The annual Online Banking Scorecard from Javelin Strategy & Research evaluates the top 20 U.S. financial institutions to identify who is setting the pace in online banking. This year, it’s a story of big banks wielding their big budgets to enhance the aspects of online banking they believe their customers value most. Bank of America—the “Best in Class” winner for the sixth consecutive year—is joined by Chase and Wells Fargo atop the overall leaderboard, with each of those institutions excelling in multiple individual categories.

The scorecard identifies three leaders in each of six categories deemed crucial to success in online banking. Nine banks among the 20 institutions earned leader status in at least one of those categories, underscoring that FIs that pick their shots and focus their investments can make a mark even in an industry dominated by banks with bigger budgets.

This year’s scorecard examines 229 features across those six categories: Ease of Use, Security Empowerment, Financial Fitness, Money Movement, Customer Service, and Account Opening. Javelin weights each category based on what consumers say is most important to their satisfaction with online banking, and our analysts also weight individual features based on strategic value, tactical necessity, and industry and consumer trends.

Key questions discussed in this report:

• Which banks are market leaders in online banking?
• Which digital categories have the greatest influence on satisfaction with online banking?
• How many banks offer innovative features that will rejuvenate and transform online banking?
• What key trends should digital banking strategists consider high priorities?
• What specific features address these key trends?
• What features should FIs prioritize because of lessons learned during the COVID-19 pandemic? 

Companies Mentioned:

Ally, Bank of America, Bank of the West, BB&T, BBVA, Betterment, BMO Harris, Capital One, Cash App, Chase, Chime, Citi, Citizens, Comerica, Credit Karma, Fifth Third, Fiserv, Huntington, Key, M&T, Merrill, MX, Navy Federal, Nerd Wallet, PayPal, Petal, PNC, Regions, Robinhood, Sable, Santander, SoFi, SunTrust, TD Bank, Tomo, TradeKing Advisors, Truist, U.S. Bank, USAA, Wealthfront, Wells Fargo, Yodlee, Zelle