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National Post
5 days ago
- Business
- National Post
Bank and Credit Card Apps in Canada Grow Increasingly Homogenized, J.D. Power Finds
Article content Bank and Credit Card Digital Platforms Follow Best Practices to Deliver on Basics of Account Management but Struggle to Differentiate and Deliver Personalized Experience Article content TORONTO — It's getting harder to tell the nation's banks and credit card company mobile apps and websites apart from one another. According to a series of recent studies of bank and credit card mobile app and online users, released today by J.D. Power, the digital channels of Canada's banks and credit card providers deliver remarkably similar user experiences, with the gap between best-performing and lowest-performing apps and websites shrinking to the lowest levels to date. The result is a predictable and consistent, but unmemorable digital experience from one brand to the next. Article content The studies—J.D. Power 2025 Canada Banking Mobile App Satisfaction Study; SM 2025 Canada Online Banking Satisfaction Study; SM 2025 Canada Credit Card Mobile App Satisfaction Study; SM and 2025 Canada Online Credit Card Satisfaction Study SM —track overall customer satisfaction with banking and credit card providers' digital offerings. Article content 'Banks and credit card companies have reached an inflection point in their digital transformation journeys,' said Sean Gelles, senior director of banking and payments intelligence at J.D. Power. 'They've spent years refining their apps and websites to deliver maximum functionality within the limits of their existing tech platforms. However, the world is evolving rapidly. As customers become more familiar with technologies like generative artificial intelligence and other advanced tools in their daily lives, financial institutions will need to raise the bar to keep pace with rising expectations.' Article content Following are some key findings of the 2025 studies: Article content Overall satisfaction solid: When it comes to the foundational basics of the digital customer experience, such as seamless and speedy log-in, modern appearance and easy navigation, the majority of bank and credit card mobile apps and websites deliver a positive, if somewhat homogenous, customer experience. Overall satisfaction with Canada banking apps is 629 (on a 1,000-point scale), which is flat from 2024. Overall satisfaction with banking websites is up 17 points from 2024; overall satisfaction with credit card apps is up 22 points from 2024; and overall satisfaction with credit card websites is up 8 points from 2024. Article content Multifactor authentication finds its groove: Once considered a cumbersome hindrance to the log-in process, multifactor authentication has now become a key driver of customer satisfaction. Among banking app users, overall customer satisfaction is 12 points higher when customers use multifactor authentication prior to logging in. This is likely the result of increased focus on security among customers and improvements in the authentication process, which have made it easier to log in using multifactor authentication. Article content An opening for AI: Virtual assistant utilization remains flat in the 2025 studies. While virtual assistants are increasingly adopted by banks, many have fallen short of customer expectations due to limited conversational capabilities and narrow functionality. Although some banks and credit card companies are beginning to integrate artificial intelligence (AI) and generative technologies, these assistants remain far less advanced than some state-of-the-art models with which customers are becoming increasingly accustomed. Article content 'From a purely functional standpoint, bank and credit card mobile apps and websites are performing with exceptional speed, reliability and predictability,' said Jon Sundberg, director of digital solutions at J.D. Power. 'This creates a satisfying overall user experience, but the bar is being raised for what constitutes a great digital interaction. As technology grows increasingly sophisticated and consumer-facing applications become better able to anticipate customer needs and deliver truly personalized, memorable experiences, satisfaction will increase. How well banks and credit card companies manage the transition to more AI-enabled solutions will really define the next phase of the digital customer experience.' Article content Study Rankings Article content ranks highest in banking mobile app satisfaction, with a score of 641. Article content TD Article content (631) ranks second. Article content CIBC ranks highest in online banking satisfaction with a score of 650. BMO (645) ranks second and RBC (632) ranks third. Article content American Express Article content ranks highest in credit card mobile app satisfaction for a third consecutive year, with a score of 692. Article content Tangerine