A new study by US-based company JD Power has concluded that overall customer satisfaction with banking and credit card apps has improved this year.

The company released two studies, namely, JD Power 2018 US Banking App Satisfaction Study and US Credit Card App Satisfaction Study, which also confirmed that the US banks and credit card companies are using a new standard to measure for customer satisfaction with mobile apps.

The studies found that overall customer satisfaction score for retail banking mobile apps stood at 867 on a 1,000-point scale, an increase of 12 points compared to last year.

The score jumped by two points for credit card mobile apps to 874.

About 43% of all bank customers used their mobile app in the last three months making it one of the most key avenues for making transactions.

Furthermore, the report found that the level of satisfaction increases when the customer is able to comprehend all app features. However, it stated that less than 80% of customers have full understanding of all features in the application.

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By GlobalData

JD Power senior director of financial services Bob Neuhaus said: “As mobile apps rapidly become the primary interaction channel for retail bank and credit card customers, getting the formula right in terms of usability, feature sets and customer engagement has become the key to stronger advocacy and loyalty.

“While overall satisfaction is improving, one area where both banks and credit card companies continue to struggle is in making sure customers completely understand all features.”

The report also stated that overall customer satisfaction is higher among customers who use their apps at least 12 or more times per month.

It also stated that the apps that offer high functionality with multiple security login options, chat functionality account management functions as well as are user friendly, were the highest performing applications in the study.