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Chase leads in benchmark of advanced mobile features at top US banks

Nearly 60% of US adults will bank via smartphone monthly in 2022

 

Mobile apps are now a mainstream channel for banking in the US. According to Insider Intelligence’s forecast, 59.8% of the US adult population will use smartphones to bank at least once a month in 2022, up from 57.9% in 2021.  

 

Insider Intelligence’s newly released, fifth annual “US Mobile Banking Emerging Features Benchmark” report ranks the 23 largest US banks and credit unions (by assets) according to how innovative their mobile banking capabilities are. Its criteria include 42 of the year’s most cutting-edge mobile features, selected to help providers tap into customer demand* and differentiate themselves from competitors. 

 

The study uses a data-driven approach to grade the financial institutions’ mobile apps. For each feature financial institutions offer, they earn points proportionate to the level of demand that US mobile banking users have for the feature, as gauged by a consumer survey. 

 

The latest study includes exclusive data from FinTech Insights by Scientia, a digital banking research platform that analyzes what features financial institutions offer, captures the user journeys in videos, and assesses the quality of the user experience. FinTech Insights collects this data on more than 100 providers worldwide, including incumbent banks, challengers, and fintechs. 

 

“The battle for new mobile banking users is no longer fought by just the top US banks. Today, incumbent financial institutions, neobanks, and major tech players are all competing for users and attention on smartphone screens,” said Tyler Brown, senior analyst at Insider Intelligence. “To attract consumers with new features, banks should listen to an old source: the voice of the customer.”

 

In this year’s benchmark, Chase won out with distinctive and in-demand tools, followed by U.S. Bank in second place. Bank of America and Citi tied for third. Chase earned its lead thanks to its top ranking in three of the study’s six feature categories. 

 

Here are the leaders of each feature category:

  • Security and Control: Chase
  • Alerts: U.S. Bank and Santander US (tie)
  • Account Management: U.S. Bank
  • Transfers: Chase
  • Digital Money Management: Chase
  • Customer Service: Citi

The full report is now available to Insider Intelligence corporate subscribers.

 

*Demand data was drawn from an Insider Intelligence survey, conducted in September 2021, of 2,385 US adults who had used mobile banking in the previous 90 days. 

 

Members of the media who are interested in reading the full report may reach out directly:

 

Corinne Weir

Public Relations Specialist

646-863-8814

cweir@insiderintelligence.com

 

Methodology 

Insider Intelligence’s US Mobile Banking Emerging Features Benchmark examines the 23 largest financial institutions (FIs) in the US by assets and ranks them according to their performance in a weighted scorecard. This year, the FIs received credit if their retail banking iOS apps offered, as of October 31, 2021, any of the 42 features in the study. Every feature was assigned a unique point value based on the percentage of US adult mobile banking users who called the feature “extremely valuable” in a survey Insider Intelligence conducted during September 2021. The survey covered 2,385 US adults (ages 18 to 75) who had used mobile banking in the past 90 days, to gauge to what degree they valued the 42 features. 

Insider Intelligence analysts selected mobile features whose utility, rarity, or novelty can help FIs differentiate their mobile apps from those of their competitors. The analysts solicited recommendations for new criteria from teams at the FIs included in the study, as well as from Scientia and its FinTech Insights platform. 

Analyzing more than 100 incumbent and challenger providers worldwide, the FinTech Insights platform identifies which features they offer, displays videos of the features at work, and scores those capabilities based on user friction. Throughout the report, we analyze mobile feature data provided by FinTech Insights.

About Insider Intelligence    

Insider Intelligence aims to be the world’s leading research service focused on digital transformation. Our mission is to empower professionals with the data, insights, and analysis to make grounded decisions in a digital world. Each year, we produce nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the industries of Advertising, Media, and Marketing; Financial Services; Healthcare; Technology; and Retail and Ecommerce. Insider Intelligence is owned by European media giant Axel Springer SE and was formed in 2020 from the combination of eMarketer and Business Insider Intelligence (BII).

Posted on January 7, 2022.