This document summarizes the findings of a study comparing the mobile banking experiences of Bank of America, Chase, and Wells Fargo. Key findings include: 1. Transferring money between accounts was the easiest task for all banks. Setting fraud alerts had the lowest ratings. 2. Bank of America had the top-rated overall experience and consistency. Finding statements was difficult in the Wells Fargo app. 3. All banks can improve navigation and labeling to make features easier to find. Meeting expectations is not enough - apps must delight users.

1. The Banking Mobile CX Index:
Insights to improve the mobile
banking experience
February 21, 2018

2. Who We Are
Mike Mace
VP of Product Insights
• Apple, Palm, startups
Tamara Weinstein
Banking CX Index Lead
• Ph.D. in Psychology
• 10 years doing behavioral research
• 1 year at UserTesting
Special thanks to Banking Mobile CX Index team researchers Steve Ricken and Doris Liu!

3. Background
The easy growth in mobile banking has ended.1 Future growth depends on
deepening usage and attracting new, young customers.
To understand this challenge, we conducted the third installment of the
UserTesting CX Index Series: the Banking Mobile Customer
Experience Index.
• A competitive benchmarking study comparing the mobile app CX of the
three largest U.S. banks: Bank of America, Chase, and Wells Fargo.
- Hundreds of customers completed 3 key tasks, then answered questions
about their experiences.
1BI Intelligence. http://www.businessinsider.com/heres-how-banks-can-deal-with-slowing-mobile-banking-growth-2017-1

4. Key Tasks
View statement Transfer money Set fraud alert

5. UX Factor Ratings
After completing key tasks, users rated their experience on five UX factors:
Ease of use: “This app was exceptionally easy to use.”
Credibility: “Based on my experience today, I am sure this company can be
trusted.”
Aesthetics: “The colors, images, and style of this app are pleasing to the eye.”
Speed: “This app enabled me to quickly get things done.”
Delight: Consider your expectations of this app prior to beginning this session.
Did the app disappoint or delight you?

6. “The app is incredibly convenient--
I can send and receive money,
deposit check, pay bills. The app
saves me SO much time!”
–BofA customer, 32 years old
Bank of America: The Overall Top Rated App

7. Bank of America: The Most Consistent UX

8. Key Takeaways
Big Opportunity: Make fraud alert setup easy.
Setting a fraud alert was the lowest scoring task. In the Bank of America and Chase apps, it was
very difficult to find the option to create alerts.
• Bank of America also generated an error for some users, with no explanation on how to fix it.
44% of U.S. consumers rate banking fraud as their top concern in life.1
1FICO. http://www.fico.com/en/newsroom/fico-survey-us-consumers-fear-bank-fraud-and-id-theft-more-than-terrorist-attack-07-27-2017

9. Key Takeaways
Big Opportunity: Make fraud alert setup easy.
Setting a fraud alert was the lowest scoring task. In the Bank of America and Chase apps, it was
very difficult to find the option to create alerts.
• Bank of America also generated an error for some users, with no explanation on how to fix it.
One task away from a delightful--or dreadful--experience: Finding statements.
Most participants easily found account statements in the Bank of America and Chase apps.
• However, statements were not included in the Wells Fargo app, leading to task frustration.
Wells Fargo might have come out on top if statements had been available.

10. Key Task Scores

11. Key Takeaways
What all banks did well: Transferring money.
Transferring money from one account to another was the simplest task for participants.
• The transfer feature was easily located and straightforward to use in all apps.
Bank of America Chase Wells Fargo

12. Key Takeaways
What all banks did well: Transferring money.
Transferring money from one account to another was the easiest task for participants.
• The transfer feature was easily located and straightforward to use in all apps.
What all banks can do better: Clearer, simpler flows.
• Some calls-to-action were not labeled in an understandable manner.
• Submenus and locations of calls-to-action were not intuitive, making navigation difficult.

13. Key Task Scores

14. Key Task Experiences → UX Factor Ratings
After completing the 3 key tasks, users rated their overall experience on 5
UX factors: Ease of Use, Credibility, Aesthetics, Speed, and Delight.

