We have witnessed more than a decade of significant investment in mobile apps and websites. Indeed, many US banks and credit card providers have mastered the basics of digital transaction management. They are now turning their attention to more advanced “super tools.”
Specifically, digital features focused on personal financial management have become the keys to standout customer engagement and customer satisfaction. But they have also introduced a new set of challenges reports JD Power.
A number of JD Power surveys track overall customer satisfaction with banking and credit card providers digital offerings.
They include the US banking mobile app satisfaction study 2023, the US online banking satisfaction study, the US credit card mobile app study and the US online credit card satisfaction study.
“As apps and online tools become more sophisticated and customers grow increasingly comfortable using advanced features, providers that get their digital formulas right can position themselves as the hub of their customers’ financial lives,” said Jennifer White, senior director of banking and payments intelligence at JD Power.
“Many banks and credit card providers clearly recognise this potential. They have focused heavily on new digital tools related to personal financial management. But the results have been uneven thus far. While some providers are really elevating their customers’ digital experiences, others are struggling to get past basic transactional features.”
Basic transactional tools consistently perform better than more advanced features. Banks and credit card mobile apps and websites are producing significantly higher overall satisfaction scores for basic transactional tool. This includes account transfer, bill pay, mobile check deposit and peer-to-peer (P2P) lending. When it comes to more advanced personal financial management tools, such as spending analysis and budgeting tools, many providers struggle to connect with customers.
Personal financial management tools drive satisfaction—when they are used. When banking app customers actively engage with three or more personal financial management tools, such as credit score monitoring, spending analysis and budgeting tools, overall satisfaction scores rise 127 points vs. when these tools are not offered. The first hurdle to lifting satisfaction with these tools is garnering wider tool use.
Virtual assistants do the heavy lifting on adoption. Customers using a virtual assistant on their banking app are four times more likely to use personal financial management tools.
Regional banks struggle to compete says JD Power. Among banking apps, national banks perform considerably higher in customer satisfaction than regional banks. Regional banks also show a significantly wider range of performance between top- and bottom-ranked providers.
2023 study rankings
Bank of America ranks highest in banking mobile app satisfaction among national banks, with 710 (on a 1,000-point scale). Capital One (691) ranks second and Chase(690) ranks third.
Capital One ranks highest in online banking satisfaction among national banks for a second consecutive year with 669. TD Bank (655) ranks second, while Chase (652) and PNC (652) rank third in a tie.
Bank of America ranks highest in credit card mobile app satisfaction with 706. American Express (699) ranks second and Capital One (696) ranks third.
Discover ranks highest in online credit card satisfaction for a second consecutive year, with a score of 676. Chase (667) ranks second and Capital One (666) ranks third.
Huntington ranks highest in banking mobile app satisfaction among regional banks for a fifth consecutive year, with 651. Santander (645) ranks second and KeyBank(635) ranks third.
KeyBank ranks highest in online banking satisfaction among regional banks, with a score of 658. Bank of the West(651) ranks second and Regions Bank(650) ranks third.