The dramatic shift to smartphones and tablets is driving financial institutions crazy to keep up. New research shows 50% of the U.S. adult population use mobile functionality to bank, which is 29 million more than last year.
JAVELIN’s 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, says given this exponential increase in willingness to bank via mobile devices, it comes as no surprise that this year’s scorecard also saw a dramatic jump in financial institution support for mobile banking enrollment through a mobile device.
It jumped from 7% in 2014 to 30% in 2015 among the top 30 retail U.S. financial institutions. With more than two-thirds of top banks still requiring some online interaction to enable mobile banking, there is still a significant gap between supply and mobile-first customer demand.
Other factors are driving institutions toward standalone mobile support, including customers’ willingness to open new accounts entirely through their mobile devices. Support for mobile new account opening among the top 30 financial institutions doubled over the past year to 33%.
In conducting its annual mobile banking benchmarking, Javelin’s Mobile Banking Leader awards recognize the biggest innovators in banking on small screens among the top 30 financial institutions by deposit size. The top five leaders are recognized in these mobile banking categories: accessibility, app store user ratings, functionality, and alerts.
Additionally, one provider is named the Javelin Best Overall Mobile Banking Leader. This year’s winners are:
• 2016 Javelin Best Overall Mobile Banking Leader is awarded to USAA. This is the fourth time that USAA has claimed this top position. USAA continues to innovate in the mobile channel, supporting its direct bank customers with pioneering artificial intelligence virtual assistants, best-in-class biometric login options, and unprecedented mobile control of their payment cards.
• 2016 Javelin Mobile Banking Leaders in Accessibility: Ally Bank, Bank of America, Discover Financial, USAA, and Wells Fargo. These five banks provide a broad range of mobile touch points for their users, including tablet apps on both Android and iOS platforms, as well as an Apple Watch app.
• 2016 Javelin Mobile Banking Leaders in Functionality: BBVA Compass, BB&T, Bank of America, USAA, and Wells Fargo. These banks offer emerging capabilities, including biometric login support, mobile banking enrollment through mobile devices, and turning payment cards on or off within mobile banking.
• 2016 Javelin Mobile Banking Leaders in App Ratings: Capital One, Chase, Citizens Bank, First Republic, Navy Federal Credit Union, and USAA. Each of these FIs’ customers acknowledge their mobile banking leadership with high marks for their apps in the Google Play and Apple App stores.
• 2016 Javelin Mobile Banking Leader awards for Most Comprehensive Alerts: BBVA Compass, Bank of America, Chase, Citi, Citizens, Discover Financial, Fifth Third Bank, and Union Bank. These banks offer a wealth of alerts and notifications, delivered through both push and SMS that keep their customers in touch with changes to their accounts and join with them in the fight against fraud.
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