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The Keyno Te
Benchmark
The Mobile & Internet Performance Review
Performance and Usability:
c onnecting with cU stomers on the
n ew internet
Volume 1, Issue 1
WInter/sprIng 2007 Dear Fellow executive:
Welcome to the inaugural issue of The Keynote Benchmark, a high-level intelligence report for
every executive and manager who is involved in online strategy and execution, or whose organiza-
tion depends on a successful Web presence. That’s just about all of us.
For years now, we’ve been testing, measuring and monitoring the online performance
of some of the world’s leading organizations. In this issue, we look at how Web and mobile
performance and usability have become even more critical to overall customer satisfaction, and
ultimately your success.
A lot of people are talking about “Web 2.0.” Some dismiss the term as just a catchphrase.
But by any name, everyone’s business is and will be affected by this wave of new technology
that includes rich Internet applications, broadband content including streaming media, social
networking, user-generated content, and the continued growth of the mobile Internet. The
overwhelming challenges these radical changes present for usability experts and Web operations
teams are just beginning to be truly appreciated.
In this first issue of Benchmark, you’ll meet usability and performance experts from yahoo!,
Fidelity Investments, Mauron ewMedia, MobiTV, Akamai, PowerReviews, and others. you’ll get
a glimpse of how these ...
Voir
Benchmark
The Mobile & Internet Performance Review
Performance and Usability:
c onnecting with cU stomers on the
n ew internet
Volume 1, Issue 1
WInter/sprIng 2007 Dear Fellow executive:
Welcome to the inaugural issue of The Keynote Benchmark, a high-level intelligence report for
every executive and manager who is involved in online strategy and execution, or whose organiza-
tion depends on a successful Web presence. That’s just about all of us.
For years now, we’ve been testing, measuring and monitoring the online performance
of some of the world’s leading organizations. In this issue, we look at how Web and mobile
performance and usability have become even more critical to overall customer satisfaction, and
ultimately your success.
A lot of people are talking about “Web 2.0.” Some dismiss the term as just a catchphrase.
But by any name, everyone’s business is and will be affected by this wave of new technology
that includes rich Internet applications, broadband content including streaming media, social
networking, user-generated content, and the continued growth of the mobile Internet. The
overwhelming challenges these radical changes present for usability experts and Web operations
teams are just beginning to be truly appreciated.
In this first issue of Benchmark, you’ll meet usability and performance experts from yahoo!,
Fidelity Investments, Mauron ewMedia, MobiTV, Akamai, PowerReviews, and others. you’ll get
a glimpse of how these ...
BT he ee Kny n o Tcehmark The Mobile & Internet Performance Review
P e r f o r m a n c e a n d U s a b i l i t y : c o n n e c t i n g w i t h c U s t o m e r s o n t h e n e w i n t e r n e t
Volume 1, Issue 1 WInter/sprIng2007
Dar Fllw excutiv:
Wlcm t t iaugural issu fThe Keynote Benchmark,a ig-lvl itlligc rprt fr vr xcutiv ad maagr w is ivlvd i li stratg ad xcuti, r ws rgaiza -ti dpds a succssful Wb prsc. Tat’s just abut all f us. Fr ars w, w’v b tstig, masurig ad mitrig t li prfrmac f sm f t wrld’s ladig rgaizatis. I tis issu, w lk at w Wb ad mbil prfrmac ad usabilit av bcm v mr critical t vrall custmr satisfacti, ad ultimatl ur succss.
