Customer comparison tools are by no means a new feature in the digital banking landscape. uBank Australia, the Commonwealth Bank of Australia and OCBC Singapore - all of which we will be taking a closer look at in this blog post - have had customer comparison tools in the market place for some time; with uBank having launched People Like U in 2012, and the Commonwealth Bank Signals service and OCBC's People Like You both having launched in 2013.
Though not new they are eye-catching tools that can really help customers get a firmer grip on their financial future by understanding how they are positioned in their community.
uBank, People Like U
The oldest of the trio, it could be argued that uBank's People Like U service is perhaps also the least visually engaging. However, as it is confined to one page it might also be suggested that the tool is easier to navigate - particularly compared to the Commonwealth Bank's Signals service which scrolls from right to left across multiple screens, and was not functioning properly in the current OSX Safari browser.
All three services use customer profiling information to provide a comparison of their financial circumstance, and whilst OCBC and the Commonwealth Bank rely on customer data to do this the uBank platform uses a combination of customer and census data to produce their results.
People Like U also allows users to share results via social media, as does the Commonwealth Bank.
Below are some screenshots from People Like U, or head to the website to see more.
The Commonwealth Bank, Signals
The Commonwealth Bank Signals service is a well put together website - but it is in desperate need of a content update.
Visually engaging, it also uses a voiceover to guide the user through the website, whilst providing some feedback as the journey progresses. However it is quickly apparent that the Commonwealth Bank have not worried too much about the site since launching it because all of the drop down content, found underneath the graphic itself, was posted in 2013.
At the end of the customer journey the user is also presented with a well put together infographic they can share via social media links on the site - but those using OSX Safari (as iSky often do) will find that the infographic will not load in their browser.
Notably, neither People Like U or Signals were found easily. Neither have readily identifiable links on either bank's main website, and it was only via a search engine that we could locate them. However, if the user was aware of the name of the Commonwealth Bank service, they could search that bank's website for Signals and eventually find it.
Below are some screenshots from Signals, or head to the website to see more.
OCBC, People Like You
OCBC's People Like You is the only one of the three services that we have looked at that is accessed behind the digital banking password, and that brings with it some added benefits.
People Like You allows users to compare their financial position to other OCBC customers, by firstly asking them to enter so profile information - such as age, gender, relationship status and location - in the same way that the other two platforms do.
The real difference is in the fact that the OCBC platform also relies on the customer financial history, which is managed in the partnering OCBC Money Insights service, to provide a direct comparison between the customer's financial situation and others that identify themselves in similar profile categories.
Ultimately the OCBC service provides a deeper level of comparison for the customer because of the availability of a financial history, although unlike the other platforms it does not allow the customer to share the results with others via social media.
If you'd like to see more on OCBC People Like You take a look in the Cumulus infographic, or talk to us today about how we can let you see more.