CORRECTING and REPLACING Chase and Wells Fargo Run Fastest E-Banking Sites According to New Keynote E-Banking Transaction Performance Index.Business Editors/High-Tech Writers CORRECTION...by Keynote Systems Keynote Systems, Inc. provides measurement and monitoring, service level and customer experience management services to customers to improve e-business performance by reducing costs, improving customer satisfaction and increasing profitability. SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Aug. 6, 2003 In BW5234, (CA-KEYNOTE-SYSTEMS) New Keynote E-Banking Transaction Performance Index, position number eight in the summary data chart for the Week of July 21-27, AVAILABILITY OR "SUCCESS RATE", should read xxx 8 Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. 92.37 (sted 8 Wachovia 92.37). The corrected release reads: CHASE AND WELLS FARGO Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. RUN FASTEST E-BANKING SITES ACCORDING TO according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. NEW KEYNOTE E-BANKING TRANSACTION PERFORMANCE INDEX Washington Mutual Slowest; Online Banks Deliver Relatively Slow and Dramatically Variable Experience to Consumers Keynote Systems (Nasdaq:KEYN), The Internet Performance Authority(R), today announced two weeks' worth of results for its new e-banking transaction performance index that measures the performance and availability for performing a typical online bank transaction on eight leading U.S. bank sites as measured from 10 major metropolitan areas. The results are startling star·tle v. star·tled, star·tling, star·tles v.tr. 1. To cause to make a quick involuntary movement or start. 2. To alarm, frighten, or surprise suddenly. See Synonyms at frighten. and show that commercial banks deliver widely varying performance and relatively slow response times to customers using the Internet to execute common online bank transactions such as logging on to and checking an account balance. Leading the pack the weeks of 7/21 and 7/28 in average time to execute the transaction was Chase and Wells Fargo in the number one and two spot respectively. During the week of 7/21 and 7/28 Chase Bank's average response time was 8.16 seconds and 8.29 seconds respectively. Wells Fargo's execution speed averaged 8.58 seconds and 9.48 seconds respectively. Washington Mutual ranked eighth on Keynote's e-banking transaction index both weeks at 23.09 seconds and 23.44 seconds respectively. The e-banking index average for performance was 12.43 seconds the week of July 21. For the week of July 28 the index was 12.39 seconds. Chase Bank held the number one spot in availability at 99.66 percent the week of 7/21. The week of 7/28 US Bank held the number one spot in availability at 99.91 percent. Wells Fargo was in the number two spot in availability the week of 7/21 at 99.46 percent. Chase Bank was number two in availability the week of 7/28 at 99.84 percent. Washington Mutual was eighth in availability both weeks at 92.37 percent and 89.07 percent respectively. The e-banking index average for availability was 97.76 percent the week of July 21. For the week of July 28 the index was 97.10 percent. The eight banks included on Keynote's e-banking transaction performance index are Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. (NYSE NYSE See: New York Stock Exchange :BAC BAC abbr. blood alcohol concentration ), Chase (NYSE:JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ), Fleet Bank (NYSE:FBF FBF Forearm Blood Flow FBF Frankfurt Book Fair FBF Feedback Form FBF Frame by Frame (animation technique) FBF FleetBoston Financial Corporation (stock symbol) FBF Fundamental Baptist Fellowship ), SunTrust (NYSE:STI STI systolic time intervals. ), US Bank (NYSE:USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. ), Wachovia (NYSE:WB), Washington Mutual (NYSE:WM) and Wells Fargo (NYSE:WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council ). The data used to produce the index was taken from actual online bank transactions Keynote's automated measurement computers executed and measured from the 10 U.S. cities (Boston, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Detroit, Washington, D.C., Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, Philadelphia, Houston, Dallas) on an hourly basis Monday to Sunday from 5:00 AM to 9:00 PM Pacific Time. Performance (or "response time") is defined as the aggregate time in seconds it took during the week to complete a multi-step transaction from the 10 U.S. cities. A transaction consists of four components (that may represent four or more pages in a banking transaction): accessing the home page, logging into the bank account, checking the account balance, logging out of the account. Availability is the "success rate" for completing the entire transaction. Here is the summary data for the first two week's worth of results from Keynote's new e-Banking Transaction Performance Index --
