Bank of America, Capital One, Chase, Citibank, Navy Federal Credit Union, Regions Bank, SunTrust, USAA and Wells Fargo Best Satisfy Customers’ Digital Banking Needs
San Francisco, CA. July 29, 2014 —Javelin Strategy & Research’s semiannual benchmarking study, Outperform, has revealed that Bank of America, Chase, Citibank, and Wells Fargo are digital banking leaders among the top 20 retail banks. But more surprising is that regional providers — SunTrust and Regions Bank — scored top customer-satisfaction positions alongside the giant banks.
Javelin also found that digital-first financial institutions USAA and Navy Federal Credit Union are in a league of their own. They are delivering industry leading digital banking offerings and earning customer-satisfaction scores for digital that rival those of traditional banks and credit unions.
Perhaps the biggest surprise in the results was the strong performance of regional providers —SunTrust Bank and Regions Bank — whose technology budgets are much smaller than those of the giant banks and whose digital platforms are generally considered less comprehensive. SunTrust scored highest in online banking and received the award 2014 Digital Banking Experience Leader for Online Banking.
“These results show that banks should be paying more attention to specific customer-satisfaction ratings when planning digital innovation,” said Jim Van Dyke, CEO of Javelin Strategy & Research. “Banks could find opportunities to reprioritize their investments in their digital capabilities, achieving both higher customer satisfaction and revenue on the same amount of technology investment. Banks need to separate faddish bells and whistles from the features that truly lead to greater value with customers.”
Bank of America took the prize for 2014 Best Overall Digital Banking Experience Leader — a result that comes as no surprise given that bank’s significant investment in developing a world-class digital banking platform. Among the award winners was Chase, which ranked second or third in all five categories, and Citibank, which was a winner in four of five categories.
“Digital Banking Experience Leaders achieve tremendous success with customers by offering advanced features like mobile account opening, mobile bill payment, and actionable alerts,” said Wesley Carpenter, Vice President, Outperform at Javelin Strategy & Research. “By providing a consistent experience across all banking channels, banks have been able to distinguish themselves as leaders that customers can rely on.”
Digital Banking Experience Leaders in the following categories:
- Bank of America wins the 2014 Javelin Overall Digital Banking Experience Leader
- Online Banking category: SunTrust Bank, Chase, Bank of America, Wells Fargo, and Regions Bank
- Mobile Banking category: Bank of America, Chase, SunTrust Bank, Citibank, and Regions Bank
- Digital Adoption category: Bank of America, Chase, Citibank, Capital One, and SunTrust Bank
- Digital Strategy category: Bank of America, Chase, Citibank, Capital One, and SunTrust Bank
- Digital-First category: Navy Federal Credit Union and USAA
About the Award ¬ 2014 Digital Banking Experience Leader
Javelin Strategy & Research’s benchmarking study, Retail Experience Benchmarking, evaluated the competitive position of the digital banking services of the top 20 U.S. retail financial institutions from the viewpoint of their primary customers. The study surveys nearly 9,000 consumers twice yearly to help to inform financial institutions about how to prioritize digital investments to satisfy customers and maximize profitability for the bank.
The 2014 Digital Banking Experience Leader award is determined by the customers scoring their primary bank about their experience with online banking, mobile banking and other digital offerings.
The study benchmarks the following financial institutions’ digital banking offerings: Bank of America, BB&T, Chase, BBVA Compass, Capital One, Citibank, Citizens, Comerica, Fifth Third Bank, Key Bank, M&T, Navy Federal Credit Union, PNC Bank, Regions Bank, Santander Bank, SunTrust Bank, U.S. Bank, TD Bank, Wells Fargo, and USAA.
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants, and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.