When it comes to customer satisfaction, wealth management apps continue to 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), averages 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 nation’s largest banks whose wealth management apps topped the list in the JD Power 2021 US Wealth Management Mobile App Satisfaction Study. US Bancorp Investments came in first with a score of 884 out of 1,000, followed by Chase Mobile (876) and Merrill Edge (870), which ranked 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 finish this year is nonetheless 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 overall satisfaction. when it comes to their wealth management apps.
The survey results indicated that the main drivers for this overall nine-point improvement in customer satisfaction are related to increased application speeds, increased range of services offered, as well as overall better appearance. The number of customers using their wealth management apps daily increased by four percentage points year over year, and the number of those using them multiple times a day increased by three percentage points.
Despite this, the study found that only 44% of wealth management app users who also work with an advisor say they communicate with them through the app, and that remains unchanged from 2020.
The JD Power study, which was conducted between July and August 2021, is based on responses from 3,025 full-service, self-directed investors, according to the company. It uses five factors to gauge customer satisfaction with mobile wealth management apps, and these include, in order of importance, service line; clarity of information; ease of navigation; appearance; and screen loading speed.
