The Mobile Transaction Ledger: It’s Broke, So Just Fix It

Reviewing transactions is the second-most-frequent digital banking task, behind only monitoring balances. This makes checking account ledgers in mobile banking a crucial forum for turning fleeting glance-and-go interactions into deeper engagement. 

Unfortunately, Javelin’s analysis shows that top U.S. banks and credit unions still struggle with weaknesses first spotlighted in Why It’s Time to Fix the Four Flaws of Transaction Ledgers in 2019 and tracked ever since in Javelin’s annual digital banking scorecards. This detailed review of checking account ledgers in leading mobile banking apps illustrates widespread problems that inhibit the skimming of transactions, slow readability, miss opportunities to deepen engagement, expose cracks in Zelle’s bolt-on experience, and impede the ability to find specific transactions simply and efficiently.

Key questions discussed in this report: 

• Why are mobile checking account ledgers so important? 
• How can banks improve their transaction ledgers to make them more readable and useful to customers?
• How can transaction ledgers be designed to create more in-app engagement and deeper relationships? 
• What steps can banks take to better integrate Zelle within the main transaction ledger?

Companies Mentioned: 

Ally, Bank of America, Chase, Citi, FifthThird Bank, Monzo, NatWest, Navy Federal Credit Union, PNC Bank, Regions, Rocket, Truist, U.S. Bank, Wells Fargo