Danske Bank is the best performing bank in addressing digital transparency challenges, according to a ranking of corporate websites conducted by consultant Comprend.
The Danish bank has topped the 2015/2016 Webranking, a transparency stress test evaluating Europe’s 52 largest banks by market capitalization, with 69.5 points out of 100.
Swedbank received the second largest score with 63.4 points and Austrian bank Erste Group took the third position with 60.5 points, after increasing its score by 15.2 points from the previous ranking.
Other best improves include Spanish bank Bankia (35.8 points) and Italian bank Mediobanca (48.4 points), as both improved by over 9 points.
Considering 50 points out of 100 points as the threshold at which companies respond adequately to market requirements, only 1 in 4 of Europe’s top banks passed the test in 2015. This is a slight increase from 2014, where 1 in 5 passed the test.
The failure rate, or those companies at the bottom of the ranking which do not meet the minimum content required by the market, decreased significantly from 40% to 29% this year.
Despite this improvement, just under half of companies (44%) achieve between 30-50 points — finding themselves in the “held back” category.
This means that 1 out of 3 companies are not passing the test. In line with the European findings, low scores were predominantly found in areas related to investor relations, where banks average a mere 24%.
This is a “disappointing” figure given that over 80% of stakeholders request easy access to investment relations information, according to the Webranking report.
“As we move into an increasingly digital age, it is critical for banks to have responsive communications capabilities that allow them to interact in a more significant manner with their customers’ digital lives,” said Staffan Lindgren, managing partner at Comprend.
“Our research shows that they need to play catch up with other industries, and fast,” Lindgren said.