Consumers’ Growing Demand for Simplicity and Security Helps U.S. Bank Top Javelin’s 2024 Digital Banking Scorecards
June 25 2024 - 10:10AM
Javelin Strategy & Research released the 2024 editions of its
annual Mobile Banking Scorecard and Online Banking Scorecard, with
U.S. Bank earning Best in Class in both scorecards and ending Bank
of America’s six-year reign atop both scorecards.
The 2024 Scorecards highlight the growing
importance to consumers of an intuitive experience and secure
digital access to manage their accounts. Together, ease of use and
security drive the majority of consumers’ satisfaction with digital
banking, according to Javelin’s analysis of 10,119 consumers
surveyed in May.
U.S. Bank had been gaining on Bank of America for
several years, and steady upgrades to its digital experiences
resulted in the bank’s first “Best in Class” designations. The
runners-up were the same in both channels, with Bank of America
finishing second and Wells Fargo capturing third.
A growing functional gap among leading banks
demonstrates the importance of paying attention to security and
ease of use in digital banking. “Consumer sentiment is clear: An
app loaded with features won’t cut it if it isn’t secure and makes
it hard to find to find what you need,” said Emmett Higdon,
Director of Digital Banking at Javelin. “Even top financial
institutions have a long way to go to deliver.”
Javelin’s scorecards evaluate more than 230
criteria in each channel at 20 of the largest retail financial
institutions in the United States, providing the industry’s most
detailed and strategic benchmark of evolving digital banking
experiences. Key takeaways that Javelin’s analysts noted in this
year’s scorecards include:
- Banks continue to struggle with high-engagement basics,
including improving transaction ledgers for quick oversight,
providing timely insights into accounts, and encouraging deeper
exploration through search or chat bots.
- Top FIs are more proactively engaging customers in the fight
against fraud, exemplified by the development of prominent,
feature-rich security centers and recurring email marketing
campaigns.
- While chatbots have become a default in mobile banking, with
all but three top 20 banks now supporting one, few are supporting
more than simple FAQ-like responses to customer
inquiries.
- Consumers complain loudly about mobile deposit functionality
that continues to suffer from three lingering issues: deposit
limits that are too low, delayed access to funds, and uncertainty
about when funds will be available.
- Financial Fitness remains the industry’s weakest-performing
category because half of top-20 FIs are essentially watching from
the sidelines and missing opportunities to evolve from
do-it-yourself to help-me-do it engagement.
Javelin’s scorecards focus on six functional
categories: Ease of Use, Security Empowerment, Money Movement,
Financial Fitness, Customer Service, and, new this year,
Relationship Deepening.
“Every bank and credit union is hunting for ways to
turn glance-and-go digital activity into deeper relationships,”
said Mark Schwanhausser, Director of the Digital Banking. “This new
category underscores the importance of engaging customers beyond
transactions with features that boost awareness and usage of
digital features, build loyalty, and continually bolster primary-FI
status long after the account is opened.”
For more information on the Mobile Banking
Scorecard and Online Banking Scorecard, visit
javelinstrategy.com.
About Javelin Strategy &
ResearchJavelin Strategy & Research, part of the
Escalent family, helps its clients make informed decisions in a
digital financial world. It provides strategic insights to
financial institutions including banks, credit unions, brokerages
and insurers, as well as payments companies, technology providers,
fintechs and government agencies. Javelin’s independent insights
result from a rigorous research process that assesses consumers,
businesses, providers, and the transactions ecosystem. It conducts
in-depth primary research studies to pinpoint dynamic risks and
opportunities in digital banking, payments, fraud & security,
lending, and wealth management. Learn more at
javelinstrategy.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ed568b-d67b-4eb3-912b-35f93ef0cbab
Contact
Allison Bondi
allison.bondi@javelinstrategy.com