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Home Newsbytes

J.D. Power Studies: Bank Digital Transformation Paid Off During Pandemic

June 12, 2020
Reading Time: 1 min read

New findings from several J.D. Power mobile and online banking studies underscore the importance of banks’ digital transformation efforts ahead of the COVID-19 outbreak in the U.S. Just under four in 10 consumers (37%) said they were using bank mobile apps more frequently than ever before at the height of the pandemic, and 48% reported that they preferred to deposit checks via mobile phone.

“Banks have been investing heavily in digital over the last several years, and those investments have paid off over the last three months as the COVID-19 pandemic dramatically accelerate the shift to digital, forcing many remaining holdouts to finally take the plunge,” said J.D. Power’s Jennifer White.

The company’s research found consumers value seamless digital experiences from their bank that provide instant access to their financial information. For example, studies found that when the bank customer’s information was displayed on an overview page, overall satisfaction scores ticked up 57 points. It also found that customer experiences with mobile apps were generally better than the online banking experiences.

BB&T (now Truist) was rated highest among U.S. nationwide banks for mobile banking app satisfaction, notching a score of 881 on a 1,000 point scale. Capital One followed with a score of 875 and PNC ranked third with a score of 856. Chase had the highest online banking satisfaction rating at 854, followed by SunTrust (now Truist) and TD Bank, which both received a score of 851.

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