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Many Banking Apps’ COVID-19 Responses Disappoint Customers, But A Few Stand Out

April 21st, 2020
Gina Bhawalkar, Principal Analyst
Gina Bhawalkar Principal Analyst
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
Senem Guler Biyikli, PhD, Analyst
Senem Guler Biyikli, PhD Analyst

Summary

Updating customers on service availability is not enough — 60% of bank customers we interviewed expect specifics on waived fees, delayed payments, and interest rate adjustments. Only 10% mentioned local branch status and availability. Five banking brands — Ally, Digit, Marcus by Goldman Sachs, U.S. Bank, and USAA — are best delivering on customers’ expectations by making content easy to find, outlining specifics of how they will support customers in specific scenarios, guiding customers to additional support, and educating customers on how to protect themselves during this time (e.g., how to spot a scammer).

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