15. UX Factor Scores

16. Delight: The Most Elusive Factor
Across all banks, the lowest-rated factor was Delight.
• Users of all apps were disappointed and frustrated when they did not succeed in
completing a key task.
According to Forrester Research1, “Angering your customers isn’t as harmful to their loyalty
as making them feel annoyed, disappointed, or frustrated.”
• To create a delightful experience, an app must go above and beyond the users’
expectations - simply meeting them is not sufficient.
“I wasn't disappointed or delighted. The
app performed as I expected and I was
able to get things done.”
–Chase customer, 43 years old
“It disappointed because finding
statements shouldn’t be an impossible
task.”
–Wells Fargo customer, 26 years old
1Forrester. https://www.forrester.com/report/The+US+Banking+Customer+Experience+Index+2017/-/E-RES140472

17. Aesthetics: A Win for All Banks
The overall highest-rated factor was Aesthetics.
• All banks offered a modern, attractive, and professional looking app.
• Aesthetic appeal generates a positive emotional response in users. This can
cause users to forgive minor usability issues (The Aesthetic-Usability Effect).1
1NNG. https://www.nngroup.com/articles/aesthetic-usability-effect/
“I believe the color scheme and layout are very
professional, crisp, and clean. As a consumer, I
would not want to see crazy coloring or a crazy
layout on a bank's app...Chase's app is very
professional looking. Also, I love the color blue....”
–Chase customer, 43 years old

18. Individual Bank Deep Dive

19. Bank of America: What’s Working Well
Bank of America’s best-rated task was transferring money between accounts.
• The Transfer/Send menu’s
location at the top of the main
screen was easy to find.
• The decimal point made entering
a transfer amount clear.
• Users especially appreciated the
Review screen.
Takeaway: Optimize the little
things that let users move faster.

20. Bank of America: What’s Working Well
Bank of America’s best-rated task was transferring money between accounts..
• However, users disliked that the Zelle feature was situated
above the options to transfer money between accounts.
They were concerned that they might accidentally tap on
the Zelle feature.
Takeaway: Design a layout that is in line
with your users’ priorities.

21. Bank of America: What’s Working Well
Bank of America’s best-rated UX factor was Speed.
• The navigation within the mobile app was smooth, and most functions were in
expected locations. Users were pleased they could complete most tasks
within a minute.
• The basic banking functions (checking balance, transferring money) worked well
to save users from making a phone call or trip to the bank.
“I love the Bank of America app and love how
much time it saves me. I'm able to get things done
much more quickly than if I had to go to the bank or
ATM and MUCH better than if I had to call Bank of
America (which is usually a nightmare!)”
–Bank of America customer, 45 years old
Takeaway: Design flows that meet
users’ need for speed.

22. Bank of America: Opportunities for Improvement
Bank of America’s lowest-rated task was activating an alert for username/password
change.
• The notification & alerts feature didn't work for a lot of users.
Takeaway: Test and re-test flows to ensure you
provide an error-free experience.
User feedback
It generated an error message without including instructions on
how to fix the problem.

23. Bank of America: Opportunities for Improvement
Bank of America’s lowest-rated UX factor was Delight.
• Since some users were already familiar with the Bank of America mobile app,
they felt neutral about the app and regarded it as a tool that “gets things done.”
• Activating an alert for username/password change did not work for a lot of users,
causing disappointment.
Takeaway: Provide an enjoyable, error-free
experience that goes above and beyond just
“getting things done.”

24. Chase: What’s Working Well
Chase’s best-rated task was transferring money from one account to another.
• The Transfer money option was easy to find because it was on the main screen
and users could see it without having to scroll.
Takeaway: Display links to key features up front.

25. Chase: What’s Working Well
Chase’s best-rated UX factor was Aesthetics.
• Users felt the blue and white color scheme was “easy on the eyes,” and they
associated blue with Chase.
• The font size was easy to read.
• The personalized picture and greeting based on users’ location gave the app a
personal touch and made users feel welcomed.
Takeaway: Choose appealing, brand-consistent
colors for your design, and personalize it
wherever possible.

26. Chase: Opportunities for Improvement
Chase’s lowest-rated task was activating an alert for username/password change.
• Finding the username/password change alerts was challenging and time-consuming.
It was necessary to navigate through multiple submenus to locate this feature.
• As a result, almost ⅓ of users never found this option.
Takeaway: Simplify navigation menus and
label menu items more clearly.

