Online banking remains popular with consumers, but sophistication wins out, says JD Power – Digital Transactions


According to a recent JD Power study, consumers are increasingly turning to online banking as their only method of banking. In 2020, the number of consumers who only bank online increased by 11%. Overall, 41% of consumers in the United States are digital-only banking customers.

The online channel has also become a popular way for consumers to troubleshoot issues with their bank accounts. In 2021, 31% of consumers used the digital channel to resolve issues with their account, up from 2020.

In terms of overall customer satisfaction, the Bank of America and SunTrust Bank websites rank among the highest among domestic banks, each scoring a satisfaction score of 852 out of possible 1,000 points. BB&T and PNC are tied for third at 847, followed by Chase (846) and Capital One (844).

The industry average customer satisfaction score was 839. Forty-eight separate points Bank of America of Citibank at # 10, which scored 804, an indication that big banks are struggling to create user experiences that differentiate their digital offerings, says JD Power.

“Bank of America and SunTrust are running a tight but chaotic industry in an odd year for digital. A big up and down movement means a digital platform looking for a place, ”the report says.

Among regional banks, Regions Bank tops the list with a rating of 882, up 17 points from 2020, followed by Fifth Third Bank with a score of 847 and Key Bank with a score of 835. M&T Bank, Sixth, which posted a satisfaction score of 803, saw a 37-point drop in its score in 2021, the largest drop in customer satisfaction among regional banks. The average score among regional banks was 830.

While banking websites offer more payment-related features and information than mobile banking apps, consumers who bank online are more likely to try a mobile app. Among national banks, the number of consumers who bank online and also use the bank’s mobile app increased by 24% last year, while regional banks saw a 16% increase in the number. of consumers who bank online and their mobile application.

In contrast, app users are reluctant to use the bank’s website. Among national banks, the number of active mobile app users who use online banking services fell by 10% in 2021, while regional banks saw a 6% drop in the number of active users of online banking. mobile applications which also use its website.

Therefore, banks should take a close look at the relative percentages of mobile and online app users and how online users are actively switching to the mobile app to determine whether it makes sense for the mobile app to be. positioned as the primary digital access point for customers. interaction, the report says.

“The nation’s largest banks and credit card issuers have continued to innovate new digital solutions that support increasingly complex tasks,” said Jennifer White, senior consultant, banking and intelligence intelligence. payment for JD Power. “This leads to increased engagement and significantly higher satisfaction levels as the world goes digital. This is a challenge for regional banks who have traditionally taken a simpler design approach and are now starting to see customer satisfaction scores drop, as many customers needed more sophisticated digital offerings in 2020 than in previous years. “


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