TROY, Mich.–(BUSINESS WIRE)–June 2, 2022–
Many retail banking and credit card customers are financially stressed, and they want their bank and credit card providers to recognize this and help them manage their finances accordingly through their websites and mobile apps. However, when it comes to offering this level of personalization through highly tactile digital channels, most banks and credit card providers miss the mark. According to a series of recent studies of users of mobile and online banking and credit card applications, released today by JD Power, overall satisfaction with most digital channels has declined as that usage has increased.
The studies—JD Power 2022 US Banking Mobile App Satisfaction Study, SM 2022 US Online Banking Satisfaction Study, SM 2022 US Credit Card Mobile App Satisfaction Study SM, and 2022 US Online Credit Card Satisfaction Study SM—track overall customer satisfaction with services banking and credit cards. digital offers from suppliers.
“We are seeing great volatility in customer satisfaction scores across digital banking and credit cards, due to a combination of heightened customer expectations of what a digital experience should look like,” said declared Jennifer White, Senior Banking and Payments Intelligence Consultant at JD Power. “Based on their experiences with other consumer apps and websites that anticipate their needs and deliver a highly personalized customer experience, banking and credit card customers expect more from their digital solutions. The challenging economic climate has reinforced the urgency of these expectations.
Here are some key findings from the 2022 studies:
- Overall satisfaction decreases in almost all segments: While satisfaction increases slightly (+5 points on a scale of 1,000 points) for national banks’ websites, satisfaction decreases for national banks’ mobile applications; mobile applications for credit cards; credit card websites; and regional banks’ mobile apps and websites. Satisfaction drops the most for domestic banking apps, by 17 points.
- Financial health1becomes a serious problem: In less than a year, the percentage of consumers defined as “financially healthy” dropped by 10 percentage points, from 53% to 43%. Meanwhile, the percentage of consumers identified as “financially vulnerable” rose from 25% to 32%. Overall retail banking customer satisfaction scores are 113 points lower, on average, among financially vulnerable customers compared to financially healthy customers.
- Digital solutions miss the mark of personalization: Among retail banking customers who visit their bank’s branch, 73% say they have a personal relationship with that bank. Among those who primarily use the bank’s digital channels, that percentage drops to 53%.
- Spending and budgeting tools have a positive effect on customer satisfaction: A bright spot in studies: digital tools for spend analysis and budgeting are associated with a significant increase in customer satisfaction across all segments. However, the use of these tools remains stable with only 27-38% of bank and credit card customers currently using them.
Ranking of studies
Capital one ranks first for mobile banking app satisfaction among national banks, with a score of 868. Hunt (855) ranks second and Wells Fargo (846) ranks third.
Capital One ranks first for online banking satisfaction among national banks, with a score of 861. Chase (858) ranks second and Bank of America (852) ranks third.
Discover ranks first for credit card mobile app satisfaction, with a score of 876. Capital One (875) ranks second and Bank of America (868) ranks third.
Discover ranks first for online credit card satisfaction, with a score of 864. Bank of America (853) ranks second, while American Express (851) Capital One (851) and Chase (851) tied for third.
Huntington ranks first for mobile banking app satisfaction among regional banks, with a score of 868. Santander (855) ranks second and Fifth Third Bank (848) ranks third.
Bank of Regions ranks first for online banking satisfaction among regional banks, with a score of 880. Fifth Third Bank (849) ranks second and Huntington (839) ranks third.
See the ranking tables for each study at http://www.jdpower.com/pr-id/2022062.
The 2022 US Banking Mobile App Satisfaction, US Online Banking Satisfaction, US Credit Card Mobile App Satisfaction and US Online Credit Card Satisfaction studies measure overall satisfaction with digital banking and credit card channels based on four factors: browsing; the rapidity; visual appeal; and information/content. The studies are based on responses from 16,132 retail banking and credit card customers nationwide and were conducted from February to April 2022.
To learn more about these studies, visit https://www.jdpower.com/business/resource/us-banking-and-us-credit-card-mobile-app-satisfaction-studies.
About JD Power
J.D. Power is a global leader in consumer insights, advisory services, data and analytics. A pioneer in using big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been providing incisive industry insights into customer interactions with brands and brands for more than 50 years. products. The world’s leading companies in key industries trust JD Power to guide their customer-facing strategies.
JD Power has offices in North America, Europe and Asia-Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto buy tool is available at JDPower.com.
About JD Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info
1 JD Power measures the financial health of any consumer as a metric combining their spending-to-savings ratio, creditworthiness, and safety net elements such as insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220602005174/en/
CONTACT: Geno Effler, JD Power; Western coast; 714-621-6224;[email protected]
John Roderick; East Coast; 631-584-2200;[email protected]
KEYWORD: MICHIGAN UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE MOBILE/WIRELESS FINANCE INTERNET BANKING
SOURCE: JD Power
Copyright BusinessWire 2022.
PUBLISHED: 02/06/2022 07:00/DISC: 02/06/2022 07:02
Copyright BusinessWire 2022.