Wells Fargo Banking App Outperforms Chase while Citibank Holding Firm In Top Spot

Wells Fargo widens the gap between it and Chase in the Touchpoint Group Engaged Customer Score™ (ECS) banking app performance rankings.

UNITED STATES, November 10, 2022 /EINPresswire.com/ — The wave of positive customer feedback on the Wells Fargo banking app continues its upward trend in October and while the rankings positions haven’t changed, Wells Fargo widens the gap between it and Chase in the Touchpoint Group Engaged Customer Score™ (ECS) banking app performance rankings.

The Wells Fargo banking app had a major release in February 2022, which fell flat, with customer satisfaction dropping its engaged customer score from 4.15 (out of 5) in February to 2.50 in March, and it has been a slow journey back toward its previous high.

In the October ECS ratings, Wells Fargo hit a 7-month high of 3.80 and widened the gap between it and Chase, which had another slight dip to finish the month with an Engaged Customer Score™ of 3.39, continuing the downward trend since the high of 4.00 that the Chase app reached in August.

An underlying contributing factor to the underperforming Chase app is customers not updating the app on their phones to the latest version. The data shows lagging uptake of new app versions by customers by up to 5 months from release, so even if the bank is making positive changes in development, those customers do not see the benefits in real life. A more assertive approach of forced updates may be required in the future.

The Bank of America app sits in 9th place in the global Engaged Customer Score Index for the latest quarter and has had another gain in positive sentiment from customers in October; lifting from 4.27 to 4.31 out of 5. Overall customer satisfaction is high, with positive sentiment in place for overall functionality and security. The areas highlighted by customers that were still causing pain points were navigation issues and payment processes.

Citibank continues its rock-solid, steady performance with a score of 4.57 out of 5. This places the app in the top 3 banking apps globally in the Touchpoint Group quarterly Mobile Customer Experience ranking report (MCXA), whereas, based on the October rating data, Chase has dropped from 22nd Globally to 30th. There is an increase in customers commenting in their app store reviews that they are unhappy with the Chase app update process and that they are considering churning.

Touchpoint Group is a customer intelligence company utilizing advanced AI and natural language understanding in its proprietary analytics software to analyze over a million banking app reviews yearly in their global ECS index.

Touchpoint Group processes customer feedback data captured using internal customer experience platforms and sources. Data is updated daily, with insights available to identify issues for Operational teams, monthly reporting for Leadership teams, and a Mobile Customer Experience Analytics (MCXA) report published quarterly for Executive leaders to benchmark performance by category and against the best in banking app performance.

Glenn Marvin
Touchpoint Group
+64 27 666 4488
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