Trends Report

2015 US Mobile Banking Functionality Benchmark

There Is No Clear Leader In US Mobile Banking

May 26th, 2015
RR
Rachel Roizen
With contributors:
Aurelie L'Hostis , Benjamin Ensor , Audrey Blumstein

Summary

For eBusiness and channel strategy leaders at banks, success in mobile banking is a moving target: Customers' needs and behaviors are constantly changing, while their expectations keep rising. We used our Mobile Banking Functionality Benchmark methodology to evaluate the mobile banking offerings of the five largest retail banks in the US across more than 40 criteria. The big banks have strong mobile banking foundations, with a variety of account information and transactional features available for a wide range of devices. But we found that the largest US banks have worked to offer the same features and functionality as their peers, rather than moving ahead of the competition or innovating to get ahead of customers' needs and exceed their expectations. Digital banking teams should do more to help customers with money management, engage them with contextually relevant information, and generate sales leads with product offers and applications. This report is intended to help eBusiness and channel strategy professionals benchmark their own mobile banking capabilities, identify good practices, and plan improvements to their mobile banking services.

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