Overview

The inaugural edition of Javelin’s Online Banking Scorecard enables financial institutions to identify features that can transform the customer experience and prioritize online banking upgrades. This competitive analysis of the nation’s top 30 retail banks and credit unions examines more than 200 online banking features that empower customers to confidently handle financial chores, move money, and steadily achieve financial well-being. These features also are designed to build trust and position a bank or credit union as a financial adviser – the position most likely to win when customers shop for additional banking products and services. The ambitious aim of this scorecard is to reframe online banking around managing money with a view, do, and plan approach that builds on Javelin’s Digital Banking Maturity Path and the firm’s Financial Journey Model.

Companies Mentioned: Ally, Bank of America, Bank of the West, BB&T, BBVA Compass, BMO Harris, Capital One, Chase, Citibank, Citizens, Comerica, Discover, Fifth Third, First Niagara, First Republic, HSBC, Huntington, Key Bank, M&T, Navy Federal Credit Union, PNC, Regions, Santander, SunTrust, TD Bank, U.S. Bank, Union Bank, USAA, Wells Fargo, Zions

 

Methodology

Javelin evaluated online banking features at the nation’s 30 largest retail FIs by total deposits, excluding banks focused on investment banking. To provide a customer’s perspective, Javelin relied on secret shoppers with seasoned checking and credit card accounts at the FIs under scrutiny. These shoppers were directed to look for more than 200 features in specific locations of the authenticated website and to provide screenshots for Javelin’s evaluation. All findings were reviewed and weighted by Javelin analysts. Data was collected from August to October 2016.

Consumer data in this report is based primarily on information collected in a panel of 10,639 consumers in an online survey conducted in May 2016. The margin of sampling error is ± 0.95% at the 95% confidence level.