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How North American Consumers Rate Their Banking & Payment Apps

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How North American Consumers Rate Their Banking & Payment Apps ARC REPORT FROM APPLAUSE • OCTOBER 2016 HOW NORTH AMERICAN CONSUMERS RATE THEIR BANKING & PAYMENT APPS 13 million app store ratings & reviews reveal the mobile leaders in banking & payments. By Ben Gray, Digital Experience Analyst, Applause 44/100 The weighted mobile sentiment average of the flagship Android and iOS apps from the 61 largest North American banks and credit unions, as rated and reviewed by their own customers. Mobile Apps Should Enhance The Banking Experience he top 61 banks and credit unions in the U.S. and Canada collectively hold more than $20 trillion (USD) in total assets, according to annual reports T compiled by relbanks and USA Credit Unions. All of these financial service institutions have native Android and iOS apps to better serve their customers. The perfect attendance rating is an important milestone. Mobile is changing the way consumers bank. Fiserv’s recent survey of more than 3,000 U.S. adults ages 18 and older reveal that 40% use mobile banking today, and among millennials that number increases to more than 75%. In other words, mobile is the future of banking. 1 But how satisfied are North American customers with their preferred banking apps? As it turns out, not very. Mobile payments, on the other hand, show promise. Analyzing User Sentiment Among 90 Financial Service Apps ARC—the research arm of digital experience testing company Applause—analyzes the user sentiment of Android and iOS apps to produce periodic reports. For banking and payments, we analyzed the flagship apps of the 61 largest North American financial service institutions, plus another 29 leading mobile payment apps. That’s 90 different banking and payment apps in total. Star ratings and text reviews were crawled by Applause Mobile Sentiment Analysis. The 90 apps received 10 million star ratings and three million text reviews. The apps are measured on a 100-point experience scale. ARC stack ranked the 53 U.S. bank and credit union apps (see Figure 1), eight Canadian bank apps (see Figure 2) and 36 payment apps (see Figure 3)—including seven carry-over banking apps that have payments as a core function of the apps—based on a weighted average of their Android and iOS user sentiment scores, as influenced by volume of app store reviews. Inclusion required more than 100 combined text reviews for banking apps. Goldman Sachs, BNY Mellon, State Street and seven other U.S. banks and two Canadian banks— Laurentian Bank and CWB—did not qualify due to lacking a statistically significant volume of text reviews. Inclusion for mobile payments was tougher, requiring more than 1,000 combined reviews. This disqualified many, including PayPal Prepaid, Chase Mobile Checkout and Masterpass by MasterCard. Apple Pay doesn’t allow for users to rate it or leave feedback, and thus wasn’t included. 2 FIGURE 1: HOW U.S. CONSUMERS RATE THEIR BANKING APPS ASSETS RANK AVG REVIEWS RATINGS Chase Mobile 1 81.8 26.6 317,959 1,022,225 East West Bank Mobile Banking 47 73.0 17.5 177 513 Capital One Mobile 10 70.3 24.1 117,972 299,709 Frost Bank 53 70.2 4.0 761 1,703 Morgan Stanley Wealth Management 6 66.0 1.0 193 322 First Republic Mobile Banking 37 65.1 3.1 1,039 1,704 Discover Mobile 31 64.4 0.8 17,346 42,373 Amex Mobile 17 64.3 12.0 10,896 31,375 Citizens Bank Mobile Banking 20 64.0 2.5 12,141 21,408 Barclaycard 50 60.3 0.8 2,288 6,767 Navy Federal Credit Union 33 60.2 5.3 16,044 38,939 SunTrust Mobile App 15 59.5 10.4 20,728 40,528 USAA Mobile 21 57.5 1.0 24,643 110,406 Bank of Oklahoma Mobile Banking 49 57.0 4.4 506 1,147 Citi Mobile 4 55.1 25.7 27,491 80,616 Fifth Third Mobile Banking 22 52.7 12.9 6,508 14,270 Huntington Mobile 34 50.2 0.4 4,076 10,831 