Most private banks lack user friendly websites, new research reveals

The majority of private banking websites are not user friendly and lack relevant content and have not improved in the last year, new research on the world’s top 40 banks shows.The best websites are UBS, Merrill Lynch and Deutsche Bank, according to a report from

MyPrivatebanking which compared the situation today with that in 2009.

It found that less than half of the banks have mastered the basic requirements for a private banking website and, in particular, shortcomings in website content are seriously damaging the chances of winning clients online.

Only a third of the websites offer even basic information on fees and costs and less than 10% of the websites surveyed disclose performance data for standard portfolios.

‘Potential clients aren’t finding what really matters to them on private banking websites. Many banks love to show flashy presentations of the bank’s venerable past. However, they avoid displaying critically important information such as fees and portfolio performance,’ said Steffen Binder, research director of MyPrivateBanking.

The private banking website of UBS stands out as a positive example and, for the second time in a row, tops the table in the report How Wealth Managers Can Win Clients Online.

MyPrivateBanking research benchmarked the websites of the world's top 40 banks. UBS achieved a score of 84 out of possible 100 points. According to the report, the UBS private banking site has an excellent structure and navigation and also scores particularly well in relation to its integration of a wide range of interactive tools and social media features.

Merrill Lynch and Deutsche Bank tied in second place, with 83 points each. While Merrill Lynch offers an outstanding search function and contact section, Deutsche Bank scored highly due to its use of social media and its client friendly content, the report says. No other provider publishes its private banking fees online in as much detail as Deutsche Bank does.

The report also shows that in terms of user unfriendly navigation and structure only a third of the providers achieved a decent standard of usability for their websites. One major trouble spot that often causes major problems is the search function, it says with 60% of the banks e unable to provide the user with relevant search results for such important terms as ‘assets under management’ or ‘headquarters’.

It also points to a lack of critical information for clients. While the majority of the private banking websites are strong on soft data, such as the description of services offered and the investment process, they have a serious lack of the hard data, the report shows. Basic details of the amount of assets under management and the minimum investment sum are missing on almost half of private banking websites. Comprehensive data on costs and performance are disclosed only on a few websites.

The contact section is the strong point of most private banking websites. Nine out of ten websites offered various means of contacts which the user can find easily. However, in spite of the fast growing importance of social networks such as Facebook and Twitter the integration of them on these websites is still very weak as is the integration of interactive tools.

European providers are leading in online presence. Of the 15 websites of non-European providers surveyed only two are able to make it into the top 10.

‘Banks that still believe more in the power of marble halls and exclusive events and regard online channels as merely nice to have and a playground for gilded youth, will have a rude awakening,’ said Christian Nolterieke, managing director of MyPrivateBanking.

According to the report, the slow adaptation to the new online realities is all the more surprising as it wouldn’t take much to improve the banks’ potential to win new clients significantly. It suggests that simple measures such as including online information on fees and the performances of standard portfolios would increase the credibility and brand differentiation of the private banking websites. By further integrating social media features, new client groups could be reached at low cost and websites would become a tool for dialogue with potential clients rather than merely an online brochure.