Banking Mobile Customer Experience Index: January 2018

About this Report

Banking customers are a special kind of customer—ones who’ve entrusted banks with their livelihood, their security, and their future. It’s not surprising that simply making them happy isn’t enough to drive loyalty. According to Forrester Research’s US Banking Customer Experience Index, 2017, delighting retail banking customers is complex. In its study, the firm found customers’ loyalty to banks was primarily driven by three key emotions: feeling appreciated, respected, and valued.

The challenge for banks is inspiring these emotions within the digital experience—it’s much easier said than done. What’s more, the incentive for banks to drive greater digital engagement directly impacts their bottom line. A recent study by Bain found that every time a customer calls or visits a retail bank, it costs the bank $4. But if that same transaction can be completed via a mobile app, it costs only 10 cents.

To expand on these findings and learn more about banking mobile app experiences, UserTesting completed a competitive benchmarking study—from October 23, 2017, to October 27, 2017—of the top three largest U.S. banks: Bank of America, JPMorgan Chase, and Wells Fargo. 300 mobile banking customers evaluated the banks’ mobile apps based on five factors—Ease of use, Speed, Credibility, Aesthetics, and Delight—which UserTesting has identified as the key user experience (UX) attributes throughout ten years of experience helping companies leverage human insights to improve their digital products. Participants completed a series of tasks on their mobile devices using each bank’s app and then answered questions about their experience, which resulted in both quantitative data and qualitative insights.

In this report, you'll learn about:

  • How the top three largest U.S. banks measured up against each other
  • Which task was the most frustrating for banking customers
  • What factors contribute to loyalty in the minds of banking customers

This report is for business, eCommerce, and digital product leaders within the banking industry.

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