In this report, we explore how digitization is reshaping the banking CMO’s role, responsibilities, and priorities through exclusive interviews with 10 banking industry CMOs in the US and Canada.

This annual scorecard, weighted based on responses to a consumer survey, ranks the 25 largest US financial institutions by assets by their mobile banking capabilities. The report presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on the features’ propensity to help financial institutions differentiate themselves from competitors.

For a deeper dive into where mobile factors into consumers’ banking choices—particularly for Gen Z and millennials—check out our “US Mobile Banking Benchmark.”.

Verizon banks on private 5G for business: The carrier’s service in BlackRock’s offices will showcase an opportunity for 5G to shine while challenging Wi-Fi’s dominance in office, enterprise, and government use.

Digital-only banks—and neobanks in particular—have emerged as potent threats to incumbents, and many disruptors that could further shake up the US banking market loom large. But incumbents can still secure digital account holders by adopting digital best practices championed by challengers.

BofA sees success with digital mortgages: Its Digital Mortgage Experience product handled the vast majority of initiations in 2021—up from 45% the year before—and garnered several mortgage UX accolades.

JPMorgan has established a presence in the blockchain-based virtual world Decentraland and published a report on opportunities within the sector.

The bank offers retail deposit and consumer loan products on the same app for about 13 million customers and ranks as the 17th largest US bank, based on deposit assets of $211.7 billion. In our US Mobile Banking Emerging Features Report 2021, USAA ranked at No. 5 overall. It scored best on its security and control features, where it was second place, just behind Chase.

In 2021, mobile finance apps reached 573.1 million downloads in the US, up nearly 19% from 481.9 million in 2020.

U.S. News & World Report. USA Today. The Washington Post. World Bank. YCharts.

More than 2 in 5 have reported actual or suspected fraud to their bank, and of the US mobile banking users we surveyed, about 1 in 5 cited fraud prevention as a main reason they switched financial institutions. To keep their customers, banks must strike a delicate balance: protect their accounts without eating into customers’ time or preventing them from spending wherever and whenever they want.

Providing virtual cards can also help incumbent banks erode what is currently a competitive advantage for neobanks: Only seven of the top 25 US banks by assets provided the capability in our 2020 “US Mobile Banking Competitive Edge Report,” compared with three of four neobanks in our 2020 “US Neobank Competitive Edge Report.”.