A lt f ppl ar talkig abut “Wb 2.0.” Sm dismiss t trm as just a catcpras. But b a am, vr’s busiss is ad will b affctd b tis wav f w tclg tat icluds ric Itrt applicatis, bradbad ctt icludig stramig mdia, scial twrkig, usr-gratd ctt, ad t ctiud grwt f t mbil Itrt. T vrwlmig callgs ts radical cags prst fr usabilit xprts ad Wb pratis tams ar just bgiig t b trul apprciatd. I tis first issu fBenchmark, ya!,u’ll mt usabilit ad prfrmac xprts frm Fidlit Ivstmts, Maur nwMdia, MbiTV, Akamai, PwrRviws, ad trs. yu’ll gt a glimps f w ts rgaizatis ar adaptig t ad lvragig t latst tclgis. Ad u’ll s w csumrs ract t Wb sits i t imprtat brkrag ad wirlss idustris. o cmmt i tis issu tat rall sas it all was mad b Paul Graam, sir vic prsidt, rtail brkrag at Fidlit, w said, “Fidlit is a fiacial srvics firm, but w’r als a tclg firm.” Tat rall sums up t callgs facd b mst succssful cmpais pratig tda. Ladig rgaizatis raliz tat it is lgr gd ug just t av a Wb sit r a mbil prsc. Staig tp f t tclgical aspcts f t vlvig Wb ad mbil wrlds is lik ruig a tir busiss i ad f itslf. our gal frBenchmarkt aswrs, but ratr t igligt t rapidlis t t prvid all vlvig li wrld ad t was i wic busisss ar mtig its callgs. W p u j tis issu ad w lk frward t frgig a gig rlatisip wit u as t magazi vlvs rigt algsid t li mdium tat is its fcus.
Bst Rgards,
Umag Gupta Cairma ad Ceo, Kt Sstms
Keynote Benchmark
A Demanding Marketplace Keeps Online Brokerages Fighting for the L ead
Page4
Part Brokerage, Part Technology Company: An Interview with Fidelity Investments
Page9
The Online Competition for America’s Ears & Thumbs
Page12
Is Streaming Ready for Prime Time?
Page17
Customer Experience 2.0: Designing for a Demanding, Distractible User
Page22
Keynote Benchmark
A Demanding Marketplace Keeps Online Brokerages Fighting for the Lead
While brokerage Web site reliability ranks as the highest of any industry —
and while the majority of investors use the Internet to research and manage their investments —
online brokerages still face challenges in getting investors to actually trade online. Dg”ir f q ackuiw ,st“ ralpvst i quiti sctiut id a, trumscu gittap drawp a s rd-srckrt kamituc tctsrut ,spsdid a st msiptit fi ica malkar. tsf rudti smt ias i ads t a mcisarcip plg carulwit dusiss va b prt,s c tgra s,i sb a spu tratildi bualtrm wrkb oilg .rkpa “rt fir pt-gl rf ”gi Wit accss t cmptitiv sits just a mus click awa, li brkrags ar flig prssur t mt vr-icrasig custmr xpctatis ad rigrus prfrmac stadards. Attractig ad kpig custmrs rquirs t just t rigt suit f prducts ad srvics, but a fficit, ituitiv li xpric as wll.