Bank Article content (669) ranks second and TD (640) ranks third. Article content Tangerine Bank ranks highest in online credit card satisfaction with a score of 655. PC Financial (642) ranks second and American Express (641) ranks third. Article content See the rank chart for each study at Article content The Canada Banking Mobile App Satisfaction Study; Canada Online Banking Satisfaction Study; Canada Credit Card Mobile App Satisfaction Study; and Canada Online Credit Card Satisfaction measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 9,857 retail bank and credit card customers and were fielded from January through March 2025. Article content To learn more about these studies, visit Article content About J.D. Power Article content J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. Article content Article content Article content Article content Article content Contacts Article content Media Relations Contacts Article content Gal Wilder, NATIONAL PR; 416-602-4092; Article content Article content
Yahoo
5 days ago
- Business
- Yahoo
Bank and Credit Card Apps in Canada Grow Increasingly Homogenized, J.D. Power Finds
Bank and Credit Card Digital Platforms Follow Best Practices to Deliver on Basics of Account Management but Struggle to Differentiate and Deliver Personalized Experience TORONTO, June 05, 2025--(BUSINESS WIRE)--It's getting harder to tell the nation's banks and credit card company mobile apps and websites apart from one another. According to a series of recent studies of bank and credit card mobile app and online users, released today by J.D. Power, the digital channels of Canada's banks and credit card providers deliver remarkably similar user experiences, with the gap between best-performing and lowest-performing apps and websites shrinking to the lowest levels to date. The result is a predictable and consistent, but unmemorable digital experience from one brand to the next. The studies—J.D. Power 2025 Canada Banking Mobile App Satisfaction Study;SM 2025 Canada Online Banking Satisfaction Study;SM 2025 Canada Credit Card Mobile App Satisfaction Study;SM and 2025 Canada Online Credit Card Satisfaction StudySM—track overall customer satisfaction with banking and credit card providers' digital offerings. "Banks and credit card companies have reached an inflection point in their digital transformation journeys," said Sean Gelles, senior director of banking and payments intelligence at J.D. Power. "They've spent years refining their apps and websites to deliver maximum functionality within the limits of their existing tech platforms. However, the world is evolving rapidly. As customers become more familiar with technologies like generative artificial intelligence and other advanced tools in their daily lives, financial institutions will need to raise the bar to keep pace with rising expectations." Following are some key findings of the 2025 studies: Overall satisfaction solid: When it comes to the foundational basics of the digital customer experience, such as seamless and speedy log-in, modern appearance and easy navigation, the majority of bank and credit card mobile apps and websites deliver a positive, if somewhat homogenous, customer experience. Overall satisfaction with Canada banking apps is 629 (on a 1,000-point scale), which is flat from 2024. Overall satisfaction with banking websites is up 17 points from 2024; overall satisfaction with credit card apps is up 22 points from 2024; and overall satisfaction with credit card websites is up 8 points from 2024. Multifactor authentication finds its groove: Once considered a cumbersome hindrance to the log-in process, multifactor authentication has now become a key driver of customer satisfaction. Among banking app users, overall customer satisfaction is 12 points higher when customers use multifactor authentication prior to logging in. This is likely the result of increased focus on security among customers and improvements in the authentication process, which have made it easier to log in using multifactor authentication. An opening for AI: Virtual assistant utilization remains flat in the 2025 studies. While virtual assistants are increasingly adopted by banks, many have fallen short of customer expectations due to limited conversational capabilities and narrow functionality. Although some banks and credit card companies are beginning to integrate artificial intelligence (AI) and generative technologies, these assistants remain far less advanced than some state-of-the-art models with which customers are becoming increasingly accustomed. "From a purely functional standpoint, bank and credit card mobile apps and websites are performing with exceptional speed, reliability and predictability," said Jon Sundberg, director of digital solutions at J.D. Power. "This creates a satisfying overall user experience, but the bar is being raised for what constitutes a great digital interaction. As technology grows increasingly sophisticated and consumer-facing applications become better able to anticipate customer needs and deliver truly personalized, memorable experiences, satisfaction will increase. How well banks and credit card companies manage the transition to more AI-enabled solutions will really define the next phase of the digital customer experience." Study Rankings CIBC ranks highest in banking mobile app satisfaction, with a score of 641. TD (631) ranks second. CIBC ranks highest in online banking satisfaction with a score of 650. BMO (645) ranks second and RBC (632) ranks third. American Express ranks highest in credit card mobile app satisfaction for a third consecutive year, with a score of 692. Tangerine Bank (669) ranks second and TD (640) ranks third. Tangerine Bank ranks highest in online credit card satisfaction with a score of 655. PC Financial (642) ranks second and American Express (641) ranks third. See the rank chart for each study at The Canada Banking Mobile App Satisfaction Study; Canada Online Banking Satisfaction Study; Canada Credit Card Mobile App Satisfaction Study; and Canada Online Credit Card Satisfaction measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 9,857 retail bank and credit card customers and were fielded from January through March 2025. To learn more about these studies, visit About J.D. Power J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit About J.D. Power and Advertising/Promotional Rules: View source version on Contacts Media Relations ContactsGal Wilder, NATIONAL PR; 416-602-4092; gwilder@ Geno Effler, J.D. Power; West Coast; 714-621-6224; Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
5 days ago
- Business
- Business Wire
Bank and Credit Card Apps in Canada Grow Increasingly Homogenized, J.D. Power Finds
TORONTO--(BUSINESS WIRE)--It's getting harder to tell the nation's banks and credit card company mobile apps and websites apart from one another. According to a series of recent studies of bank and credit card mobile app and online users, released today by J.D. Power, the digital channels of Canada's banks and credit card providers deliver remarkably similar user experiences, with the gap between best-performing and lowest-performing apps and websites shrinking to the lowest levels to date. The result is a predictable and consistent, but unmemorable digital experience from one brand to the next. The studies—J.D. Power 2025 Canada Banking Mobile App Satisfaction Study; SM 2025 Canada Online Banking Satisfaction Study; SM 2025 Canada Credit Card Mobile App Satisfaction Study; SM and 2025 Canada Online Credit Card Satisfaction Study SM —track overall customer satisfaction with banking and credit card providers' digital offerings. 'Banks and credit card companies have reached an inflection point in their digital transformation journeys,' said Sean Gelles, senior director of banking and payments intelligence at J.D. Power. 'They've spent years refining their apps and websites to deliver maximum functionality within the limits of their existing tech platforms. However, the world is evolving rapidly. As customers become more familiar with technologies like generative artificial intelligence and other advanced tools in their daily lives, financial institutions will need to raise the bar to keep pace with rising expectations.' Following are some key findings of the 2025 studies: Overall satisfaction solid: When it comes to the foundational basics of the digital customer experience, such as seamless and speedy log-in, modern appearance and easy navigation, the majority of bank and credit card mobile apps and websites deliver a positive, if somewhat homogenous, customer experience. Overall satisfaction with Canada banking apps is 629 (on a 1,000-point scale), which is flat from 2024. Overall satisfaction with banking websites is up 17 points from 2024; overall satisfaction with credit card apps is up 22 points from 2024; and overall satisfaction with credit card websites is up 8 points from 2024. Multifactor authentication finds its groove: Once considered a cumbersome hindrance to the log-in process, multifactor authentication has now become a key driver of customer satisfaction. Among banking app users, overall customer satisfaction is 12 points higher when customers use multifactor authentication prior to logging in. This is likely the result of increased focus on security among customers and improvements in the authentication process, which have made it easier to log in using multifactor authentication. An opening for AI: Virtual assistant utilization remains flat in the 2025 studies. While virtual assistants are increasingly adopted by banks, many have fallen short of customer expectations due to limited conversational capabilities and narrow functionality. Although some banks and credit card companies are beginning to integrate artificial intelligence (AI) and generative technologies, these assistants remain far less advanced than some state-of-the-art models with which customers are becoming increasingly accustomed. 'From a purely functional standpoint, bank and credit card mobile apps and websites are performing with exceptional speed, reliability and predictability,' said Jon Sundberg, director of digital solutions at J.D. Power. 'This creates a satisfying overall user experience, but the bar is being raised for what constitutes a great digital interaction. As technology grows increasingly sophisticated and consumer-facing applications become better able to anticipate customer needs and deliver truly personalized, memorable experiences, satisfaction will increase. How well banks and credit card companies manage the transition to more AI-enabled solutions will really define the next phase of the digital customer experience.' Study Rankings CIBC ranks highest in banking mobile app satisfaction, with a score of 641. TD (631) ranks second. CIBC ranks highest in online banking satisfaction with a score of 650. BMO (645) ranks second and RBC (632) ranks third. American Express ranks highest in credit card mobile app satisfaction for a third consecutive year, with a score of 692. Tangerine Bank (669) ranks second and TD (640) ranks third. Tangerine Bank ranks highest in online credit card satisfaction with a score of 655. PC Financial (642) ranks second and American Express (641) ranks third. See the rank chart for each study at The Canada Banking Mobile App Satisfaction Study; Canada Online Banking Satisfaction Study; Canada Credit Card Mobile App Satisfaction Study; and Canada Online Credit Card Satisfaction measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 9,857 retail bank and credit card customers and were fielded from January through March 2025. To learn more about these studies, visit J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit
Business Wire
29-05-2025
- Business
- Business Wire
Bank and Credit Card Apps and Websites Struggle to Stand Out, J.D. Power Finds
BUSINESS WIRE)--As mobile apps and websites have increasingly become the primary customer touch point for the nation's bank and credit card brands, it's getting harder to tell them apart from one another, given the similarity in core capabilities. According to a series of recent studies of bank and credit card mobile app and online users, released today by J.D. Power, the gap between best-performing and lowest-performing apps and websites has shrunk to its lowest level to date, providing customers a highly consistent but unmemorable digital experience from one brand to the next. The studies—J.D. Power 2025 U.S. Banking Mobile App Satisfaction Study; SM J.D. Power 2025 U.S. Online Banking Satisfaction Study; SM J.D. Power 2025 U.S. Credit Card Mobile App Satisfaction Study; SM and J.D. Power 2025 U.S. Online Credit Card Satisfaction Study SM —track overall customer satisfaction with banking and credit card providers' digital offerings. 'We're seeing the digital customer experience for banking and credit card apps and websites plateau as most players have refined their digital properties around a well-defined set of proven industry best practices,' said Sean Gelles, senior director of banking and payments intelligence at J.D. Power. 'However, as the consumer technology landscape rapidly evolves with generative artificial intelligence and other advanced tools becoming part of consumers' everyday lives, banks and credit card companies are under growing pressure to innovate and elevate digital offerings.' Following are some key findings of the 2025 studies: Overall satisfaction improves: When it comes to the foundational basics of the digital customer experience, such as seamless and speedy log-in, modern appearance and easy navigation, the majority of bank and credit card mobile apps and websites deliver a positive, if somewhat homogenous, customer experience. Overall satisfaction with U.S. national banking apps is 669 (on a 1,000-point scale), up 18 points from 2024, and overall satisfaction with credit cards is 659, up 10 points from 2024. Multifactor authentication finds its groove: Once considered a cumbersome hinderance to the log-in process, multifactor authentication has now become a key driver of customer satisfaction. Among national banking app users, overall customer satisfaction is 16 points higher when customers use multifactor authentication prior to log-in. This is likely the result of increased focus on security among customers and improvements in the authentication process, which have made it easier to log-in using multifactor authentication. An opening for AI: Virtual assistant utilization and customer satisfaction both decline in the 2025 studies. While virtual assistants are increasingly adopted by banks, many have fallen short of customer expectations due to limited conversational capabilities and narrow functionality. Although some banks and credit card companies are beginning to integrate AI and generative technologies, these assistants remain far less advanced than some state-of-the-art models with which customers are becoming increasingly accustomed. 