Transaction Trends

Of all the industry applications crowding their smart devices, Americans are most satisfied with their mobile banking and credit cards apps, a pair of recent reports from JD Power has found.

The 2018 U.S. Banking App Satisfaction Study and the U.S. Credit Card App Satisfaction Study have found that U.S. banks and credit card companies are achieving the highest consumer app satisfaction across all the industries measured by the company.

According to a release by JD Power, overall consumer satisfaction for retail banking mobile apps scored highly at 867 on a 1,000-point scale, improving 12 points over 2017. Credit card mobile apps scored even higher in satisfaction at 874 points, increasing two points over 2017. According to the report, 43 percent of bank customers have used their banking app within the last three months, signaling the importance of the app as a point of interaction with customers.

The study also found major differentials in satisfaction based on usage. For those consumers who used their apps 12 or more times per month, satisfaction scores improved 44-55 points over those using their apps three or fewer times per month.

According to the report, the highest-ranked and lowest-ranked banking apps in the study were separated by only 39 points, indicating a highly competitive and high-performing marketplace for financial apps. Top performers included ETA members Capital One and Chase. According to the release, apps with high satisfaction had high functionality and high performance, sporting features like advanced secure login options, built-in chat functionality and account management functions.

The top three performing credit card apps in terms of satisfaction went to three ETA members: American Express, Discover and Capital One.

The pair of studies were based on responses from 6,272 retail bank and credit card customers nationwide, and were conducted in April-May 2018. Click here to read more.