In the context of its yearly production campaign, D-Rating has completed its 2022 Digital Performance Rating related to the Digital Propositions module. This study examines all items, digital initiatives, and services offered to customers on web and app digital channels.
The data for this study takes into account 300+ indicators collected using testers (i.e. mystery shoppers) that are real bank customers.
The 2022 scope includes both banks with branches i.e. “traditional” actors in the banking scene, as well as digital banks challenging the status quo in specific areas.
Digital Proposition Spanish’s Results
The Spanish market has evolved yearly since our first campaign in the Iberian market in 2019. BBVA is once again at the top of the ranking, followed by ING Spain and Banco Santander. We observe a remarkable performance for certain banks, including Banco Santander, which has moved from very low rankings in 2021 to third place this year. A fascinating ascent where the bank was able to develop its applications and align its strategy with the market expectations.
A closer examination of the score shows that all these 3 banks occupying the podium today performed well in the 3 areas of the Digital Proposition: Customer Support, Features, Offers and journeys.
At the level of Customer Support, BBVA has the highest score, with a big gap with all the other banks, a very important leverage these days to assist and build loyalty or to retain newly acquired customers online.
BBVA and Banco Santander have a very close score in Features domain. Banco Santander also earned points compared to last year. At the level of Offer & journeys, ING Spain has the highest score followed by BBVA.
ING SPAIN obtained a very high score in the Offer & journeys web. It is now known for its wide range of offers and features accessible via its website initially but also its mobile application. The offers quoted in our study include: Mortgage loan, personal loan, brokerage account, cashback, junior account, etc. While Banco Santander achieves very high performance in terms of account opening.
The best in their lane
The Digital Proposition score aggregates 3 domain score:
Offers & Journeys include access to offers from web and mobile application as a customer to main banking products and the digitization of the account opening process (on-boarding) as an entry point to the banks’ services. The best performer of this domain is ING SPAIN, as explained earlier, it has scored the best in access to offers from web to mortgage loan, personal loan and a brokerage account. Also, it is one of rare banks in Europe to offers “beyond banking features”.
Customer Support Maps out the help tools provided to customers either to reply to and instant need through chats, chatbots and FAQs or an expertise need with inbox, contact forms, callbacks, and appointment scheduling. The best performer is BBVA, with an overall customer support service that is way better than any other bank in Spain with its outstanding expert support. And BBVA invests a lot on the topic during last year as its ranking improve from 7th to the top position!
Features list for both the app and the web, the existing features pertaining to account management, card setting, PFM and budgeting or even sustainability or biometric authentication tools. In this field, BBVA is also the best performer in features, scoring highest since it covers a very high functional scope from daily banking features such as Alerting to green banking features (digital access to “green” products).
Spain's digital banking special position on cards & payments topic
A quick observation we have made in Spain is that card setting features meaning the ability to turn on and off the banking card for specific actions (contactless, online shopping, international regions, or cash withdrawals) are not a common practice amongst Spanish banks yet. Whereas the virtual card on the other hand is widely spread and the majority of the banks offer the ability to add a temporary virtual card in addition to the physical permanent one.
We have seen through our proprietary Market alerts tool (monitoring in real time innovation brought to the apps) that the main areas on which the focus was for mobile application updates includes, payment features, account management, card settings, PFM and budgeting and security features.
When compared to the rest of European updates in the application stores, Spanish banks have concentrated their efforts on payment features (for example bill splitting, mobile payment, payments by installments…), much more than anywhere else in Europe.