As bank mobile apps add new features, the increased complexity is stumping some consumers, according to new studies from J.D. Power. Average consumer satisfaction for retail bank mobile apps, as well as for online banking, was at 853 out of 1,000, 15 points down from 2018. Credit card mobile apps were rated as relatively simpler and more streamlined, and consumer satisfaction with them was at 872.
According to J.D. Power, when consumers felt they had a complete understanding of the app, their satisfaction was 130 points higher. Higher frequency of use (eight or more times per month) was also associated with higher satisfaction. Bank apps were also a factor in customer stickiness; 69% of those surveyed said their bank’s mobile app was a very or somewhat important factor preventing them from switching banks.
Columbus, Ohio-based Huntington Bank was highest-rated for both its bank mobile app and online banking experience at 875 and 880 respectively. Other top-rated institutions included Capital One, Citibank and Birmingham, Ala.-based Regions Bank. Discover had the highest-rated credit card mobile app and online experience ratings at 890 and 885, respectively.