Summary List PlacementUSAA provides the most desired mobile banking tools amongst the biggest United States financial institutions in 2020, according to Expert Intelligence’s 4th yearly US Mobile Banking One-upmanship Study.
US mobile banking penetration is rising amid the coronavirus pandemic, as is customers’ reliance on the channel. Insider Intelligence anticipates that for the first time, more than half (551%) of the United States population will use mobile banking this year. And for numerous, it’s more than a stop-gap measure for standard in-branch or call center tasks: 79.5%of mobile banking users who responded to Expert Intelligence’s 2020 United States Mobile Banking Competitive survey say that mobile is their primary banking channel.
In this report, Expert Intelligence recognizes the ingenious mobile banking features that could draw in and engage users, as well as highlights how top banks are presently deploying the features. Our study of 2,324 United States grownups includes a ranking of how important 42 advanced mobile functions would be to them across six classifications: Security and Control, Notifies, Account Management, Transfers, Digital Cash Management, and Customer Service.
The complete report will be offered to Expert Intelligence clients on December 4.
USAA takes the crown– after placing 2nd in 2015– thanks to its broad support of mobile banking features across categories. It does not lead in any individual category, however boasts features consisting of the abilities to set spending limitations on debit or charge card, see the status of card deal disputes, and set alerts for when refunds from merchants are processed.
Joining USAA in the leading 5 are U.S. Bank, Citi, Bank of America (BofA), and BBVA. All however U.S. Bank are holdovers from last year’s top 5: Following a number of consecutive years of heavy financial investment in its app, the bank soared from 11 th in 2019 to position second this year.
BofA leads the Security and Control classification with a best rating. It rocketed to the top from 10 th location in 2019 by providing two-factor authentication– which we contributed to our research study this year– and implementing the 2 remaining Security and Control functions that it previously lacked, specifically the in-app abilities to contest a deal and view the status of that disagreement.
BofA directly leads the Alerts category by providing all but one function. BofA soared from 8th place in 2015, partly due to adding the seldom supported capability to get push notifications that the consumer can respond to. This year’s trio of runners-up– Wells Fargo, NFCU, and Fifth Third– likewise missed one feature, though those features (for example, an alert for when a refund from a merchant processes to account) remained in higher need than what BofA lacked.
Navy Federal Credit Union (NFCU) is the only winner of the Account Management classification. It supports all 7 features, including the hardly ever used but highly required short-lived digital card ability. NFCU likewise led this category in 2019, though it shared the title with three other banks.
Chase leads the Transfers classification for the 2nd year, as the only bank to offer all 7 functions. Those especially include this year’s brand-new features: the abilities to set future-dated P2P payments, skip a recurring transfer, demand to stop a payment, and send wire transfers.
Citi overtakes competitors in the Digital Money Management classification. The bank earns the top spot by providing 5 of the classification’s seven in-app functions, including the capabilities to see repeating charges and see a financial wellness score.
U.S. Bank jumped from fourth to first place this year as it completed its customer service functions. It provides all 7 tools, consisting of the 2 most sought-after, yet badly supported: the ability to speak with a human representative in-app and verify by means of the app when calling customer support. USAA and Wells Fargo followed closely behind, using all but the classification’s least in-demand capability: a conversational SMS assistant.
The full report will be readily available specifically to Insider Intelligence customers. In addition to our US Mobile Banking Competitive Edge Study, Insider Intelligence releases a wealth of research study reports, charts, projections, and analysis of the monetary services industry. You can discover more about accessing all of this content here..
The 25 banks assessed in this study are: Ally, Bank of the West, BB&T (now Truist), BBVA USA, BMO Harris, Bank of America (BofA), Capital One, Chase, Citi, People, Fifth Third, HSBC, Huntington, KeyBank, M&T, Navy Federal Cooperative Credit Union (NFCU), PNC, Regions, Santander, SunTrust (now Truist), TD Bank, Union Bank, U.S. Bank, USAA, and Wells Fargo.
The survey data from this report originates from Expert Intelligence’s US Mobile Banking One-upmanship Survey 2020, which was fielded in August– September 2020 and reached 2,324 US adults. Respondents to the study were mobile banking users chosen to closely line up with the US population on the requirements of gender, age, and income.Join the conversation about this story “