Citi, JP Morgan Rated 1st in Digital Platform Satisfaction, According to JD Power

Citibank, J.P. Morgan Chase & Co. and Fidelity Investments’ wealth management divisions received the highest customer rankings for their digital experiences, according to data and analytics firm J.D. Power.

In a survey of 6,217 full-service and self-directed investors, Citi took the highest spot with a ranking of 798 out of 1,000, considering “visual appeal, navigation, speed, and information/content,” according to a reported released Tuesday. J.P. Morgan came in second (789), with Fidelity third (783). Those leaders were followed by U.S. Bank (774), Wells Fargo Advisors (774) and Charles Schwab (773), all above the average score of 770.

Investors’ feelings about digital platforms matter, J.D. Power noted in the report, as overall client satisfaction increased “significantly,” the more clients interacted with wealth management websites and applications.

The overall client satisfaction score among full-service investors who use their wealth management firm’s application on a daily basis was 798, 97 points higher than those who never used the application, and 53 points higher than those who only use it once per year.

J.D. Power also ranked self-directed investor experiences. In that ranking, J.P. Morgan led the pack with a score of 754, followed by T. Rowe Price (736), Robinhood Markets Inc. (730), Stash Financial Inc. (729), Acorns (723) and Charles Schwab (723). The average score was 718.

Crucial Component

“The digital experience is a crucial component of an effective client acquisition and retention strategy,” Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power, wrote via email. “Firms that get the digital formula right are positioning themselves for long-term success.”

When it came to format, mobile applications outperformed websites among investors. Overall satisfaction for applications came in at 776, 11 points higher than the average score for wealth management websites, according to J.D. Power. Among self-directed wealth management apps, overall satisfaction was 738, while website satisfaction came in 34.

“This isn’t a new phenomenon,” Martin wrote. “Historically, the mobile app experience tends to receive higher satisfaction scores compared to the website experience among most groups, although older generations do give closer ratings on the two.”

Young Investor Push

Martin noted that younger generations gravitate more toward apps, so, “as the more digital-native generations become a larger portion of the customer base,” J.D. Power expects mobile investing to keep rising in prominence.

Overall, the majority of customers identified as part of Generation Y and Generation Z reported a preference for digital channels as their primary form of communication for advice (56%), planning (59%) and service (74%), according to the report.

That is in stark contrast to Baby Boomers, who preferred human interaction for advice (76%), planning (69%), and service (38%). Generation X preferred human interaction somewhat more as well for investment advice (60%) and planning (52%), with service coming in at a similar preference to Generation Y and Z.

Large banks’ dominance on the lists is likely due to the “robust digital capabilities they’ve developed in their respective retail banking operations,” J.D. Power noted in the report.

J.D. Power’s U.S. Wealth Management Digital Experience Study was based on responses from 6,217 full-service and self-directed investors and was fielded from June through August.