Leading Banks Enhance Online Services Including Seamless Account Opening and Self-Service Options
Wilmington, Del., May 24, 2023 – Keynova Group, the principal competitive intelligence source for digital financial services firms, today announced the results of the Q2 2023 edition of its semi-annual Online Banker Scorecard. Bank of America continued its winning streak, ranking No. 1 with the highest Overall Score for its digital user experience in Keynova Group’s competitive evaluation of 18 leading U.S. retail banks.
The Scorecard’s findings show that banks are continuing to improve the digital account opening process and add more digital self-service account management options.
"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, 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
As more bank servicing moves online, banks looking to grow their customer base also need a streamlined digital account opening process. While most banks’ websites list the information required from new applicants, just 50% provide an estimated time to complete the application or outline the process prior to requesting personally identifiable information and only 28% explain funding options upfront. Offering these informative elements can help mitigate mid-application abandonment. An application progress meter – offered by 78% of the banks – also helps illustrate where applicants are in the process and increases application close rates, though some lack sufficient detail. Digital accessibility impacts the account opening process as well – whether it be for physical disabilities or aging considerations such as declining motor performance and vision. Banks are making improvements and 78% of the Scorecard banks now enable screen readers for use by vision-impaired applicants opening deposit accounts.
Improving Digital Self-Service Options
As online banking adoption and usage has grown, leading banks are working to expand core digital servicing options and innovating for new capabilities. Yet, some fundamental service and account management options are less prevalent. While nearly 90% of the evaluated Scorecard banks’ websites enable cardholders to lock and unlock debit cards and 78% enable customers to order replacement cards online, only one-third provide options to set a debit card’s transaction or daily limits and/or block certain types of transactions. Surprisingly, less than half (44%) of the banks allow customers to dispute debit and credit card transactions online. Account holders increasingly expect banks to monitor their accounts and proactively notify them about unusual activity; however, only three banks (Huntington, PNC, and Truist) provide advance notifications warning an account is at risk of an overdraft or has insufficient funds for upcoming scheduled transactions. Most banks allow customers to select their overdraft protection preferences online. The banks that do this and provide proactive communications can help promote their customers’ financial wellness.
About the Online Banker Scorecard
Keynova Group’s semi-annual, fact-based Online Banker Scorecard, offered for more than two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that drive mobile strategy in banking. The evaluation encompasses the websites of Bank of America, BMO, Capital One, Chase, Citibank, Citizens Bank, Fifth Third Bank, Huntington Bank, KeyBank, M&T Bank, PNC, Regions Bank, Santander, TD Bank, Truist, USAA, U.S. Bank, and Wells Fargo. For more information please visit: https://www.keynovagroup.com/scorecards/#banking
About Keynova Group
Keynova Group is the nation’s foremost competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending and insurance. Since 1999, Keynova Group’s Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights. The firm’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects.
For more information:
Meggan Manson
Young & Associates,
for Keynova Group
301-371-6995
megganm@yapr.com