Keynote Benchmark
5
Investors read Ily research and manage onl Ine, but trad Ing lags chart a: transact Ion actIvIty In equItIes contInues to clImb e-brkrags rvlutiizd t tradig(Market value of sales in millions) idustr wit a w cst structur mdl fr2005 $33,219,676 trasactis, ifrmati, ad marktig. Tis mdl as brugt trasacti activit2002 $22,657,944 t a all-tim ig. (S Cart A) Tda, t majrit f quit ivstrs — full tw-tirds1999 $22,813,331 — us t Itrt t accss tir fiacial 1996 $8,123,748 accuts r gatr fiacial ws. But fw actuall cmplt t prcss ad xcut a1993 $4,179,743 li trad. I 2005, just 14 prct f ts ivstrs xcutd li trads.11990 $2,153,676 oli brkrags fac dirct cmptiti frm traditial brkrags ad tr discutrs, ad idirct cmptitisource: securities and exchange commission: select sec and market data for fiscal 2005, t able 12. frm baks, lif isurac cmpais, ad tr ivstmt avus. Tda mst ets he okerages li brkrags ffr valu-addd srvics ldchart b: Ira ass In br suc as li rsarc, prtfli valuati, ivstmt rcmmdatis, ad acd2005 $1,393 billion tradig xcuti spd. otrs, icludig t stablisd Wall Strt firms, ffr billion2002 $949 ivstrs t traditial pti f visitig a billion1999 $942 brac ad mtig i prs wit a brkr. 1996 $529 billion demograph Ics of the
amerIcan Investor1993 $351 billion T Ivstmt Cmpa Istitut rprts tat alf f all U.S. uslds tda w1990 $192 billion quitis itr dirctl r trug mutual fuds.2Mst ar savig fr rtirmt, ad abut 40 prct f idpdt rtirmtsource: 2006 investment company institute fact book. assts ar ld i brkrag accuts. (Sindividual retirement account (Ira) is held in a brokerage account.nearly $4 of every $10 in an Cart B) I 2005, t mdia usldthe mutual fund assets held with brokersthat figure doesn’t include . assts ivstd i stcks wr $65,000 — a sigificat ris frm $50,000 just tr w us tir ivstmt prvidrs’ Wb udrscrs t cmptiti i t idustr ars arlir.3 t d fr full-srvic brkrag ad at last svral tims a ar, wat t sitsWil ivstrs f all ags w stck, tw-tirds f stck ivstrs ar s accut ifrmati, quit rsarc firms t prvid ig-qualit li srvics i tir pak arig ars, ags 35 t 64. tls, stck ad mutual fud scrrs, t maitai tir clit bas.6 (S Cart C) asst allcati tls, ad li tradig Afflut ivstrs ar particularl fuctialit.5A stud b FrrstrrelIabIlIty and performance attractiv t fiacial srvics firms. T Rsarc sws tat arl tw-tirds fshape customer exper Ience li activit f tis dmgrapic parallls afflut ivstrs ar itrstd i li M issus ar mtiall cargd, ad t icrasig vlum ad itrst i t m maagmt, ad t us bt quit markts ar triusl vlatil. stck markt vrall.4 rags.Afflut ivstrs,wat stabilit, scurit, ad a ig Custmrs Tis fact dirct ad full-srvic brk
Keynote Benchmark
One of the most frequent complaints — expressed by 27 percent of the prospective customers — focused on the communication of fees and commissions on the sites.
wit 14 majr li brkrag Wb sits best pract Ices for onlIneb Kt Cmptitiv Rsarc, t brokerage sItesidustr aalsis grup f Kt Sstms. • detailed fac fI t stud, 83 prct f prspctiv li ts up rontivstrs rprtd cmmissis ad fs as • accounts highlighted on main pagea imprtat csidrati, ad 82 prct rprtd spd ad rliabilit f trad • differences between accounts explainedxcuti as a imprtat csidrati. • extensive account informationI cmparis, t slcti f availabl prducts ad srvics was a csidrati • customizable toolsfr 60 prct, wit ivstmt advic ad plaig tls a csidrati fr 56 prct. lvl f srvic frm tir fiacial srvics prvidrs. oli