Keynova Group
“Online banking continues to be an important digital solution for significant segments of the customer population who use desktop exclusively or increasingly blend it with mobile banking usage.” — Susan Foulds, Managing Director, Keynova Group
WILMINGTON, Del. (PRWEB)
May 24, 2023
Keynova Group, a principal source for digital financial services competitive intelligence, recently released the Q2 2023 report of its semi-annual Online Banker Scorecard. Bank of America retained its top rank with the highest digital user experience Overall Score, among 18 major U.S. retail banks evaluated.
The Scorecard report showed that most banks are upgrading their digital account opening process and integrating digital self-service account management features.
“Online banking continues to be an important digital solution for significant segments of the customer population who use desktop exclusively or increasingly blend it with mobile banking usage,” said Susan Foulds, the Managing Director of Keynova Group. “Banks that continue to enhance and innovate their online banking while ensuring the basics are available will help maintain customer loyalty.”
Key Findings:
New Support & Accessibility Features Enhance Account Opening Flow
Banks looking to grow their customer base through online channels need a streamlined digital account opening process. While nearly half of all the banks evaluated provide the necessary information and only 28% explain funding options upfront, just 50% offer an estimated completion time or an outline of the process before requesting sensitive data, which can mitigate mid-application abandonment. In addition to a progress meter for the application process, 78% of the banks offer an option enabling screen readers for vision-impaired applicants opening deposit accounts.
Improving Digital Self-Service Options
As online banking usage has grown, leading banks are broadening their core digital servicing capabilities and innovating new features. However, basic account management functions are still underused. Only 44% of banks allow their online customers to dispute debit and credit card transactions, while less than half enable customers to set debit card transaction limits or block certain types of transactions. Although most banks allow customers to choose their overdraft protection preferences online, Huntington, PNC, and Truist are the only banks that provide advance notifications warning an account is at risk of an overdraft.
About the Online Banker Scorecard
Keynova Group’s semi-annual Online Banker Scorecard, developed over two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that shape mobile strategy in banking. The scorecard report analyses Bank of America, Capital One, Citi bank, Citizens Bank, Fifth Third Bank, Huntington Bank, Chase, KeyBank, M&T Bank, BMO, PNC, Regions Bank, Santander, TD Bank, Truist, USAA, U.S. Bank, and Wells Fargo. For more information, visit: https://www.keynovagroup.com/scorecards/#banking
About Keynova Group
Keynova Group is the most respected benchmarking insights and analysis provider of consumer and small business digital financial services, including banking, credit card, home lending, and insurance. Keynova Group’s scorecards have been the go-to source for leading financial institutions to acquire reliable competitive intelligence and effective insights since 1999. The firm’s proven methodology and detailed results help its clients improve the value of their digital programs to provide the customers with optimal experience and prospects.
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