Ever wish your bank made it easier for you to use your credit card online?
It might be time to switch to Bank of America, according to research firm Keynova Group’s third annual Mobile Credit Card Scorecard, which ranked the bank first overall and first for its mobile app. The bank’s standout performance is indicative of an industry-wide push for more user-friendly credit card options, Keynova Managing Director Beth Robertson said in a press release.
“Issuers are strengthening the mobile credit card experience on all fronts—expanding digital shopping tools that enrich rewards and serve as powerful marketing and retention agents,” Robertson said.
“At the same time, efforts to close long-standing gaps between the information and capabilities available through issuers' apps and mobile websites will reduce friction and ensure cardholders have access to a consistent, high-value experience across all mobile touchpoints.”
The study examined 10 of the leading credit card issuers in the country based on four categories and five tasks. In addition to Bank of America, the study included American Express, Barclays US, Capital One, Chase, Citibank, Discover, PNC, US Bank, and Wells Fargo.
Bank of America, US Bank sweep top spots
The study awarded first-, second-, and third-place across three categories: overall, app, and mobile web.
Robertson told The Independent by email that Bank of America performed so well because it provides excellent access to tools and features, such as its virtual assistant, Erica.
“Bank of America performs above most peers for cardholder acquisition factors, and its app uses an embedded browser to enable users to access capabilities like product information, card selection and comparison tools, applications, and product content in Spanish without navigating outside of the app,” she said.
US Bank took the top spot in the mobile web category and finished second in the study’s overall and app categories. The bank’s strong showing reflects its recent efforts to improve its web platform through tools like its Smart Assistant and a dashboard customers can use to track transaction disputes and balance transfers, Robertson said.
“Over the last two years, U.S. Bank has augmented its mobile browser experience, advancing capabilities to mirror its website and app experiences,” she said. “U.S. Bank’s mobile web channel also supports useful card actions such as card lock, digital wallet management, and digital transaction receipts.”
Issuers are improving their mobile card resources
The study found that issuers are focusing their efforts on digital features that spur card spending. In particular, Keynova observed that companies are expanding their digital shopping tools with the hope that customers will use credit cards for purchases and to earning rewards.
Nearly one-third of the issuers in the study offer a digital shopping app or browser extension. Capital One has led the way in this trend with its Capital One Shopping platform, the study noted.
“New digital shopping tools that provide discounts, comparative pricing, price drop notifications, wish lists and other features have been spurred by the broad success of the Capital One Shopping extension and app,” Keynova said in its press release.
Transaction transparency is emerging as a key offering
Six of the 10 issuers in the study offer some measure of digital receipts within their mobile app and, when applicable, through their mobile web platform.
In addition to giving customers access to receipts, issuers are expanding the amount of information a customer can access about a transaction.
“A growing number of issuers also now provide additional transaction information to aid cardholders such as listing the merchant's address and phone number, displaying map-based location details and highlighting the purchaser's name for multi-card accounts,” the study said.
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