Week of July 21-27, 2003, 5:00 AM to 9:00 PM Pacific Time:
RESPONSE TIME
Rank Site Time
(seconds)
1 Chase 8.16
2 Wells Fargo 8.58
3 SunTrust 11.85
4 Wachovia 12.11
BENCHMARK INDEX 12.43
5 Fleet Bank 13.16
6 US Bank 14.04
7 Bank of America 17.49
8 Washington Mutual 23.09
AVAILABILITY OR "SUCCESS RATE"
Rank Site Success Rate
(percent)
1 Chase 99.66
2 Wells Fargo 99.46
3 SunTrust 99.36
4 Wachovia 99.25
INDEX 97.76
5 US Bank 97.43
6 Fleet Bank 97.32
7 Bank of America 97.10
8 Washington Mutual 92.37
Week of July 28-August 3, 2003, 5:00 AM to 9:00 PM Pacific Time:
RESPONSE TIME
Rank Site Time Rank
(seconds) Last Week
1 Chase 8.29 (1)
2 Wells Fargo 9.48 (2)
3 SunTrust 11.64 (3)
4 Wachovia 12.38 (4)
BENCHMARK INDEX 12.39
5 Fleet Bank 13.33 (5)
6 US Bank 14.07 (6)
7 Bank of America 17.59 (7)
8 Wash. Mutual 23.44 (8)
AVAILABILITY OR "SUCCESS RATE"
Rank Site Success Rate Rank
(percent) Last Week
1 US Bank 99.91 (5)
2 Chase 99.84 (1)
3 SunTrust 99.00 (3)
4 Wells Fargo 98.72 (2)
5 Fleet Bank 98.72 (6)
6 Wachovia 97.43 (4)
INDEX 97.10
7 Bank of America 97.06 (7)
8 Wash. Mutual 89.07 (8)
Source: Keynote Systems Inc.
E-Banking Customers Less Satisfied The speed with which a consumer can perform an online banking transaction is directly related to customer satisfaction. However, according to the Summer 2003 study by ForeSee Results and Forbes.com, online banking registered a score of 73 on the American Customer Satisfaction Index The American Customer Satisfaction Index (ACSI) is a leading indicator of consumer behavior, measuring the satisfaction of consumers across the U.S. economy. The ACSI interviews approximately 80,000 Americans annually and asks about their satisfaction with the goods and (ACSI ACSI Association of Christian Schools International ACSI American Customer Satisfaction Index ACSI Association Canadienne des Sciences de l'Information (French) ACSI American Communications Services, Inc. 100-point scale) Comparatively, retail and commercial banks each scored a point higher at 74, and online retail topped the index at 83. "While online retailers are finally figuring it out and starting to get profitable, banks are asleep at the wheel. Not only are banks losing an opportunity to sell more services to current customers online, they are making it more difficult for themselves to attract new customer to their most profitable channel," said Larry Freed, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ForeSee. "Despite the recent growth in online banking, if it were even close to meeting expectations, you would see higher satisfaction scores for Web banking than traditional banking. The Web is supposed to do a better job of conveniently meeting people's needs. There's still a long way to go if online banking really expects to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, other channels. The sooner banks learn to measure and manage customer satisfaction on their own Web sites, the faster the benefits will accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. ." About Keynote's e-Banking Transaction Performance Index Keynote pioneered the use of vertical indices and benchmarks for Web application performance over four years ago. The new Keynote e-Banking Transaction Performance Index is the banking industry's most accurate Web transaction performance benchmarking index for improving the performance of a bank's most critical online banking services. Keynote measures transactions from all the major metropolitan areas in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and places its transaction measurement computers on the most widely used, familiar and recognizable Internet backbone (communications, networking) Internet backbone - High-speed networks that carry Internet traffic. These communications networks are provided by companies such as AT&T, GTE, IBM, MCI, Netcom, Sprint, UUNET and consist of high-speed links in the T1, T3, OC1 and OC3 ranges. and service providers in the United States including UUNET/WorldCom, Sprint, AT&T and Qwest. Additionally, Keynote's global network of measurement computers run standard Microsoft Internet Explorer See Internet Explorer. browsers on Windows/2000 to obtain the most accurate and representative transaction performance data possible in the banking industry today. It does not use an "emulator Hardware, software or a combination of the two that enables a computer to act like another computer and run applications written for that computer. In the past, it was often a hardware add-on that actually contained an instruction execution module for the emulated computer. browser" as used by some vendors for obtaining similar-type index data. For the first time financial