Our research suggests that shifting investments from paid and owned media to optimize the user experience can more effectively lift long-term brand equity.
GfK funded a study to evaluate the relationship between user experience and brand across four major banks in the US. Our research compared how the user experience at these banks differed across three touchpoints: ATMs, mobile apps and the web. It also looked at how these user experiences affected brand equity.
We sampled respondents from our US consumer panel, covering frequent and most recent users of their bank’s touchpoints. We asked them the questions that produce the UX Score, our proprietary tool that measures three primary UX components: usability, utility and aesthetics. In order to probe the relationship between brand and UX, we also asked them about their brand perceptions of the banks.
Our study confirmed that the UX Score had significant direct and indirect impact on the brand equity of the four banks we compared. We found that there was a strong correlation between the UX Score at any of the three touchpoints and brand experience metrics. Our research verified that small improvements and investments in the user experience, as measured by the UX Score, could deliver meaningful gains in the impression and memorability of that experience, in turn lifting long-term brand equity. Thus, we showed that banks which focus on the user experience grow brand equity in a bold, sustainable and effective way.
Marketers should consider shifting some spending from paid and owned media to UX. Banking brands should include a quantitative measure of the UX to their toolbox for continuously measuring brand equity and performance.