Comparing the digital experience of the top 5 US banks

Nearly two-thirds of the U.S. population uses digital banking services, according to Bankrate. The number is even higher for younger consumers, with almost four in five Millennials doing their banking online.
 
It’s no wonder. Digital banking saves time by allowing people to access services wherever and whenever they are and on whatever device. Its popularity, already rising for years, soared during the pandemic and hasn’t let up.
 
“Digital maturity is rising across the whole banking sector,” said a Deloitte study that found 70 percent of banks now offer a remote account opening option, compared with 55 percent in 2020, while increasingly moving other offerings such as card management and investment services online.
 
Thus, delighting customers in digital channels has become a prerequisite for banks, and those that do it best have a real opportunity to differentiate themselves.
 
So how well are the biggest banks doing?
 
To find out, we asked 1,500 people to visit the websites of five major U.S. banks—Chase, Bank of America, Wells Fargo, Citibank, and U.S. Bank—and see what it’s like to perform three common activities: find the interest rate for a savings account, apply to open a savings account, and get customer support.

Here's a sneak peak at the top three takeaways from our findings: 

1. Banks are too focused on optimizing account setup and lose conversions along the way
2.  Digital friction points can compound into a loss of trust
3. Quick and easy digital banking experiences are big differentiators

Read more about our findings and dig into the data with access to the full report.