Abstract
Consumer-generated reviews reflect consumers’ experiences and perceptions toward a product or service. In this context, we propose a text mining approach to identify factors that improve customer satisfaction in the mobile banking app service. To do so, we collect 96,140 mobile app reviews for four U.S. banks: Bank of America, Capital One, Chase, and Wells Fargo. Using the Latent Dirichlet Allocation (LDA) topic model, we first derive the critical quality dimensions such as ease of use, convenience, security, and customer support. Analysis of weekly panel data shows that positive responses to the security and convenience of mobile banking apps improve app ratings. However, increased comments about insecurity, negative customer support experiences, discomfort, and complexity lower user ratings. Overall, the empirical results support that security is the most influential factor in customer satisfaction with mobile financial services.
Highlights
C OVID-19 has accelerated digital transformation in all industries around the world
The parameter estimators in the fixed-effect model demonstrate that our constructs using the text mining approach have content validity to explain the aggregated customer rating in mobile banking apps
We find that the increases in convenience and security are associated with increases in Rating, positive ratings (PosR), and decreases in negative ratio ratings (NegR)
Summary
C OVID-19 has accelerated digital transformation in all industries around the world. When it comes to using financial services, customers become reluctant to visit bank branches due to concerns about the infection. Conventional and online-only banks should find ways to improve their customer experience and alleviate technical issues using mobile banking applications (hereafter, apps) In this context, understanding which quality dimensions facilitate or hinder user satisfaction with mobile banking apps is an important research question. Prior studies explore the quality dimensions that determine mobile banking service user satisfaction (Arcand et al 2017; Jun and Palacios 2016; Sampaio, Ladeira, and Santini 2017). Shankar, Tiwari, and Gupta (2021) conduct exploratory research by analyzing mobile banking app reviews. They identify the critical success factors for mobile banking: privacy/security, navigation, customer support, convenience, and efficiency. We suggest the implications of the main results and discuss limitations and further research
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