Forrester examined the retail mobile banking practices of the six largest banks in the US, including Ally Bank, Bank of America (BoA), Chase, Citi, USAA, and Wells Fargo. USAA scored the highest combined score on functionality and usability, showing its offerings are the most useable/useful and that it effectively anticipates the demands of users before they ask for it.
Below are some trends that emerged from the research:
- Wearables. Citi and USAA are the only banks that let customers receive alerts, view balances, and initiative transactions via the Apple Watch.
- Messaging integration. While USAA, BoA, and Wells Fargo topped the list overall, USAA and Wells Fargo pulled ahead in the functionality category, ranking highest in support for SMS text commands to view balances and make transfers.
- Virtual agents. Ally Bank beat out its competitors in the virtual agent category thanks to its in-app smart agent, Ally Assist. The conversational interface answers customers’ questions in real time, earning Ally the No. 1 spot in usability.
- Ease of touchpoint transfer. Ally Bank’s mobile banking also contributed to its usability ranking, scoring big with consumers with its real-time estimates for how long customers will have to wait on hold. This demonstrates consumers’ heightened demand for convenience in their banking experience.
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