brkrags fac t adddbrokerages score well In page callgs f Wb sit prfrmac addownload speed srvic rliabilit i adlig tir custmrs’ I gral, brkrag sit prfrmac lvls critical fiacial rsurcs. ctiu t far xcd sit prfrmac i Custmrs d t rmmbr t t tr idustris. Rspsivss — t abilit tims a applicati wrkd prfctl, but t prvid csistt ad igl rspsiv t vr frgt t tim it faild. oli pag lads — is critical i a busiss wr brkrags ar callgd t cstatl ivstrs xpct ral-tim markt quts ad mitr custmr xpric t sur t abilit t plac ad xcut trads bfr prfrmac stadards ar mt. A sit’s abilit prics cag. t srvic its custmrs witut rrrs r o brkrag sits, pags rarl tak utags is rflctd i its rliabilit rakig. mr ta 1.5 scds t lad, a tim csid -T brkrag idustr basts a avrag rd first-rat b tr li idustris — Wb sit rliabilit ratig f 99.5 prct, a ad it’s imprvig all t tim. A 2006 figur igr ta a tr idustr ad Kt stud f li brkrag sits fud sligtl abv t 99.0 prct trsld lvl avrag pag dwlad tims vr bradbad fr sit rliabilit i t cmptitiv fiacial cctis imprvd 6 prctag pits srvics sctr. frm a ar arlir. Usr rsarc idicats tat rliabilit hwvr, dsigrs d t carfull ad sit spd ar k csidratis fr csidr pag wigt ad grapics lad t prspctiv li ivstrs. I fact, t maitai accptabl dial-up rsps rats, spd ad rliabilit f trad xcuti a wic i tur will virtuall guarat suprir brkrag Wb sit is almst as imprtat t bradbad prfrmac. Bcaus, as muc prspctiv custmrs as t cmmissis as busiss prfssials wuld lik t bliv ad fs cargd fr trads, accrdig t a w liv i a bradbad wrld, t ralit is 2005 custmr xpric stud cductd tat mr ta alf f csumrs still accss
t Itrt vr 56 kbps dial-up cctis, 7 accrdig t a rct Itrt surv. a wIde var IatIon In sat Isfact Ion among prospect Ive customers Wil li brkrags as a wl ar sttig ig stadards, t all sits ar lapig vr t ig urdls st b t ladrs f t pack. As ma as i sv prspctiv li brkrag custmrs xprssd dissatisfacti wit tir li xpric, accrdig t a rct stud f 1,500 palists w viwd 10 Wb sits i Ma 2006. o f t mst frqut cmplaits — xprssd b 27 prct f t prspctiv custmrs — fcusd t cmmuicati f fs ad cmmissis t sits. Palists rprtd frustrati vr t lack f clar, as-t-udrstad ifrmati abut ts csts. Brkrag sits tat displa f chart c: Investors of all ages own stocks (Percentage of equity investors in each age group)
15% 33% 19%
33%
Age 35> Age 35-49 Age 50-65 Age 65< source: boston research group: equity ownership in america, 2005. In 2005, median household stock investment was $5,000, and fully two-thirds of those investors were in their prime earning years, age 35 to 4.
Keynote Benchmark
chart d: busIness Impact dr Ivers
toP imPact driVers
brand imPact
relationship to brand impact
1. ProdUct satisfactionnNnNnNnNn 2. online featUres satisfactionnNnNnN N 3. VisUal designnNnNn N
4. ease of finding accoUnt
5. ease of oPening accoUnt 6. PriVacy and secUrity 7. PerceiVed Performance
8. ease of learning benefits
nNnNn
nNn
nNn
n
n
ac QUisition imPact
relationship to acquisition impact
NNnNnNnNnNn
NNnNnNn
NNnNn
NNnNnNn
NNnNn
NNnNn
NNn
NNn
nNnNnNnNnN= the highest Partial correlation of driVer to indeX
online adoPtion
relationship to online adoption NNnNnNn NNnNnNnNn NNnNn NNl NNn NNl NN n NNl
source: “customer experience rankings study for brokerage Prospects,” June 2006, Keynote competitive research.
overall product offering and online features — including research and account tools — are the biggest drivers of brokerage web site success.
