With 86% of millennial customers using digital channels to access financial services, digital innovation plays a decisive role in whether banks and similar firms attract and retain clients. These three brands lead the competition, according to L2’s Digital IQ Index: Financial Services:

Morgan Stanley

Few banks offer a Find an Advisor tool, even though it sounds intuitive. And even when they do provide the feature, it often lacks necessary functionalities. Morgan Stanley’s version is an exception – reflecting the brand’s conscious effort to create a seamless user experience. After typing their ZIP codes, users are prompted to “filter for best match,” “search by name,” “find a branch,” or “contact us.” Each option breaks down into easy-to-navigate categories, and advisor profiles include a universal template to house common elements including profile pictures and social media handles.

Depth of advisor profiles

Capital One

The Internet of Things isn’t only for the home. In March, Capital One became the first bank to partner with Amazon’s voice-powered assistant, Alexa. Users can speak directly to an Echo device to find out their account balance, review recent purchases, and authorize payments. Other peers have followed their lead. Citibank’s branded presence on Alexa will include services such as peer-to-peer payments, and Wells Fargo has also made clear it is testing ways to include Alexa in its offerings.

Allstate

Only a third of brands in L2’s study have a Request a Quote feature, despite its potential to propel prospective customers down the purchase funnel. Allstate’s comprehensive tool not only gathers contact information, but also collects additional demographic information such as customer income bracket – one of only three brand tools to do so – while simultaneously addressing privacy concerns with TRUSTe security verification.

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