Bank of America tops competitive intelligence firm Keynova Group’s biannual analysis of the best online banking customer experiences for the 11th year.
The company rated the 20 largest U.S. retail banks for its Online Banking Scorecard, which was released Wednesday. Wells Fargo and JPMorgan Chase took second and third place respectively.
“Banks are focused on transforming online banking user interfaces with options to personalize the customer experience with personalized dashboard account summary screens, improved navigation efficiency, and educational information or offers tailored to the customer,” Susan Foulds, Chief Executive of Keynova Group, said in a statement. Press release.
The trends Keynova highlights in its report, including homepage personalization and proactive alerts, also indicate areas where banks can improve.
For example, Keynova looked at the ease of navigating desktop dashboards or home screens, allowing customers to quickly locate the information they need. Half of the websites surveyed made cash summaries available at the click of a button, while 30% displayed recent payments and transfers on the home screen. A quarter of banking websites allow users to transfer funds directly from the main dashboard, one of the most common post-login activities.
A burgeoning feature is the ability for customers to personalize their digital banking experience, for example by customizing the account information they want to see when logging in. Currently, 15% of the banks surveyed allow it. Truist Financial in Charlotte, North Carolina, for example, allows customers to customize their home screens by selecting tiles labeled “Goals,” “Experian CreditCenter,” and more. Keynova also expects to see more predictive information in the future, such as proactive alerts from Huntington Bancshares warning customers that their account is at risk of being overdrawn.
Keynova also looked at efforts to cement consumer trust and confidence, such as transparent fees and guidance on how to avoid them.
In this category, Bank of America was honored for highlighting its online and mobile security guarantee. He also got credit for fee transparency, including links to information on how to avoid account fees; a newly added “Security Meter” that guides customers through tightening their security settings; and the interactive and personalized Life Plan tool, which allows clients to track their progress towards certain goals.