UserTesting studied why the top three largest U.S. banks – Bank of America, JPMorgan Chase and Wells Fargo – have experienced a gradual decline in the growth of active mobile banking users.
In the process of its analysis, the Mountain View, Calif.-based UserTesting, which provides on demand customer insights, learned greater digital engagement directly affects a financial institution's bottom line.
To provide in-depth analysis of what is delighting or frustrating mobile banking customers, UserTesting published the “Banking Mobile Customer Experience Index,” a competitive benchmarking study comparing the mobile app customer experience of BofA, Chase and Wells Fargo. Three hundred customers evaluated the mobile banking apps based on five factors – ease of use, speed, credibility, aesthetics and delight. The results can also help credit unions and other financial institutions understand what drives mobile banking users.
“Top U.S. banks have seen a gradual decline in growth of active mobile banking customers since 2012,” Janelle Estes, vice president of strategic research services at UserTesting, said. “Retail banks are in a unique position to dramatically improve their mobile app CX by zeroing in on the insights their customers provide. As our study revealed, even a minor change to an app's navigation or functionality can change a customer's entire perception of the brand – and benefit the bottom line.”
Key findings from the report included:
- The overall highest-rated banking app was Bank of America, given the speed at which customers could perform typical banking tasks. Some noted that using the app was much faster and easier than visiting a brick-and-mortar branch.
- The lowest-rated banking app was Wells Fargo, due to customers experiencing extreme difficulty in navigating to their monthly online statements. The frustration customers felt while attempting to complete this task negatively influenced their entire experience.
- Finding and setting up fraud alerts was the lowest-scoring task, and the most difficult task for consumers on the mobile apps (with the exception of viewing statements on the Wells Fargo app). Customers disliked the lack of clarity around where to find alerts, and for many, the alerts feature did not work.
- Aesthetics was the highest-scoring factor, due to all the financial institutions apps' overall modern, attractive and professional-looking visual branding. Common adjectives customers used to describe the apps were: “Clean,” “clear” and “consistent.”
- Delight was the lowest-scoring and most elusive factor because customers expected straightforward information about fraud alerts, and therefore their expectations went unfulfilled. All three bank apps showed low scores for delight.
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