ifrmati clarl ad prmitl ar prspcts’ cfidc i t brad. Abut 30 prct f custmrs i t stud citd li tradig dms as atr prblm ara fr svral sits. T li tradig dm is imprtat bcaus it ca lp ivstrs w t t sit st up a accut ad start tradig. Usrs xprssd dissatisfacti wit dms tat ar uclar r ard t lcat, wic i tur ca udrmi brad crdibilit. satIsfact Ion w Ith products and onlIne features dr Ive bus Iness Surv rsarc idicats t drivrs wit t gratst impact cvrsi ad brad affiit ar satisfacti wit prduct ffrigs ad li faturs. Prspctiv custmrs ratd ac sit’s prduct ffrigs basd satisfacti wit its ivstmt accuts ad cics, cmptitiv pricig, ad wtr it rprsts a gd valu. Palists gav kuds t multipl ivstmt ptis, lw- r flat-rat tradig cmmissis, ivstmt rsarc/scrig tls, ad advic/plaig tls. Prspcts ratd li faturs icludig ivstmt rsarc ad
scrig/slcti tls, ivstmt advic ad plaig tls, li tradig, ad accut ifrmati. Faturs tat scrd wll icludd cmprsiv li turs, a FAQs pag, accut viws/ifrmati, a visuall wll-rgaizd ad ucluttrd laut, ad tird-part drsmts suc as t J.D. Pwr Award. T ffct f ts drivrs was masurd fr tir rlatisip t t impact brad, acquisiti, ad li adpti. (S Cart D) fIdelIty, scottrade, schwab sItes lead In overall customer exper Ience hig marks i prduct ad custmr srvic aras lpd kp t sit f mutual fud tita Fidlit Ivstmts i first plac fr vrall custmr satisfacti. Palists rakd t sit first i prduct satisfacti, visual dsig, ad as f pig a accut. Spcific custmr cmmts tll t str: “Mst f m qustis abut accut fs, trad csts, ad li trads wr aswrd b t grapic t mpag.” Abut t dpt f accut ifrmati, custmr said, It xplaid wat t “
diffrcs wr ad tr wr tls t lp u assss wic accut wuld b bst fr u.” Furtrmr, prspcts ratd Fidlit’s sit as mr rliabl ta tr sits — a imprtat idicatr fr a idustr i wic rliabilit is ld i t igst stm, ad spciall imprtat fr Fidlit, wic as mr ta t milli activ li accuts, t gratst umbr i t idustr.8 e*TRADe, t tp-ratd sit i 2005, did’t mak t tp tr slts fr bst vrall xpric, but still rakd as f t bst sits at acquirig brkrag custmrs li. T sit, wic placd furt i vrall custmr satisfacti i 2006, lst grud frm t prir ar i t aras f satisfacti wit prducts ad li faturs, visual dsig, ad as f fidig a accut. Illustratig t cmptitiv, siftig atur f t brkrag idustr, Scttrad jumpd t scd plac i vrall custmr satisfacti, a vast imprvmt frm its igt-ratd psiti i 2005. Scttrad als mad a ug lap t t tp psiti fr li adpti, up frm it plac i 2005. Custmrs saw Scttrad’s sit as “ig valu” ad rakd it first fr li faturs satisfacti. Custmrs spciall likd t pricig ad prduct ffrigs: “Lw/flat rat cmmissi f fr tradig, accut maitac f, lw miimum balac t p accut ($500).” “Lts ad lts f ptis i vr ivstmt catgr.” T mssagig als grabbd tir attti: “T sit is vr rgaizd. yu ca’t miss t ‘5 grat rass’ t p a accut.” Fiall, t tird-part drsmt addd trust t t brad: “T J.D. Pwr rsults giv tir claims crdibilit.” Custmrs ratd Scwab’s sit first fr fidig a accut, ad gav it ig marks fr li fatur satisfacti ad as f pig a accut, puttig it i tird plac vrall — a sigificat bst frm it plac i 2005. Palists prcivd Scwab’s sit, mr ta a tr, as “tical” ad “lpful.”