institutions doing business on the Web have access to a useful and cost-effective benchmarking tool that provides real time, 24/7 visibility into the performance of their most critical online transactions. The e-banking index allows banks to meet internal Web performance objectives and to compare and contrast their online performance to online banking competitors. Keynote's e-Banking Transaction Index provides a competitive advantage for companies engaged in the fiercely competitive online banking industry. Banks now have a window on their own performance and can draw direct comparisons against competitors using the same steps any customer would click through on their site from beginning to end. Poor transactional performance can drive customers right into the hands of competitors. To combat this, those engaged in e-banking need to be absolutely certain that the data they receive about performance is not only accurate, timely and delivered from multiple locations around the globe, but also specific to the banking industry. How Banks Can Use the E-Banking Transaction Performance Index The Keynote e-Banking Transaction Performance Index provides customers with a new and ideal benchmark for evaluating and improving Web transaction performance relative to direct competitors in their market space, rather than simply to a cross-section of general business Web sites. The index includes leading U.S.-based banks based on the number of registered online banking customers offering online banking capabilities to their customers. The aggregated results from Keynote's e-Banking Transaction Performance Index will be published regularly on Keynote's Web site at www.keynote.com. Complete index data that includes not only the aggregated and limited time-frame results as published here, but every data point taken 24/7 along with page, network component, content and error detail is available from Keynote on a subscription basis for $3,495.00 per month. Background on Keynote's Web Performance Indices Keynote's Web transaction indices leverage Keynote's long history and experience developing Internet performance indices. Keynote launched the world's first Web performance indices that assess page download performance (as opposed to transaction performance). Known as The Keynote Business 40 Internet Performance Index (measurements over T1 and T3 connections) and The Keynote Consumer 40 Internet Performance Index (measurements over dial-up and broadband connections See broadband and wireless broadband. ), Keynote also launched the world's first transaction performance index, The Keynote Broker Transaction Index. All today are considered the 'gold standard' for Web performance benchmarking. Now customers can use Keynote's growing line of industry-specific Web transaction indices to assess Web transaction performance against internal benchmarks and against competitors. Customers can then leverage Keynote's additional monitoring, performance management, load, content and usability testing Usability testing is a means for measuring how well people can use some human-made object (such as a web page, a computer interface, a document, or a device) for its intended purpose, i.e. usability testing measures the usability of the object. services to improve the overall performance of their e-business applications and infrastructure. To build and maintain its growing line of Web performance indices, Keynote uses its unparalleled global infrastructure of over 1,500 strategically and statistically located measurement, testing and diagnostic computers representing Internet performance from 50 metropolitan areas worldwide. Information about all Keynote performance indices can be found at www.keynote.com/solutions/solutions_pm_performance_indices_tpl.html. About Keynote Keynote Systems (Nasdaq:KEYN), The Internet Performance Authority(R), is the global leader in Internet performance management and testing services that improve the quality of e-business. Keynote's services enable corporate enterprises to benchmark, diagnose, test and manage their e-business systems both inside and outside the firewall. Approximately 2,300 corporate IT departments and 15,400 individual subscribers rely on the company's easy-to-use and cost-effective services to optimize revenues and reduce downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. costs without requiring additional complex and costly software implementations. Keynote Systems, Inc. was founded in 1995 and is headquartered in San Mateo, Calif. The company can be reached at www.keynote.com or by phone in the U.S. at 650-403-2400. Keynote and The Internet Performance Authority are registered trademarks of Keynote. Other trademarks are the property of their respective owners. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion