Consumer Payment Card News

Empowered Discover Card Sets Digital Experience Standard

The empowered Discover card has ranked highest in customer satisfaction among U.S. credit card issuers for its credit card mobile app and website. J.D. Power conducted four studies comparing online banking and mobile banking apps, including two focused on the consumer credit card satisfaction.

Discover ranked highest in overall satisfaction for U.S. credit card mobile apps, followed by American Express and Bank of America. Additionally, Discover ranked highest in overall satisfaction for U.S. online credit card, beating #2 American Express and #3 Capital One.

This is the sixth consecutive year Discover has ranked highest in a J.D. Power-issued study. In 2017, Discover’s mobile app ranked highest in the U.S. Credit Card Mobile App Satisfaction Study.

Big Bank Mobile Banking Apps

In mobile banking apps, Huntington ranked highest in overall satisfaction for U.S. banking as Capital One ranked second and Citibank third. Huntington also ranked highest in overall satisfaction for U.S. online banking, with Regions Bank as #2 and TD Bank as #3.

One key finding from the J.D. Power studies: customer satisfaction levels with these digital channels have been strained by a surplus of new features that have made them more complex and difficult to use. The higher overall satisfaction scores for credit card mobile apps are attributable to a more tailored visual user experience that limits content to pertinent information and key functionality.

Smaller Bank Digital Channels

However, regional and mid-size banks are increasingly vulnerable to digital competition from large banks. Large banks have half or more of their customers being digitally centric, regional and mid-size banks have a third or less of their customer base relying primarily on digital channels. This gives large banks both a cost advantage through reduced branch traffic and a growing satisfaction advantage as customers engage with expanding digital functionality says Bob Neuhaus, Vice President of Financial Services Intelligence at J.D. Power.

Discover notes part of its secret to simplicity lies in five key features of its credit card mobile app:

Apple Touch ID and Face ID to sign in, and Apple Siri support for Apple users

In App Messaging, a customer service option that enables cardmembers to communicate with Discover’s live U.S.-based customer service agents without having to stop and restart numerous interactions

Freeze it® – an on/off switch that enables cardmembers to freeze their account in seconds if they misplace their card to prevent new purchases, cash advances and balance transfers

Set up and management of alerts, either through text or push notifications

Account management, including on-the-go bill payment with just a few taps

Discover’s Secret Formula

Julie Loeger, Discover’s president of U.S. Cards notes whether by phone, an app or on the web is what Discover aims to do every day. For example, last year, refreshed the Account Center user experience that included: Redesigned Account Center, Recent Activity and Manage Alerts Pages; 5% Cashback Bonus Trackers; Recurring Billing Portal; and Online Conversion to Enable Cardholders to Switch Seamlessly to a Different Discover Rewards Program. Furthermore, Discover promotes its phone customer service as “U.S.-based.

J.D. Power also notes the bulk of spending and design activity in the banking and credit card online and mobile app space has been focused on creating rich feature sets and improving usability. As the technologies evolve, the focus needs to shift to personalization, creating a curated user experience that delivers both convenience and streamlined usability.

Interestingly, Chase, the nation’s largest credit card issuer and largest U.S. bank, ranked #11 in the U.S. Banking Mobile App Satisfaction Study; #5 in the U.S. Online Banking Satisfaction Study, #6 in the 2019 U.S. Credit Card Mobile App Satisfaction Study, and ranked #4 in the 2019 U.S. Online Credit Card Satisfaction Study, all by J.D. Power.

While big is usually better, biggest is not always bestest and Discover, the nation’s fifth largest credit card issuer, has obviously found the secret sauce to unlock a truly satisfying digital experience, says Robert McKinley, Senior Analyst for CardTrak, CardFlash and CardData.