Keynote Benchmark
how do full-servIce brokerages stack up?
the online arms of full-ser vice brokerages offer many of the same ser vices as the online-only discount brokerages, with the advantages of established credibility and the option of traditional ser vice deliver y. a recent Keynote competitive research study ranked nine full-ser vice brokerage sites on a detailed repor t card using a 300-point system, evaluating sites for functionality, ease of use, privacy and security, and quality and availability. the scorecard ranked the sites in specific critical tasks such as monitoring accounts and por tfolios, managing cash and positions, and researching investments.
smith barney placed first in per formance in functionality, quality and availability, “use accounts,” and “learn and plan” tasks. the wells fargo site was the leader in ease of use, privacy and security, and research.9
the scorecards for financial ser vices are bi-annual repor t cards developed by Keynote competitive research and released in september 2006. full ser vice brokers scorecard is one of three industr y research offerings Keynote has created for this market segment. “the scorecards are designed to help companies stack themselves up against their competitors, to determine what specific aspects of their sites have the biggest impact on their business, and to identify what challenges and oppor tunities need to be addressed to gain the competitive edge,” said chris musto, general manager, financial ser vices, for Keynote systems.
sIte organ IzatIon and performance are key to brokerage success oli brkrags aciv sm f t igst rliabilit ratigs f a li idustr. But t bar ctius t b raisd i tis itsl cmptitiv markt -plac. Aggrssiv mvs t ac custmr xpric ad dlivr data fficitl ad ituitivl ca dramaticall impact prcp -ti ad cvrsi rats, as vidcd b Scttrad’s jump i custmr ratigs. Clar, upfrt f ifrmati, simpl dms, ad custmizabl tls ar critical t sit succss — assumig, f curs, tat t prduct ffrigs ar rlvat ad cmptitiv.
The brokerage industry boasts an average Web site reliability rating of 99.5%, a figure higher than any other industry and slightly above the 99.0% threshold level for site reliability in the competitive financial services sector.
endnotes Ulss trwis td, all usr rsarc citd is3 Ibid, p. 2.7“ Bradbad Ptrati,” a surv b t Pw xtractd frm Kt Cmptitiv Rsarc, “Custmr4“Full Srvic Brkrags: Stp n glctig t nt,” a & Amrica Lif Prjct, updatd Itrt expric Rakigs: Brkrag Prspcts,” April 2006. Frrstr Rsarc rprt datd Sptmbr 9, 2006. Ma 28, 2006. 1“equit owrsip i Amrica, 2005,” a stud c -5“Wat Afflut Ivstrs Wat Frm Wb Sits,” a8 rt drirauQcuTs s tAIvtsmdilti “ F ductd b Bst Rsarc Grup fr t Ivstmt Frrstr Rsarc rprt datd Jauar 6, 2006. Rsults fr Fidlit Brkrag Cmpa,” Cmpa Istitut ad t Scuritis Idustr f6“Missi Impssibl: Sllig Cckig AccutsFidlit prss rlas datd octbr 18, 2006. a Assciati, p. 26. t Brkrag Clits,” a Frrstr Rsarc rprt9“ Kt Scrcards fr Fiacial Srvics. 2 Ibid, p. 1. datd Dcmbr 23, 2005.