'We're seeing customer satisfaction improving with banking and credit card apps and websites this year because of technical enhancements and speed,' said Jon Sundberg, director of digital solutions at J.D. Power. 'There is no question these digital tools have become more user-friendly, but utility alone is not the only factor in the overall digital experience. To differentiate and keep pace with ever-growing consumer expectations, banks and credit card companies are going to need to innovate further and break new ground on the complete digital experience.' Study Rankings Bank of America ranks highest in banking mobile app satisfaction among national banks, with a score of 678. PNC (675) ranks second and Chase (673) ranks third. Capital One ranks highest in online banking satisfaction among national banks, with a score of 684. Chase (681) ranks second and Bank of America (670) ranks third. American Express ranks highest in credit card mobile app satisfaction for a second consecutive year, with a score of 687. Wells Fargo (676) ranks second and Discover (674) ranks third. American Express ranks highest in online credit card satisfaction for a second consecutive year, with a score of 704. Wells Fargo (693) ranks second and U.S. Bank (690) ranks third. Fifth Third Bank ranks highest in banking mobile app satisfaction among regional banks, with a score of 667. Santander (666) ranks second and M&T Bank (660) ranks third. Regions Bank ranks highest in online banking satisfaction among regional banks for a second consecutive year, with a score of 683. Huntington (683) ranks second and Citizens Bank (667) ranks third. See the rank chart for each segment at The U.S. Banking Mobile App Satisfaction Study; U.S. Online Banking Satisfaction Study; U.S. Credit Card Mobile App Satisfaction Study; and U.S. Online Credit Card Satisfaction Study each measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The 2025 studies are based on responses from 16,781 retail bank and credit card customers nationwide and were fielded from January through March 2025. To learn more about these studies, visit About J.D. Power J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit The J.D. Power auto-shopping tool can be found at
Yahoo
28-02-2025
- Business
- Yahoo
Gen Z uses BNPL more than credit cards, survey shows
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. A J.D. Power consumer survey found that members of Gen Z were more apt to use buy now, pay later than credit cards in what that firm said was a first-time poll result. The analytics firm surveyed roughly 4,300 U.S. consumers, including roughly 1,000 Gen Z members, about their spending habits for all of 2024, and specifically for the 2024 holiday shopping season. For the holidays, 54% of Gen Z said they used BNPL during that time period, and 50% said they used credit cards. It was the first J.D. Power survey to show that BNPL overtook credit card use among that demographic, a Thursday news release said. The result was not completely unexpected, said Sean Gelles, senior director of payments intelligence for J.D. Power. "These products are meeting a need that is not being met by the existing products in the marketplace," he said. For the full year, 44% of Gen Z said they used buy now, pay later in 2024, compared to 50% who said they used credit cards. Among all consumers surveyed, 32% said they used buy now, pay later in 2024, a 4 percentage points increase compared to 2023, while credit card use among all survey respondents dropped 6 percentage points to 61% in 2024, compared to 2023. It isn't time for traditional financial institutions to start panicking, at least not yet, Gelles said, noting that banks and credit card networks have started to get in on the BNPL game. "You can't really generalize and say Gen Z are using buy now, pay later, more than credit cards," he said. "But you can say that during the holiday shopping season, when you have this big spike in spending, a higher percentage of Gen Zers say they use buy now, pay later at the point of sale than their actual physical credit card." Buy now, pay later companies enjoy high satisfaction rates among consumers, but legacy banks and credit card networks still have generally higher marks, he said. American Express and JPMorgan Chase --- which offer card-based buy now, pay later products --- received the highest marks from consumers surveyed by J.D. Power, Gelles noted. Klarna's BNPL product was the highest rated among buy now, pay later companies, placing it fourth behind Citi Flex Pay, that bank's BNPL offering. "They need to make sure they continue to deliver the best customer experiences," Gelles said of banks and credit card companies Recommended Reading How does Gen Z feel about credit cards? It's complicated. Sign in to access your portfolio
