Javelin Recommends Investing in Key Mobile Banking Features to Retain Customers

Javelin Announces 2014 Mobile Banking Leaders Award

USAA tops Best Overall Mobile Banking Leader, while Bank of America, BBVA Compass, Chase, Citigroup, Citizens Bank, Discover Financial, First Republic, Wells Fargo, and others earn several awards too

San Francisco, CA, January 27, 2015:  Mobile banking growth was relatively steady in 2014, after a year of impressive growth in 2013. With adoption of tablets and smartphones steadily climbing, mobile banking can be expected to once again increase in 2015. The results of Javelin Strategy & Research’s2014 Mobile Banking Financial Institution study evaluates the abilities of financial institutions to meet consumers’ growing mobile banking needs, including performance in the key areas of accessibility, functionality, app user ratings, and alerts and notifications. The study finds Bank of America, BBVA Compass, BMO Harris, Chase, Citigroup, Citizens Bank, Citizens Bank, Discover Financial, Fifth Third, First Republic, Regions, U.S. Bank, USAA, Wells Fargo, and other are topping all competitors in mobile banking.

Spearheading new features is important for financial institutions to attract new customers. One critical feature is providing multiple ways to reach a customer service representative. USAA is the only financial institution of the top 30 financial institutions that offers contacting a CSR or virtual assistant within the app, one of the key distinctions earning USAA Javelin’s Best Overall Mobile Banking Leader award. Other key customer support feature this year includes click-to-call capability, with 70% of top financial institutions providing this feature within the app or browser.

Money movement and mobile monitoring features are key areas of focus for financial institutions in 2014. One new money movement feature, mobile photo bill pay, is already supported by 10% of the top 30 financial institutions. A similarly innovative capability is mobile remote-deposit capture which grew to 90% support among the top 30 financial institutions from 77% in 2013. With such a high percentage of major financial institutions offering the feature, nonparticipating banks and credit unions should move quickly to add support for mobile remote-deposit capture.

“Mobile banking features can encourage customers to switch to a new banking relationship”, according to Mary Monahan, Director of Mobile at Javelin Strategy & Research. “Banks that hope to capture the loyalty of these mobile bankers need to wisely invest in mobile banking technology for the future, such as instant balance viewing (before entering credentials), mobile photo bill pay, mobile P2P transfers and support for mobile banking enrollment through a mobile device.”

Mobile Banking Leaders (in alphabetical order) in the following categories:

  • Best Overall: USAA
  • Functionality: Bank of America, BBVA Compass, Chase, Citigroup, USAA, US Bank
  • Accessibility: Bank of America, BMO Harris, Discover Financial, KeyBank, USAA
  • Most Comprehensive Alerts: Bank of America, BBVA Compass, Chase, Discover Financial, Fifth Third, Regions, USAA, Wells Fargo
  • App Ratings: Chase, Citizens Bank, Discover Financial, First Republic, USAA

View complete list of 2014 Mobile Banking Financial Institution

The award examined 30 financial institutions’ mobile banking offerings: Ally Bank, Bank of America, Bank of the West, BB&T , BBVA Compass, BMO Harris Bank, Capital One, Chase, Citigroup, Citizens Bank, Comerica, Discover Financial, Fifth Third Bank, First Niagara, First Republic Bank, HSBC, Huntington, KeyBank, M&T Bank, Navy Federal Credit Union, PNC Bank, Regions, Santander Bank, SunTrust, TD Bank, Union Bank, U.S. Bank, USAA, Wells Fargo, and Zions Bank.

Javelin Strategy & Research’s 2014 Mobile Banking Financial Institution, compares the top 30 U.S. retail financial institutions by gross annual deposit size. The study informs industry experts and players how financial institutions measure up in mobile banking. In 2014, four critical areas explored were: functionality, accessibility, app ratings, and alerts. A survey of over 3,200 consumers’ mobile financial activities is included to provide a complete picture of the mobile banking space.

About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.

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