PNC Mobile Banking 9 49.7 23.7 21,473 55,223 BBVA Compass Banking 30 47.0 10.8 1,132 2,936 Wells Fargo Mobile 3 46.0 5.0 45,083 205,122 Synovus Mobile Banking 51 44.6 3.3 536 828 Bank of America 2 44.2 5.4 54,458 402,210 First Citizens Mobile Banking 48 43.5 0.2 636 1,235 E*TRADE Mobile 40 42.7 3.0 5,009 28,838 People's United Bank Mobile 43 42.6 0.1 818 1,435 Union Bank Mobile Banking 28 42.2 0.4 1,574 5,255 TD Bank (US) 12 41.5 0.6 6,466 19,834 U.S. Bank 7 40.5 7.4 26,108 52,580 Personal Banking BY SANTANDER BANK US 24 40.3 2.0 1,659 3,640 BMO Mobile Banking 23 40.0 0.0 2,075 7,200 FirstMerit Mobile Banking 58 39.5 2.0 977 1,704 SECU Mobile 54 37.9 1.5 656 900 Associated Mobile Banking 52 37.8 2.4 1,022 1,815 Regions Mobile Mobile Banking 25 37.4 0.4 7,164 17,423 Schwab Mobile 16 37.3 1.3 3,828 6,582 RBC Mobile 19 36.0 6.0 7,687 19,210 Rabobank Mobile Banking 60 36.0 8.4 218 466 Ally Mobile Banking 18 34.6 2.0 5,783 7,895 First Niagara Mobile Banking 44 34.4 1.0 1,152 2,039 Commerce Bank 62 34.2 1.0 780 1,410 Webster Bank Mobile 61 34.2 2.8 465 909 EverBank Mobile 57 34.0 10.8 269 277 Comerica Mobile Banking 35 34.0 2.9 1,041 1,627 First Tennessee Mobile Banking 56 33.6 0.8 961 1,841 Zions Bank Mobile Banking 38 33.3 0.2 781 1,234 Meine Bank BY DEUTSCHE BANK 39 32.0 9.5 354 11,995 CareCredit Mobile App BY SYNCHRONY FINANCIAL 32 31.5 N/A 547 837 HSBC Mobile Banking 11 30.0 7.5 10,258 58,610 Popular Community Bank Mobile 45 29.0 2.8 518 943 M&T Mobile Banking 26 27.6 2.3 1,248 2,826 KeyBank Mobile 29 27.1 6.5 2,630 4,769 U by BB&T 14 25.7 N/A 2,067 3,823 Umpqua Bank Mobile Banking 63 17.0 5.3 473 683 SOURCE: ARC FROM APPLAUSE, OCTOBER 2016 3 FIGURE 2: HOW CANADIAN CONSUMERS RATE THEIR BANKING APPS ASSETS RANK AVG REVIEWS RATINGS CIBC Mobile Banking 5 52.3 7.7 2,214 15,492 Scotiabank 3 43.7 3.1 2,035 18,497 RBC Mobile 1 42.7 9.2 4,221 24,256 National Bank Mobile Banking Solutions 7 34.7 4.6 1,019 3,653 Desjardins mobile services 6 34.0 0.4 1,710 9,096 TD Canada 2 31.6 5.4 5,688 31,851 BMO Mobile Banking 4 29.0 0.3 3,016 5,559 HSBC Mobile Banking 8 20.6 5.7 404 57,832 SOURCE: ARC FROM APPLAUSE, OCTOBER 2016 FIGURE 3: HOW U.S. CONSUMERS RATE THEIR PAYMENT APPS AVG REVIEWS RATINGS Chase Mobile 81.8 26.6 317,959 1,022,225 LevelUp 81.5 0.5 3,441 4,443 TransferWise Money Transfer 81.0 0.9 4,138 13,383 Capital One Wallet 79.2 2.0 17,801 40,067 WorldRemit Money Transfer 76.2 4.0 4,420 11,397 Samsung Pay 74.0 N/A 53,489 192,402 Mint Bills BY INTUIT 73.0 1.0 67,072 182,382 Square Cash 72.7 6.5 15,756 29,799 Capital One Mobile 70.3 24.1 117,972 299,709 CoinBase - Bitcoin Wallet 70.1 0.9 8,542 31,554 Venmo BY PAYPAL 67.5 1.6 19,881 55,030 PayPal 65.7 7.3 117,898 556,473 Square Register 65.6 0.2 27,168 95,480 Discover Mobile 64.4 0.8 17,405 42,454 Amex Mobile 64.3 12.0 10,896 31,375 Google Wallet 64.0 30.9 12,655 44,977 Xoom BY PAYPAL 63.1 2.0 3,350 21,884 Paytm BY ONE97 COMMUNICATIONS 63.0 1.0 438,008 1,587,757 Western Union Money Transfer 63.0 3.2 17,028 47,044 PayAnywhere BY NORTH AMERICAN BANCARD 59.7 3.7 4,301 6,463 Starbucks 58.0 6.0 234,404 577,663 FreeCharge 58.0 1.0 227,656 756,417 MobiKwik 57.0 3.0 158,712 491,205 Fidelity Investments 56.7 11.0 10,653 28,182 PayPal Here 55.2 4.0 14,499 28,149 Citi Mobile 55.1 25.7 27,491 80,616 Blockchain - Bitcoin Wallet 55.0 4.8 1,903 8,609 Quickbooks GoPayment BY INTUIT 53.9 1.6 4,882 10,565 Android Pay 51.0 8.0 46,973 133,358 Bluebird by American Express 50.4 1.5 4,966 14,285 Wells Fargo Mobile 46.0 5.0 45,083 205,122 NetSpend Mobile Banking 45.6 1.1 3,092 11,364 Bank of America 44.2 5.4 54,458 402,210 MoneyGram 39.0 5.5 1,414 3,986 Chase Freedom Mobile 37.0 10.5 1,214 2,681 Virtual Wallet by PNC BANK 36.2 0.8 6,525 14,225 SOURCE: ARC FROM APPLAUSE, OCTOBER 2016 4 Banking And Payment User Sentiment Takeaways: • Banking experiences span physical and digital worlds.
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