May 25, 2016 -
Javelin Strategy has released a new report titled “2016 Mobile Banking Financial Institution Scorecard“, which highlights and compares the various mobile strategies of leading mobile banking financial institutions.
Now in its eighth year, the report serves as an annual strategic map of the mobile banking space, including how mobile devices allow users to accelerate ATM withdrawals, set in-branch appointments, turn debit cards on and off, and interact with voice-based artificial intelligence.
The report offers an extensive analysis of mobile offerings at the top 30 retail banks with key trends, recommendations, and implications for mobile banking executives today.
Javelin asserts that the growing class of “mobile first” consumers is driving mobile banking leaders to continue innovating in the mobile channel while maintaining full support for cross-channel interactions.
The report covers several key topics, including which mobile banking products and services are banks offering, how these mobile banking products and services have changed over the past year, which banks provide the most complete mobile banking package, the industry leaders in each mobile banking category, how consumers’ expectations of mobile banking changed, how mobile bankers differ from all other consumers, how financial institutions’ mobile banking strategies are changing over time, and which mobile banking features are experiencing the highest growth.
The report highlights several mobile banking financial companies, including Bank of America, Ally Bank, Bank of the West, BB&T, BBVA Compass, BMO Harris, Capital One, Chase, Citi, Comerica, Discover Financial, Fifth Third, First Niagara, First Republic, HSBC, Huntington, KeyCorp, M&T, Navy Federal CU, PNC, RBS, Citizens, Regions, Santander, SunTrust, TD Bank, Union Bank, US Bank, USAA, Wells Fargo, and Zions
The report’s findings are based on consumer data collected from a random-sample survey of 3,195 respondents conducted online from June to July 2015.
The survey — which covered the main criteria of mobile access, functionality, and alerts and notifications — included respondents who were engaged primarily in retail banking and excluded those focused on investment banking.
The functionality of each financial institution’s mobile banking strategy were judged based on the categories of mobile-first design, in-app search, card control, cross-channel coordination, mobile deposit, offers and rewards, account opening/enrollment, bill pay, transfers, fraud-related, and alerts and notifications. These 11 categories accounted for 60% of the financial institution’s total score.