Big Bank Investments in Mobile Apps Pay Dividends as Customer Volume Shifts to Digital, J.D. Power Finds
A record two-thirds (67%) of U.S. retail bank customers used their bank's mobile app during the past year-an increase of seven percentage points from 2020-and a record 41% of bank customers are now classified as digital-only. According to a series of recent studies of bank and credit card mobile app and online users, released today by J.D. Power, mobile has officially become the primary battlefield in the quest for banking and credit card customer satisfaction, and the nation's largest retail banks are setting the pace for others to follow.
The studies-J.D. Power 2021 U.S. Banking Mobile App Satisfaction StudySM, 2021 U.S. Online Banking Satisfaction StudySM, 2021 U.S. Credit Card Mobile App Satisfaction StudySM and 2021 U.S. Online Credit Card Satisfaction StudySM-track overall customer satisfaction with banking and credit card providers' digital offerings.
"The nation's largest banks and credit card issuers have been continually innovating new digital solutions that support increasingly complex tasks, such as problem resolution, personalized alerts and profile management," said Jennifer White, senior consultant for banking and payment intelligence at J.D. Power. "This is driving increased engagement and significantly higher levels of satisfaction as the world shifts to digital. That's a challenge for regional banks that have traditionally taken a simpler design approach and are now starting to see customer satisfaction scores fall as many customers required more sophisticated digital offerings in 2020 than in previous years."
Following are some key findings of the 2021 studies:
Bank of America and SunTrust rank highest in a tie in online banking satisfaction among national banks, each with a score of 852. BB&T (847) and PNC (847) rank third in a tie.
American Express ranks highest in online credit card satisfaction, with a score of 874. Discover (871) ranks second and Bank of America (860) ranks third.
Huntington ranks highest in banking mobile app satisfaction among regional banks, with a score of 870. BBVA (868) ranks second and Santander (852) ranks third.
Regions Bank ranks highest in online banking satisfaction among regional banks, with a score of 882. Fifth Third Bank (847) ranks second and KeyBank (835) ranks third.
See the rank charts for each study at http://www.jdpower.com/pr-id/2021061.
The 2021 U.S. Banking Mobile App Satisfaction, U.S. Online Banking Satisfaction, U.S. Credit Card Mobile App Satisfaction and U.S. Online Credit Card Satisfaction studies measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 17,011 retail bank and credit card customers nationwide and were fielded in March-April 2021.
To learn more about these studies, visit https://www.jdpower.com/business/resource/us-banking-and-us-credit-card-mobile-app-satisfaction-studies.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
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