Mobile Banking Fuels Customer Satisfaction for Big Banks

Mobile Banking Fuels Customer Satisfaction for Big Banks

May 11, 2016         Written By Lynn Oldshue

Mobile banking has become an increasingly important factor in customer satisfaction for financial institutions, according to the J.D. Power 2016 U.S. Retail Banking Satisfaction Study. Big banks experienced a dramatic increase in customer satisfaction in correlation with the use of their digital products, while mid-sized banks saw a decline for the first time since 2010.

Big banks took the lead in customer satisfaction for the first time during the third week of 2016, toppling both mid-sized banks and regional banks. Starting in 2013, big banks have stayed on trend with the satisfaction levels for regional banks, while mid-sized banks claimed victor over all satisfaction categories. But this is the first time big banks have reigned supreme.

The study shows a direct link between customer satisfaction and the use of mobile banking, with a 2.7% increase between 2012 and 2016. This increase is even higher for consumers who have a “highly satisfying” experience with their mobile banking products, jumping 8.2%.

J.D. Power asserts that digital products have an influence on all areas of customer experience, including the ability to resolve problems/complaints, improve perceptions about other banking products, and keep satisfaction rates high for small branch networks.

The emergence of mobile technology is having a slight impact on customer-to-branch interaction. On average, people who use mobile banking and have the option to deposit checks via their phones and tablets only visited a branch 10 times in the past year. Those with mobile banking who do not have the option to deposit checks visited the branch 13 times in the last year, and those who do not use mobile banking visited an average of 15 times.



The information contained within this article was accurate as of May 11, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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