Key Elements of a Superior Digital Banking Experience

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In the fast-paced world of fintech, the competition among digital banking apps is fierce. Recently, our team released a comprehensive report titled “Consumer Perspectives: Best Fintech Apps,” highlighting significant disparities between top-performing US-based digital banking apps and their less successful counterparts. Building on this analysis, we delve deeper into the data to understand the key elements of a superior digital banking experience based on our machine learning based analysis of more than 450000 user reviews. Through this exploration, we aim to empower digital banks to enhance their offerings, address user pain points, and elevate the overall customer experience in digital banking.

An Overview of Digital Banking Leaders:

Among the plethora of digital banking apps in the US market, the most succesful ones with the highest oCX scores are Qapital, Credit Sesame, Chime and Rocket Money. The average oCX (Observational Customer Experience score) for top contenders(Qapital, Credit Sesame, Chime and Rocket Money) stands at an impressive 48, highlighting their exceptional user satisfaction levels. In contrast, the average score for the remaining digital banking apps is -17. This stark contrast underscores the importance of understanding what sets these top performers apart.What accounts for this discrepancy? Let’s delve into the specific topics that users have reviewed.

What is driving the experience: The Top 5 Topics users cared about

Upon closer examination, we find that the top five most reviewed topics for US-based digital banking apps are: App Usability, Service Continuity, Variety of Transaction Types, Cards and Security. For all US-based digital banking apps, these five topics collectively account for 74% of user reviews, with App Usability receiving the most reviews. The top contenders consistently outperform the industry average across all topics.

 

  • According to our analysis, app usability is the primary customer experience topic appearing in more than one-third of customer reviews. Leading banks received 42% more positive usability reviews than the average digital bank. 
  • Service continuity is the second most discussed topic, mentioned in about 19% of all conversations, with leading digital banks receiving about 45% more positive reviews than the rest of the digital banks. 
  • The gap between leading banks and others is smallest in the variety of transactions available in the app, indicating general user satisfaction with the capabilities of digital banking apps. 
  • However, a notable distinction emerges in the area of “Cards,” where leading digital banks receive 53% positive reviews compared to the rest of the digital banks’ mere 16% positive reviews. 
  • Security appears to be a significant pain point for users. Leading digital banks have 65% negative reviews concerning security, compared to 80% for the average digital bank. 

Below, you’ll find two tables detailing the most reviewed topics. Additionally, the table includes the percentage of positive and negative reviews received by both the top contenders and the remaining digital banks for each topic. Positive review rates are highlighted in green, while negative review rates are highlighted in red.

Key Topics

(% of Reviews)

Leaders

Rest of the Digital Banks

App Usability (36%)

64%

45%

Service Continuity (19%)

58%

40%

Security (7%)

22%

8%

Variety of Transaction (6%)

67%

51%

Cards (6%)

53%

17%

Key Topics

(% of Reviews)

Leaders

Rest of the Digital Banks

App Usability (36%)

22%

40%

Service Continuity (19%)

23%

42%

Security (7%)

65%

80%

Variety of Transaction (6%)

18%

26%

Cards (6%)

30%

72%

Positive Reviews

Negative Reviews

In conclusion, it is clear that leading digital banks: Qapital, Credit Sesame, Rocket Money, and Chime have outpaced the rest of the industry in enhancing user experience, particularly in critical areas such as App Usability and Service Continuity, which are of significant importance to users.  

However, both the top players and the rest of the industry face challenges in Security, receiving overwhelmingly negative reviews, especially among the latter group. Going forward, it will be crucial for digital banking apps to understand and address these discrepancies to remain competitive in an increasingly demanding market. 

Related Resources

Consumer Perspectives: Best Fintech Apps

Consumer Perspectives: Best Fintech Apps

 

  • Gain insights on global fintech user sentiments through our analysis of over 500,000 reviews in 2023
  • Discover front runners in customer experience and what it takes to be a top fintech brand
  • Discover Observational Customer Experience (oCX) score, transforming written feedback into a standardized numerical rating
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Introducing oCX, the New, AI-Generated CX Metric

 

  • oCX, or “Observational Experience,” is a unique metric that assesses the quality of a company’s customer experience without relying on traditional surveys.
  • This metric is powered by AI technology that analyzes individual customer opinions expressed in unsolicited text comments on social media, review sites, and other online platforms.
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