NEWSROOM eMarketer's latest news, announcements, and media resources.

Insider Intelligence: USAA Ranks Highest in Advanced Mobile App Features 

More than half of the US population will use mobile banking this year

 

December 7, 2020 (New York, NY) – USAA offers the most in-demand mobile banking features among the largest 25 US banks and credit unions in 2020, according to a new Insider Intelligence benchmarking study. The findings come amid a period of rising mobile banking usage and reliance. This year, for the first time, more than half (55.1%) of US adults accessed their bank accounts via smartphones each month, according to our estimates. Meanwhile, 79.5% of US consumers who have used mobile banking said it is their primary banking channel, per our survey fielded in August and September 2020.

 

Picture1.png

 

These newly released findings come from “The US Mobile Banking Competitive Edge Report 2020,” an annual customer-driven benchmark that ranks advanced mobile features at the top 25 US consumer banks and credit unions by assets. Banks can earn points for offering each of the study’s 42 features—which are each rare and differentiating—based on how valuable mobile banking users say each feature is. The scoring system is powered by the aforementioned August–September 2020 survey, fielded among 2,324 US mobile banking users.

 

USAA ranked first, displacing 2019’s winner Citi, by offering a strong selection of in-demand mobile banking features across the study’s six categories: Security and Control, Alerts, Account Management, Transfers, Digital Money Management, and Customer Service. U.S. Bank took second, trailing a hair behind USAA. Meanwhile, Citi, Bank of America, and BBVA USA rounded out the top five firms with the “most desirable mobile banking features.”

 

“Amid a year of unprecedented challenges, US banks will invest a staggering $66 billion on front-, middle-, and back-office technology,” said Dan Van Dyke, financial services research director at Insider Intelligence. “To maximize return on customer-facing digital investments, decision-makers should prioritize investments in the channel customers prefer—mobile—and in the features they most demand.”

 

 

Methodology

 

“The US Mobile Banking Competitive Edge” results were based on a scorecard that evaluated mobile banking offerings at the 25 largest US retail financial institutions by assets (prior to the SunTrust/BB&T merger) and responses to an Insider Intelligence survey of 2,324 US consumers who had used mobile banking. The 42 features in the study were selected by Insider Intelligence analysts, who identified the year’s most in-demand and unique features through research and conversations with digital channel leaders.

 

Respondents were asked to rank the importance of the 42 mobile banking features, and each feature was weighted based on how many respondents said each feature would be “extremely valuable” to them. Next, checklist data was collected on whether each of the study’s financial institutions offered each of the study’s features. Finally, banks were graded according to the weighted scoring system.

 

 

About Insider Intelligence
Formed in 2020 from the combination of eMarketer and Business Insider Intelligence (BII), Insider Intelligence aims to be the world’s leading research service focused on digital transformation. Insider Intelligence enables thousands of global industry leaders to understand the critical trends and developments affecting their business in the short and long term. Each year, Insider Intelligence produces nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the Advertising & Marketing, Consumer Demographics, Social Media, Video, Mobile, E-Commerce & Retail, Telecoms & Technology, Financial Services, and Digital Health industries. Insider Intelligence is owned by European media giant Axel Springer S.E.

Posted on December 7, 2020.