Bank and credit card provider investments in digital tools to pay off

J.D. Power has just issued a release that describes the results of a few different 2020 studies, among them the US Banking Mobile App Satisfaction Study and the US Credit Card Mobile App Satisfaction Study. It seems that ease-of-use, speed, and accessibility of common features are the common variables shared by the best-performing digital platforms.

This followed continued investment by banks in their offerings over the last several years, and it comes as COVID-19 has accelerated the shift into digital usage. The release notes that 37% of retail bank customers said they were using their bank’s mobile app more frequently than ever before, and 48% said their preferred means of depositing a check during that period was via mobile phone.

The most important indicators driving overall satisfaction with banking apps and credit cards focus on ease and speed of finding information that is most important in the moment. When the customer’s most important information is displayed right on the overview page, overall satisfaction scores improve 57 points (on a 1,000-point scale).

Moreover, national bank customers tend to have higher expectations for their apps, with a higher expectation for proactive guidance and help and a higher expectation for advanced digital capabilities. Regional bank satisfaction scores, by contrast, are driven by ease of navigation, due to their simpler feature sets.

Across the studies, customer experience with mobile apps is generally better than their online experience, due largely to greater levels of perceived visual appeal and streamlined layout on mobile apps.

Credit card apps continue to outperform banking apps in overall satisfaction. This is largely due to credit card apps being task-focused and easier to understand.