27. Chase: Opportunities for Improvement
Chase’s lowest-rated UX factor was Delight.
• The difficulty in locating the online security settings led to low ratings.
“Once I found where you [set alerts for online settings],
it was easy, but getting there was difficult. I wish that
there was a menu item that said something like ALL
ACCOUNT SETTINGS/NOTIFICATIONS or something
like because having it under three or four steps in order
to get to that is difficult and time consuming.”
–Chase customer, 31 years old
Takeaway: Make features easier to find to
increase users’ delight. User feedback

28. Wells Fargo: What’s Working Well
Wells Fargo’s best-rated task was transferring money between accounts.
• It was easy to find the Transfer Money link. It was both an option in the main
navigation menu and a noticeable icon in the individual account screens.
– Additionally, the steps to transfer money
were fast and simple to complete.
“Overall this task was very easy to complete
and very well explained… the app walks you
through the steps and lets you know that you
are doing the transfer correctly.”
–Wells Fargo customer, 35 years old
Takeaway: Provide visible links and clear,
simple steps to perform tasks.

29. Wells Fargo: What’s Working Well
Wells Fargo’s best-rated UX factor was Aesthetics.
• The app’s design was clean, clear, and professional looking. The red and gold
colors were viewed as consistent with the Wells Fargo brand.
– However, the color scheme generated a mix of reactions. Half the users
praised the colors and imagery as “pleasant,” while the other half of users felt
that the color red was “jarring.”
“I like the color scheme, it's simple and bold
at the same time. I particularly like the gray
[background] for the account balances, which
make them easy to see, even in the dark.” –
Wells Fargo customer, 42 years oldTakeaway: Create a professional look for your
app, but be judicious about using bold colors.

30. Wells Fargo: Opportunities for Improvement
Wells Fargo’s lowest-rated task was finding a previous monthly statement.
• Statements were not an included feature in the Wells Fargo app, leading almost
all users to spend significant effort searching before abandoning the task.
– Some users attempted to replicate the experience of viewing a previous
statement by searching through their transaction history, but it was not
possible to filter transactions by date.
“There was not much good given that I could not find my April
2017 statement. I searched through what I thought were the
more obvious menu choices, but after about 5 minutes or so, I
just gave up and left the task incomplete...”
–Wells Fargo customer, 25 years old

31. Wells Fargo: Opportunities for Improvement
Wells Fargo’s lowest-rated task was finding a previous account statement.
• A few users discovered an indirect method to access statements through the
Message Center, which linked them to the Wells Fargo website.
– Locating statements via this path was unintuitive because users did not
expect the Message Center to contain a link to statements. It also involved
too many steps.
Takeaway: Provide clear, easily located
instructions on how to access features not
included in your app. User feedback

32. Wells Fargo: Opportunities for Improvement
Wells Fargo’s lowest-rated factors were Ease of Use and Delight.
• The inability to locate bank statements within the Wells Fargo app lowered ratings
of these factors.
– Users were disappointed that the app did not include statements. They
expected the app to contain this functionality because of their previous
success accessing statements through the Wells Fargo website.
“Since I was unable to find the April 2017
statement, I found it most frustrating to not be
able to complete the task. I have been able to
easily locate previous statements on a
computer and didn't realize I would not be able
to locate it on my mobile app.”
–Wells Fargo customer, 47 years old
Takeaway: Research users’ expectations and
design an experience that exceeds them.

33. Take Home Messages
• Simplicity: Ensure all calls-to-action and navigation menus are plainly
labeled and easy to find.
• Speed: Make key tasks easy and quick to perform, with no errors.
• Clarity: For commonly used features not available in the app (e.g.
statements), provide clear instructions on how to access them.
• Visual Appeal: Maintain a clean, professional-looking design.
• Continuously gather human insights to understand how to delight users.

34. More About UserTesting CX Index
Benchmarking
Want to learn more? Visit the UserTesting blog:
https://www.usertesting.com/blog/2018/01/23/banking-mobile-cx-index/

35. Q&A
For more information or questions please visit us at: usertesting.com/about-us/contact-us
or email us at webinars@usertesting.com

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