigned or entirely revamped their public, private and advisor websites. Many prioritized improved design and streamlined site navigation, integrating responsive design across devices. For example, nearly half (43%) of the firms in the Life Insurance Monitor coverage group updated their websites in 2016. Notably, every revamped website features responsive design, with a majority (79%) of firms now offering responsivity on at least part of their public sites, and 50% offering partially or completely responsive private sites.
Firms continued to use microsites to host educational resources, and promote products and investment strategies. Within the Mutual Fund Monitor coverage group,
Tools and Calculators, with a Strong Focus on Retirement Savings,
In the Retirement Plan Monitor coverage group, Fidelity, Nationwide and
CI tracked an uptick in financial wellness resources within the credit card industry in 2016, with five firms in the Credit Card Monitor coverage group offering free FICO credit scores. Bank of America was the first to do so, integrating scores online and its revamped mobile app. Similarly, Wells
Mobile Technology and Enhanced Capabilities
Firms added innovative features to their mobile apps in 2016, incorporating new technologies such as iOS 3D Touch and Amazon Alexa voice recognition. Within Property & Casualty Monitor, the most innovative use of mobile technology in 2016 came from Liberty Mutual and its subsidiary Safeco as they became the first to create apps. This technology allows clients to ask various insurance questions, such as how to deal with flooding, and receive immediate answers.
Mobile wallets continue to proliferate, as card compatibility with Android and Samsung Pay increased markedly throughout 2016. Masterpass and Microsoft Wallet are rolling out as well, with updated digital payment pages and banners posted to banking sites. Chase and Wells Fargo also launched their own payments services.
Rollout of Automated Investing Platforms Continues
An unprecedented number of brokerage firms entered the automated investing space in 2016. Three firms in the e-Monitor coverage group –
For more information on Corporate Insight's 2016 Monitor Awards reports, please contact:
About Corporate Insight
Corporate Insight provides competitive intelligence, consulting and user experience (UX) research to the nation's leading financial services firms, insurers and educational institutions. For more than two decades, the firm has published customer experience-focused research and has advised clients on key competitive issues with a focus on improving digital capabilities. The firm offers subscription-based Monitor Services in 14 verticals, including brokerage, healthcare and alumni relations, along with custom research and consulting services, digital capabilities audits, special studies and UX research. To learn more, connect with us on Twitter, Facebook and LinkedIn.
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SOURCE Corporate Insight