Keynote Benchmark
part brokerage, part technology company : an Interv Iew w Ith fIdelIty Investments
in 2006, fidelity investments vir tually swept the customerpaul graham:in the brokerage and trading area, we completed experience rankings in a Keynote industr y study of ten leading a total redesign of all the brokerage trading screens available online brokerages. fidelity topped the ratings for overall customer for customers and prospects. and aside from all the screen and experience, brand impact, acquisition impact, and customer navigational changes, there is richer information about what fidelity satisfaction, and finished number two in online adoption.Keynote offers, how it can benefit you, and how to use it. Benchmarkmagazine recently caught up with two fidelity on the “how to use it” side, a new t rading Knowledge center was executives to discuss some of the changes they’ve made that delity move to the head of the indust here ar launched. and in that web site — this is all in front of the login helped fi r y. e — anyone can access fundamental information not only about excerpts from our inter view with Parrish ar turi and Paul graham, both senior vice presidents in fidelity’s retail brokerage. how to use fidelity’s trading products but also fundamentally how to access the markets and how to use fidelity’s tools and trade Benchmark:fidelity showed a significant gain in customer smar ter. we’ve launched 15 modules in this learning center and experience ratings from 2005 to 2006, according to a Keynote we’ll be launching 30 more modules in the coming year. competitive research study. what changes has fidelity made in the past 12 to 18 months to enhance the experience for the way the learning center is designed — it’s called the t rading Knowledge center — it’s really focusing in on the way people like customers and prospects? to learn. there’s a streaming video in there. there’s text. there are parrish ar turi: five different ways you we’ve completely redesigned a number ofcan learn about the products, and strategize sections including things like our retirement products and as well. ser vices area, and our retirement resource center. last year, it’s really a unique experience and has gotten a lot of great
on the retirement side we released our “myPlan” of fering, which, with the “myPlan” snapshot, in just a few questions, gives you a sense of where you stand in terms of your retirement saving. and then we also redesigned our tool called the retirement Quick check, that is deeper into the site and gives you more detailed view of where you stand in terms of retirement.
“Everything that we do is based on what we call ‘best-of-customer and
representative feedback.’ We think about use cases and personas and we use a whole host of different information.”
response from our customers and from prospects. and as i mentioned, it’s all in front of the login.
Benchmark:how did you decide which aspects of the site to redesign, and what types of changes to make?
parrish ar turi: that we do is based on what we callever ything “best-of-customer and representative feedback.” we think about use cases and personas and we use a whole host of dif ferent information — primar y and secondar y research, usability, com -petitive analysis — to frame up where the oppor tunities are.
paul graham:we do have what we feel is a ver unique way to y understand our customers through what we call “Value network.” when our customers call into fidelity representatives, we have an immediate and real-time process to take that information and pass it into a database so that we can assess customer needs and trends. we look at that information ver y intensively as we think about new products to launch, what things we need to fix, and get a temperature check of our customers’ satisfaction.
Benchmark:have you been able to measure the impact of these changes? how do you track results?
Keynote Benchmark
fidelity’s home page gives customers ready access not only to the details of their accounts, but also to one of the internets richest repositories of investment data and research.
parrish ar turi:our measures of success are traditionally in terms of things like click-through, throughput, conversion rates, as well as satisfaction scores — before and after. in each of those cases when we’ve done redesigns, we’ve seen our metrics improve.
Benchmark:clearly you’ve put a lot of effort and resources into the trading Knowledge center, setting fidelity.com up as the go-to place to learn everything from the basics to sophisticated trading concepts and strategies. now, outside of learning, what sort of prac -tical functionality have you been working on for active customers?
paul graham: activewe’ve taken numerous initiatives in the trader and brokerage space in the last 12 months. as one example, we’ve launched many new capabilities in the options marketplace. the options market is probably one of the fastest-growing markets in the industr y, growing at greater than 20 percent per year. on the research side, we launched a new sector-trading analy -sis capability. we already have the most independent equity research in the marketplace. and last year, we complemented that with new sector research, where you can now actually look through and learn about sectors in the marketplace, etfs in the marketplace, as well as mutual fund sectors, all in one place.
over the last month and a half, we launched additions to the best fundamental research in the marketplace in terms of quality and depth and breadth.
on the active trader side, there were enhancements in terms of per formance of the product, reduced market data latency. w e improved and made the applications swifter.
these were the headline highlights of 2006.
fidelity’s extensive trading knowledge center is a vast resource parrish ar turi:addition to all the things that Paul talked about,in of knowledge for everyone from first-time investors to seasonedthere are a number of other enhancements for customers on the ser vice side, including adding check images to the site for our pros. users can learn in a host of formats, from interactive videos to in-depth articles.cash management customers, making por tfolio information clearer, improving self-ser vice capabilities, P in reset, and making money movement easier both inside fidelity, across fidelity accounts, as well as to outside fidelity accounts.
