The 2023 Online Banking Scorecard from Javelin Strategy & Research underscores that success in digital banking now is as much about winning “share of mind” as “share of wallet.” Each of the top 20 retail financial institutions made moves to raise awareness of existing features and entice customers deeper into their websites on a habitual basis—all with an eye toward creating value that can retain customers in a rate-chasing market and fend off rival FIs, neobanks, and financial apps. 

No FI did that better in 2023 than Bank of America, which earned “Best in Class” for the seventh consecutive year. But this is a competitive realm. Chase stalked ever closer; U.S. Bank ascended to the overall leaderboard for the first time; and Chase, Truist, U.S. Bank, and Wells Fargo each topped an individual category In Javelin’s rankings. 

The 2023 scorecard tells a story of innovation an opportunity across six categories: Ease of Use, Security Empowerment, Financial Fitness, Money Movement, Customer Service, and Account Opening. The analysis of 257 features underscores the unrelenting pressure on FIs of all sizes to:

• Rethink the homepage to improve navigation and deepen engagement.
• Embrace “in-your-face security” to frame security as a bank and customer partnership.
• Experiment purposefully with financial fitness features, insights, and gamification.
• Set the stage to make moving money more intuitive and speedy.
• Build a customer service continuum with virtual assistants, live chat, and other convenient service options.
• Hone the account opening process to minimize abandonment and improve onboarding.

Key questions discussed in this report:

• What strategic goals should digital banking strategists prioritize?
• Which online features will help an FI stand out from the pack?
• How are leading FIs forging the way in online banking?
   

Companies Mentioned:

Ally Bank, Bank of America, BMO, Capital One, Chase, Chime, CIBC, Citi, Citizens, Credit Karma, Envestnet, Fifth Third, Huntington, Key, M&T, MX, Navy Federal, NerdWallet, PNC, Regions, Royal Bank of Canada (RBC), Santander, Scotiabank, TD Bank, Truist, U.S. Bank, USAA, VantageScore, Wells Fargo, Zelle