- John Moore / Getty Images
J.D. Power and Associates released its 2017 mobile banking apps scorecard on Monday.
The consumer insights firm asked 5,564 retail bank customers to rate their bank’s mobile app across five categories, in weighted order: ease of navigation; appearance; clarity of information; range of services; and availability of key information.
Surprisingly, just 31% of retail bank customers use mobile apps, J.D. Power found. Less than half of respondents said they felt their information was secure when banking on the go.
“Even with the mobile channel having the highest satisfaction and consistency of all channels, adoption is stubbornly low-particularly when compared with overall smartphone penetration,” writes Bob Neuhaus, director of financial services at J.D. Power. “The challenge for both retail banks and credit card companies is to establish accessible entry points that ease resistant customers onto the mobile channel where they will, in all likelihood, quickly find that they are very satisfied with the experience.”
Some people may have qualms about mobile finances, but millennials are hooked; 76% of 13 to 35-year-olds say they’ve used payments apps like Venmo or Square Cash in the last 30 days.
Here’s the full ranking:
1: Capital One
- AP/Mark Lennihan
Capital One’s Credit Wise feature helped the Virginia-based bank take top honors in the survey. Consumers rated it 870 of 1,000 total possible points. (Industry average is 855.)
The bank was also the only institution to get a 5/5 “power circle” rating from J.D. Power.
Ron Secrist, head of online and mobile banking at Capital One, told Business Insider that “offering innovations that customers are looking for-not just innovation for innovation sake,” led to the success.
2: Bank of America
- REUTERS/Shannon Stapleton
The country’s largest bank in terms of assets takes the position of runner-up this year, with a score of 865.
3,000 “digital ambassadors” at branches across the country have helped propel the Charlotte, North Carolina-based bank’s app to 20 million active users.
3: TD Bank
- Drew Angerer/Getty Images
Toronto-Dominion Bank’s US arm, which hails itself as “America’s Most Convenient Bank,” comes in at number three.
This month the bank announced it would join 30 other large financial firms in creating Zelle, a Venmo-competitor app for peer-to-peer payments.
4: U.S. Bank
Minneapolis-based U.S. Bank barely came in above the industry average with a score of 859
6: BB&T (tie)
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North Carolina-based BB&T’s app takes a unique approach: letting customers decide which features to turn on or off. These customization options brought the bank to a tie for sixth in the rankings-just below the industry average-with a score of 852.
6: Citibank (tie)
- Spencer Platt/Getty Images
America’s number three bank by assets, Citibank, is tied with BB&T for the number six slot, with a score of 852.
Chase was one of the first major banks to launch a big push into digital offerings, but the biggest US bank’s lead has trailed off slightly. This year it lands at number seven on the list, with a score of 850.
- Thomson Reuters
Pittsburgh-based PNC comes in at number eight with a score of 847.
9: Wells Fargo
- REUTERS/Rick Wilking
Fresh off the heels of a fake-accounts scandal that came to light last year, Wells Fargo has also seen its app fall out of favor with customers, who gave it a rating of 846.
10: Citizens Bank
- Flickr/Mike Mozart
Rhode Island-based Citizens Bank brings up the rear at number 10 on the list, with a score of 838.