Best Bank for Digital Tools
Capital One did not make it to our top three banks because of a large number of complaints to CFPB. We consider the website and mobile app to be the most user-friendly. They combine simple navigation with an attractive interface and offer a variety of useful features for customers. The account balances are clearly displayed on the homepage. You can also drill down to each account to view details such as transactions. A notable feature of the app is the ability to drag the button across your screen to perform certain transactions. This prevents you from accidentally closing a transaction by making a hand move.
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American Express is the best card issuer for digital tools
Amex’s number one ranking in this category was boosted by a win for both its website and mobile app. Both sites are easy to use and offer a lot of functionality. It is easy to locate and use the chat box, which provides automatic answers to your questions as well as live customer service representatives depending on your requirements. The top of the page displays your statement balance, total balance, and due payment. Recent transactions are also listed below. You can access pages that include statements, payments and viewing rewards balances. Customers in the Membership Rewards program love that they can access card benefits and other tools on the app. This includes a lounge finder tool for American Express customers who have lounge access.
Best Mortgage Lender for Digital Tools: U.S. Bank
U.S. Bank wins the award for best digital tool. One of the most notable features is the ability to view wait times and request a representative to call you. Customers can “cobrowse” with bank representatives by sharing their screens so that they can navigate the app or website together. The bank also introduced one-way video to allow customers to see the representative. U.S. Bank has added the ability to pay customers through its assistance-program portal to help mortgage customers that were in need of financial assistance due to the pandemic. Customers previously couldn’t make these payments online. All of the basic tools are still available. A dashboard is available online and on mobile devices. It contains tiles that show payment information, loan balances, and in many cases information about median home values, size, and other characteristics of your community.
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Best Insurer for Digital Tools: Geico
Geico is our digital winner. Their website and app are clean and well designed and offer great features to customers and non-customers. Geico clients can access the app to view their digital insurance ID cards, request roadside assistance, upload photos, receive an estimate of vehicle damage in under 20 minutes, make payments and chat with a virtual assistant regarding billing, policies, and other queries. Non-customers can also report and review accidents with Geico customers. The app will help you find the lowest gas prices in your area.
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How we selected the winners
Starting with 10 companies that were the largest in each category, we moved on to the next. We used Federal Reserve data to determine the domestic assets of banks. We used data from the Federal Reserve to determine credit card issuers’ total credit-card purchase volume. We used data from Inside Mortgage Finance to check the lending volume for residential properties in order to determine mortgage availability. For home and auto insurance, we used data provided by the National Association of Insurance Commissioners to determine the dollar value of the premiums.
We then scored the finalists in three categories. Brown Oak Audience Insights conducted a nationwide survey of customers in October and November 2021 to calculate half of the final score. Respondents were asked to rate the availability of representatives to help, their response time to customer questions and concerns, their knowledge and ability to resolve them. Respondents were also asked to rate their mobile apps and websites in terms of ease of navigation, usefulness, and accessibility to customer service. Respondents also gave feedback on their overall satisfaction with the companies.
30% of the score was determined by complaints. We analyzed the ratio of each firm’s market share to the number of complaints received by regulators. We evaluated complaints in the Consumer Financial Protection Bureau’s database for banks, credit card issuers, and mortgage lenders between August 1, 2020 and July 31, 2021. We reviewed 2020 complaint data from National Association of Insurance Commissioners for home and auto insurance.
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We rated the features and usability of our finalist’s mobile apps and websites to determine the final 20%. We added the average score of our app and website reviews to determine the digital winners for each category.