The good news: US banks and credit card providers have done a great job of establishing best practices for a seamless, efficient digital user experience on their mobile apps and websites. The bad news: with limited differentiation between brands, it’s become challenging to distinguish and drive meaningful digital customer relationships.
According to a series of recent studies of bank and credit card mobile app and online users, released today by JD Power, the one area in which banks and credit card providers can still drive meaningful, unique digital customer experiences is through personalised financial management tools and the use of digital assistants.
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“As mobile apps and websites increasingly become customers’ primary point of repeat interaction with their banks and credit card providers, it’s important that they offer a seamless, easy-to-use experience. But it is also important that they confer a level of unique brand identity and personalisation,” said Jennifer White, senior director of banking and payments intelligence at JD Power.
“The area in which banks and credit card providers have the largest opportunity to deliver that personalised connection to customers is through highly targeted personal financial management tools and the use of virtual assistants that help guide customers through key functions.”
JD Power 2024 studies key takeaways
- Room for growth in personal financial management.
While the gap in overall customer satisfaction between top- and bottom-ranked bank and credit card apps and websites has narrowed considerably, the one area in which there is still a great deal of performance variability is in personal financial management tools. Use of credit score monitoring, spending analysis categorisation and budgeting tools have a significant effect on customer satisfaction—but execution and use varies by provider.
- Virtual assistants gain traction with younger customers.
While overall use of virtual assistants is still relatively low across both credit card and banking customers, it has grown steadily during the past three years, particularly among younger customers. Most common functions executed through virtual assistants include checking account balances, making payments, finding transactions and transferring money.
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By GlobalData- P2P payments and transfers increase in adoption.
Bank efforts to enhance the person-to-person payments and transfers process on their websites and mobile apps have been paying off in the form of steadily increased usage. Nearly one-third (31%) of U.S. national bank customers are now using person-to-person payments and transfers on their bank’s mobile app, up from 29% in 2023 and 25% in 2022.
Study Rankings
Capital One ranks highest in banking mobile app satisfaction among national banks, with a score of 678 (on a 1,000-point scale). Bank of America (662) ranks second and Chase(656) ranks third.
TD Bank ranks highest in online banking satisfaction among national banks, with a score of 672. Capital One (671) ranks second and Wells Fargo (668) ranks third.
American Express and Bank of America rank highest in a tie in credit card mobile app satisfaction, each with a score of 675. Discover (673) ranks third.
American Express ranks highest in online credit card satisfaction, with a score of 671. Discover (668) ranks second and Wells Fargo (664) ranks third.
M&T Bank ranks highest in banking mobile app satisfaction among regional banks, with a score of 636. Citizens Bank (634), Fifth Third Bank (634) and KeyBank (634) each rank second in a tie.
Regions Bank ranks highest in online banking satisfaction among regional banks, with a score of 643. Huntington (642) ranks second and Fifth Third Bank (638) ranks third.
