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

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According to a recent study by JD Power, 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 resolve issues related to their bank accounts. In 2021, 31% of consumers used the digital channel to resolve account-related issues, compared to 2020.

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

The average customer satisfaction score for the industry was 839. Forty-eight points separated Bank of America from 10th-ranked Citibank, which posted a score of 804, indicating that large banks are struggling to create user experiences that differentiate their digital offerings, says JD Power.

“Bank of America and SunTrust lead a tight but chaotic industry in a strange year for digital. A big up and down movement means a digital platform looking for a foothold,” the report said.

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 rating of 847 and Key Bank with a rating of 835. Sixth in ranking, M&T Bank, which posted a satisfaction rating of 803, saw a 37-point drop in its score in 2021, the largest drop in customer satisfaction among regional banks. The average score for regional banks was 830.

While bank 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 consumers who do their banking online as well as their mobile application.

In contrast, app users are reluctant to use the bank’s website. Among national banks, the number of active users of mobile apps using online banking decreased by 10% in 2021, while regional banks saw a 6% decline in the number of active users of mobile apps. mobile applications that also use its website.

Therefore, banks need to look closely at the relative percentages of mobile and online app users and how online users are actively logging into the mobile app to determine if it makes sense for the mobile app be positioned as the primary digital touchpoint for customers. interaction, the report says.

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

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