Banks and credit card providers have an opportunity to “drive meaningful, unique digital customer experiences” through personalized financial management tools and the use of digital assistants, according to the findings of recent studies by J.D. Power.
According to the surveys’ results, which included rankings of bank performance in this area, U.S. banks and credit card providers have been successful in establishing best practices for a “seamless and efficient” digital user experience on their mobile apps and websites, but with limited differentiation between brands, it’s become challenging to “distinguish and drive meaningful digital customer relationships.”
While the gap in overall customer satisfaction between top- and bottom-ranked bank and credit card apps and websites has narrowed, the one area where performance variability remains is in personal financial management tools, the surveys indicated. Use of credit score monitoring, spending analysis categorization and budgeting tools have a significant effect on customer satisfaction—but execution and use varies by provider. The use of virtual assistants has grown steadily during the past three years, particularly among younger customers. The most common functions include checking account balances, making payments, finding transactions and transferring money.
Person-to-person payments and transfers processed on bank websites and mobile apps have steadily increased. Nearly one-third (31%) of U.S. national bank customers are now using person-to-person payments and transfers on their bank’s mobile app, up from 29% in 2023 and 25% in 2022.
