When it comes to customer satisfaction, wealth management applications lag behind others in financial services. While JD Power saw a nine point improvement in average overall customer satisfaction with wealth management apps (858 vs. 849 in 2020), the average for banking apps (860), credit cards (867) and insurance (877) were all higher, the same trend seen in 2020 and 2019.
And these are two of the largest banks in the country whose wealth management apps top the list in the 2021 JD Power Mobile Wealth Management App Satisfaction Survey in the United States. US Bancorp Investments came in at No. 1 with a score of 884 out of 1,000, followed by Chase Mobile (876) and Merrill Edge (870), which placed third.
Chase Mobile tops the list in 2020, followed by Wells Fargo with E * Trade and US Bank tied for third.
Merrill’s third place this year is nevertheless a big improvement over last year, when the company, along with several other wealth management-focused companies, performed below the industry average in terms of satisfaction. comprehensive with regard to their wealth management applications.
The results of the survey indicated that the main drivers of this overall nine-point improvement in customer satisfaction are related to the increased speed of applications, an increase in the range of services offered, as well as a better appearance. general. The number of clients using their wealth management apps on a daily basis increased by four percentage points year over year and the number of using them multiple times a day increased by three percentage points.
Despite this, the study found that only 44% of users of wealth management apps who also work with an advisor report communicating with them through the app, and this remains unchanged from 2020.
The JD Power study, which was conducted between July and August 2021, is based on responses from 3,025 self-employed and full-service investors, according to the company. It uses five factors to assess customer satisfaction with mobile wealth management applications and these include, in order of importance, the range of services; clarity of information; ease of navigation; appearance; and the speed of loading screens.