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Top Banks Meet Customer Expectations For Mobile Banking ChannelHalf of the U.S. adult population now banks using smartphones and tablets, which is 29 million more than last year. This dramatic shift in consumers' channel preferences puts pressure on financial institutions to innovate in the space to meet increased demand for mobile functionality. Today, JAVELIN released, 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, which assesses the evolution of FI mobile banking offerings and recent trends in mobile account management and transactional functionality. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160519005461/en/ 
Exponential increase in willingness to bank via mobile devices comes as no surprise. A dramatic jump in FIs supporting mobile banking enrollment and account opening occurred over the past year. (Graphic: Business Wire) 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%. "We are finally seeing mobile banking moving out of online banking's shadow, said Emmett Higdon, Director of Mobile, JAVELIN. "With strong support for tools to discover, open, and monitor financial accouts through mobile devices without first interacting with online banking is a key strategy in attracting, and retaining, profitable mobile-first customers." 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:
For more details: 2016 Javelin Mobile Banking Leaders Awards The report, 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, ranks the top 30 financial institutions by deposit size according to performance in accessibility, capabilities, alerts and notifications and user ratings for mobile banking apps. The following institutions were benchmarked for this report: Ally Bank, Bank of America, Bank of the West, BB&T, BBVA Compass, BMO Harris Bank, Capital One (News - Alert), Chase, Citi, Citizens Bank, Comerica, Discover Financial, Fifth Third Bank, First Niagara, First Republic Bank, HSBC, Huntington, KeyBank, M&T Bank, Navy Federal Credit Union, PNC (News - Alert) Bank, Regions, Santander Bank, SunTrust, TD Bank, Union Bank, U.S. Bank, USAA, Wells Fargo, and Zions. Related JAVELIN Research
About JAVELIN JAVELIN, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160519005461/en/ |
