These 5 banks offer the most sought-after mobile features in the US
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Citibank, USAA, BBVA USA, Bank of America, and NFCU lead the US market in offering the most in-demand mobile features in 2019, according to Business Insider Intelligence's third annual US Mobile Banking Competitive Edge Study.
Mobile is a pivotal banking channel and a vital driver of how customers choose banks, according to our study, which found that 79% of respondents use the channel. Respondents were selected to closely align with the US general population on the criteria of age (18-73), gender, and income. Of respondents who use mobile banking, 38% selected the channel as one of the top three factors they'd consider when choosing a bank - making it the third-ranking answer, edging out online banking, rates, and proximity to ATMs.
To help banks attract and retain the large base of mobile-oriented customers, our 2019 US Mobile Banking Competitive Edge Study selected 37 sought-after mobile banking capabilities - 18 of which were added to the study this year - and ranked them according to how valuable 2,000 respondents said they are. Next, we determined which of the top 20 US banks and credit unions lead in offering the mobile banking features customers crave.
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Here are the leaders in supporting sought-after mobile banking tools:
- Score: 84/100
- Rank in 2018: 1st
- Score: 82/100
- Rank in 2018: 3rd (+1 place)
- Score: 78/100
- Rank in 2018: 9th (+6 places)
- Score: 67/100
- Rank in 2018: 5th (+1 place)
- Score: 66/100
- Rank in 2018: 4th (-1 place)
Business Insider Intelligence's Mobile Banking Competitive Edge Study ranks banks according to the strength of their mobile offerings and offers analysis on what banks need to do to win and retain customers. The study is based on a September benchmark of what features the 20 top US banks offer, and a survey of 2,000 US mobile banking users on the importance of 37 cutting-edge features in choosing a bank. The survey was conducted using the Attest Consumer Growth Platform, and fielded during August and September 2019 to a sample closely aligned with the US population on the criteria of age (for those between 18 and 73), gender, and income.
The full report will be available to Business Insider Intelligence enterprise clients in December. The Mobile Banking Competitive Edge study includes: Ally, Bank of America, BB&T, BBVA Compass, BMO Harris, Capital One, Chase, Citibank, Fifth Third, HSBC, KeyBank, Navy Federal Credit Union, PNC, Regions, SunTrust, TD, Union Bank, US Bank, USAA, and Wells Fargo.Banking as a Service Explained
- Digital Banking
- Open Banking & Bank APIs
- Alternative Lending & Nonbanks
- US Neobank Market