by: The CI&T Team
Along with Mitek and Futurion, we recently released the 2018 Mobile Deposit Benchmark Report, which you can download here.
The report looked at how 20 U.S. retail financial institutions (FIs) ranked based on the quality of customer experience in app design and customer-friendly policies.
Results revealed that FIs investing in mobile deposit by improving the UX design of their app and raising deposit limits are the ones that are leading the way in digital channel migration.
The top five FIs for best mobile deposit user experience in 2018 are:
- Capital One (No. 1 in 2017)
- Wells Fargo (No. 2 in 2017)
- US Bank (No. 6 in 2017)
- BBVA Compass (No. 3 in 2017)
- Suntrust (No. 11 in 2017)
"The change of rankings in this year's report highlights the positive impact of a superior user experience," said Jim Van Dyke, CEO, Futurion. "The bar is rising for mobile deposit excellence, as it should be, as more people rely on mobile deposit for routine transaction. FIs that evolve their methodologies and requirements are the ones that will ultimately succeed in attracting the most lucrative digital customers in today's competitive environment."
This report benchmarks customer experience for 20 large U.S. retail multi-channel FIs (up from 15 in 2017), using an expanded methodology. All data were independently analyzed and reported by Futurion, with data collection and other areas of active involvement from Comrade Agency and CI&T.
Live deposit accounts were accessed for each FI during August and September of 2018, with all rating scores set by Comrade's user experience design team. In select cases (primarily for a few smaller regional banks), access to existing live accounts was gained by working with a research partner, who facilitated communication and collection of screen captures.
From the live accounts at all 20 banks, we collected and analyzed UX data across six user experience or heuristic categories, comprising a total of 24 individual categories. FIs were scored based on user experience measures pioneered by Jakob Nielsen, with modifications to fit the mobile deposit process. Two risk-related policy categories were also rated, based on either information found in the app, on the FI's site, or provided by customer service agents.
To develop the total ranking for each FI's overall mobile deposit customer experience, each FI's average standing within each of the six UX and two risk-related policy areas were summed, and then compared to that of all other FIs.
Download the full report to view a complete ranking of the financial institutions evaluated and read detailed recommendations for how financial institutions can improve their mobile deposit user experience.