The Chase banking app Engaged Customer Score in November was the lowest it has been in the entire year putting Chase at risk of potential customer churn.
NEW YORK, NEW YORK, UNITED STATES OF AMERICA, December 14, 2022 /EINPresswire.com/ — The Chase banking app Engaged Customer Score â„¢ (ECS) in November 2022 was the lowest it has been in the entire year. Finishing November with an ECS of 2.92 putting Chase in a high-risk situation of potential customer churn.
Consistently inconsistent is the perfect way to describe the performance of the Chase App.
The engaged customer score tends to have two months in a dip before recovering for one month and then dipping again. The last positive gain for Chase was in August 2022 so we would have expected to see them jump back up after a drop in Sept and Oct. However, November sees the feedback on the Chase App drop for the third month running.
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 pain points contributing to the Chase app’s negative performance ranking are reliability and functionality issues. Drilling down further into functionality, in November, customer feedback in the app stores highlights issues with transferring between accounts, bill payments, and touch ID issues as core functionality issues users are experiencing.
Looking at other banks in this sector, 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 taken nine months but they have finally made it back to that same level so should be commended on their continued focus consistent improvements in the app.
The Bank of America app sits in 9th place in the global Engaged Customer Score Index for the latest quarter and is still a top performer with an ECS of 4.27 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 to creep toward the top spot globally with an ECS of 4.58 out of 5.0. This keeps the Citibank app in the top 3 banking apps globally in the Touchpoint Group quarterly Mobile Customer Experience ranking report (MCXA).
Based on the November rating data, Chase has dropped from 22nd in Sept to 30th in October and now 41st in November.
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 platform to analyze over a million banking app reviews each year in its 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.