March 2022 US Market Tier 1 Banks App Performance Snapshot

US Tier 1 Banking App March 2022  Performance Video Exec Summary:

1:30 Market Trends (Looking at Engaged Customer Scores)

Truist is the standout underperformer but has made some gains since August 2021 and we may look deeper into this in future sessions.

PNC has dropped away from it peak performance in December

US Bank and Capital One are consistent high performers with big drops in ratings which is a good sign from market leaders.

TD Bank we have included in this data set for this as a comparative benchmark and dive deeper into their recent performance.

3:00 TD Bank App Drill Down

3:15 Android vs iOS - TD Bank had a significant drop in Engaged Customer Scores in October and has worked hard to recover this position over the last 6 months.

iOS performance has been consistent and the major impact was on Android with a dramatic drop in October and a pick up from Feb - March.

4:20 The SURF Analysis

Looking at Security & Authentication, User Interface, Reliability and App Features we can quickly see that the issues were related to features and when we drill down we see the customer feedback clearly indicates issues with mobile deposits and cheque scanning. Negative sentiment around cheque scanning has more than halved and app speed negative sentiment has reduced 10X from Jan - March 2022

March 2022 Ranking Based on Engaged Customer Score

1. US Bank

2. Capital One

3. PNC

4. Truist

NB: TD Bank would be sitting in 3rd if classified in this segment and is a great example of how the Regional Banks are lifting in comparative performance.

Full Video Transcript

00:00 Glenn: Welcome everybody to another Touchpoint's insights, a look at the US Banking App Market. And in this session, we're looking at the Tier 1 Banks. Now, quick insight, looking at the match data. We've got Truist as a clear under-performer, but there's possibly one that we're going to look at in the future.

But today's focus. We're going to look at TD bank, and some of the improvements that they've made and another theme that's really coming through and the improvements in Android, making some of the biggest impact on highlights and engaged customer ratings. Now, Tony, I'll hand it over to you because you are the insights man, and Chief Customer intelligence here at Touchpoint. It's really fitting that you're the one that leads this

00:56 Tony: Brilliant, brilliant. So hopefully you can see my screen there with my banks in a row. So today, we're actually covering off these five banks here, the Tier 1 Banks with labelled those, we do cover up the others in separate sessions and even the neobanks is another separate.

We've got some data on those as well, but today we're looking at these Tier one banks. So US Bank, Capital One, PNC, Truist, and TD North America, so let's just jump in and see  what's going on in that market. So, first of all, there's a lot going on here with these five banks, but I've just focused on one Glenn mentioned upfront about Truist.

So just on this score we're using what's called an engaged customer score. So that for us is a really true measure of what's going on in the market. And it's really sensitive to movements. So, if the engagement customer score goes down, you know, there's something clearly going wrong. If it goes up there, we can actually understand why.

And this is a lot more sensitive to, if you're used to looking at app store ratings, they tend to remain fairly flat across time, and don't tell you much at all, but this score will tell you a lot of things. So just obviously Truist has actually improved from August, but it's still sort of underperforming in this particular competitive set.

Let's just hide that for the moment to expand our axis in here. So we can see a few things going on. Obviously we've seen PNC has dropped away from its it's sort of a reasonable peak in December. And we've got the sort of two at the top there, which are reasonably flat and consistent and high, which is us bank and Capital One.

But one of the ones which is interesting is looking at TD. So TD has performed relatively well. And it's above for most periods, but it has dropped a little bit into October to February. But what I'm looking at here is what's happened. What has happened here to bring it back up to that top level.

With these top three in here, let's have a quick look at that. So, I'll just jump across here to our next view. All I've done here is just divide it , in here to show you what I'm doing. I'm looking at TD and just looking and just breaking that apart into Android versus iOS. As a clear story going in here is that we've seen that, consistency is what we're seeing for iOS across time.

It's really good. It's sitting there at above 4.2 consistently, but that movement and the, and the score has come from an Android movement. So that drop in October reflects exactly what we saw in the score previously and that pick up in February into March and then because the volumes are a lot used, generally a lot higher for most brands for Android.

Any movements in Android are going to have a clear impact on the score overall so let's jump in, let's have a look at another perspective here. I'll just open all of these up so we can see what's going on. Now, what we've got here is what's known as a surf analysis. So what this looks at is four key areas of pain points.

So these are problems. So the lower is better in this case here. So we see here there's four key areas, Security and Authentication, so logging in issues, biometrics and all the related things around that. User interface so problems with customers, how they're having problems with how to use something or they can't see something they're used to seeing in the app.

For example, Reliability is a pretty clear one. That's about crashes and bugs and various connections around that. Features is specifically where people are having problems around certain features and what they're doing in there. So what looking at here, I'll just have a look, I'll just show you in here.

Looking at TD and in particular Android, which we saw before, that is what we've seen the most movement, where those movements come from. So in a couple of areas here, we can see that one of the biggest movements is actually coming from this area here and problems with features of pain points around that. Let's expose that on its own. Just have a quick look at that. And we can see here very clearly that as of December, there was a pickup in that and as of February, we had about 15% of customers talking about problems with the specific features. And then it's improved into March. So a very good improvement. It's actually a solid jump. It's nearly half in that sense, we can send the ride, getting an idea about what's going on. So this is just looking at February and looking at the features and, it's the mobile deposits, in there about the checks, the app is crashing or there's various versions of that.

But there's actually more than half around half in levels in March, which is great. Let's have a quick, a bit of a detailed book about some underlying topics here. If I look on the left over here, I can actually see what's happened. This is people talking about that poor check experience.

At a higher level, it's gone from 8% down to 4% in March. This is comparing January to March. It's hard there. But also if, if we were just looking at that , other things would be hidden from us. But what we can see here is that the speed of the app has also been improved. So there's multiple things that have been improved to get that score up, not just the check scanning improvements.

So the speed is actually like it's a massive improvement, a 10 times improvement, login issues of more than half. So it's, it's great improvement across there as well. So a solid improvement across multiple aspects with recent updates. And I'd like to give you some context here as well about where TD sits in the market.

This is just looking at March and we're looking at that surf analysis. So, as we said before, it's very sensitive to those movements in the scores. And we can see like the example of Truist through sitting sort of along the bottom of these particular brands. In total, there's sort of more than 40% of the feedback from customers, specifically around these areas and the pain points here.

We can see at the top there, US Bank is under 10 and that's probably where we get the top performance. A consistently under 15 and ideally under 10% in what they do. And we can see there that Capital One is just over 10 and TD with that improvement has gone. It's truly just over 15, probably 17 odd, but it's moving down towards that 15 and 10% area.

So continued improvements are going to get TD into that space where Us Bank traditionally plays. So a great improvement for TD with multiple aspects, including check deposits, the speed of the app and log in issues being resolved. 

07:25 Glenn: Thanks my friend. It's amazing to see the impact that can be had when you're focusing on those really, really hyper specific areas and really drilling down into the operating system, not just features and things like that, that are on the app. So you get again, a great insightful session. Thank you so much for the time that you've spent today.

And if anyone's wanting to have a chat with us around their bank and their app, feel free to hit me up. So fromTony and myself, and we will catch you soon. 

Thanks again, Tony.