part of fidelity’s “myplan,” rolled out in 200, is a step-by-step widget that quickly assesses the state of the user’s retirement savings plan — or lack thereof!
we’ve also been ver y focused on security. last year we rolled out our customer Protection guarantee which says to customers, if anything happens with their accounts due to fraud or unauthorized transactions, we will reimburse them.
and it’s all par t of our ongoing program around driving engage -ment to help our customers become more and more comfor table with the web and also understand fidelity and what we can do for them on fidelity.com.
Keynote Benchmark
“We’re at an inflection point and we’re seeing a new tide and sea change in the technology capabilities that are being made available through the Web.”
Benchmark:next topic: what about your mobile customers? what are you doing to enable customers to interact with fidelity using their cell phones and blackberries?
paul graham:we have a persuasive offering called “fidelity anywhere.” it provides the same kind of functionality that the customer would find inside the login on the web. we see an increasing trend of customers that are actually using them not only for getting financial information, whether that be quotes or other wise, but actually to transact with us.
parrish ar turi:Just a couple of months ago, we launched a new shor t messaging ser vice. it’s a technology that’s ver y unique because it leverages your telephone, versus a richer connection that you might need the internet for, where you can actually receive text messages. it runs through the voice system so that you can receive aler ts and text messages directly from fidelity to your telephone.
paul graham: in terms ofwe’ve been well ahead of the cur ve wireless capabilities. as the devices increase their capacity and ability to accept richer data streams, we’re going to be able to provide more capabilities.
parrish ar turi: of the next generation is creating wirelessPar t actionable aler ts. so you’ll be able to actually execute based on the aler t that we’re sending you, whether that might be to make a transaction or transfer funds.
Benchmark:what are the biggest challenges fidelity is facing in the next 12 to 18 months?
paul graham:one is, new smaller competitors entering the marketplace. we hadn’t seen that in a while and they tend to be trading-oriented firms of fering trading capabilities for pretty low prices. so there’s also some pricing pressures in the marketplace.
and i’d say another challenge is really technology. i really feel like we’re at an inflection point and we’re seeing a new tide and sea change in the technology capabilities that are being made available through the web … ser vice capabilities that are allowing for functionality that was once required of a thick client now can be done through the web site. more people than ever have dsl or cable capabilities. fidelity is a financial ser vices firm but we’re also a technology firm. through fidelity labs you can actually par ticipate in beta format, and tr y new capabilities, such as visualization and other new technologies. a tremendous amount of our time is focused on technology and we have some interesting and unique experiences that are pushing the boundaries of the technology marketplace.
parrish ar turi Senior Vice President, Web Channel Fidlit Prsal Ivstmts
Parris Arturi is rspsibl fr cal vrsigt ad maagmt f t custmr xpric www.fidlit.cm, Fidlit’s primar csumr Wb dstiati, as wll as maagmt ad dvlpmt f Fidlit’s wirlss ad autmatd p cals. Arturi ad is tam ar taskd wit dlivr ad xcuti agaist cal sals ad srvic gals, as wll as surig cmptitiv ladrsip ad diffrtiati f Fidlit’s csumr ffrigs. Arturi lds a B.A. dgr i ecmics ad a MBA, bt frm Wak Frst Uivrsit. paul graham Senior Vice President Retail Brokerage Product Development Fidlit Prsal Ivstmts Paul Graam is rspsibl fr t stratgic dircti f Fidlit’s rtail brkrag busiss, ad vrss all rlatd prduct dvlpmt ffrts, i additi t Activ Tradr capabilitis trug Fidlit’s li cal. Graam lds a B.S. i Fiac frm Lg Islad Uivrsit ad a MBA frm t Uivrsit f Dallas.
Keynote Benchmark
