This inaugural scorecard, weighted based on responses to a primary consumer survey, ranks the four largest US neobanks by user count according to their advanced mobile banking capabilities. The report presents detailed benchmarking data on the availability of 47 mobile features, selected by analysts based on the features’ propensity to help neobanks differentiate themselves from competitors. It is a companion to the 2020 US Mobile Banking Competitive Edge Report, which ranks the 25 largest US financial institutions by assets.

Neobanks have set the standard for mobile banking with their distinctive features, but the bar keeps rising. Our Neobank Specialties category includes cutting-edge mobile tools that challengers can offer to stand out from incumbents. Starling led by just a couple of features and with a score of 36.1 points. It was unique in letting customers overdraft without a fee.

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.

This third annual study ranks the 10 largest UK banks and building societies by assets according to their mobile banking capabilities and how highly consumers value their offerings. We present detailed benchmarking data on the availability of 41 mobile features, selected based on their propensity to set financial institutions apart.

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

In 2021, the number of new mobile banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including CIBC. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities CIBC might focus on to gain and retain customers.

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including TD Canada. As the battle for new mobile users heats up, the features of FIs’ mobile banking apps will be crucial: This report identifies which key growth opportunities TD might focus on to gain and retain customers.

In 2021, the number of new mobile banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including the Bank of Montreal (BMO). As the battle for new mobile users heats up, the features of FIs’ mobile banking apps will be crucial: This report identifies which key growth opportunities BMO might focus on to gain and retain customers.

Technology decision-makers within the banking industry will need to balance high tech spending with the potential for competitive disruptors.

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including RBC. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities RBC might focus on to gain and retain customers.

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, which will considerably increase competition among financial institutions (FIs), including Desjardins. As the battle for new mobile users heats up, the features of FIs’ mobile banking apps will be crucial. This report identifies which key growth opportunities Desjardins might focus on to gain and retain customers.

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, which will considerably increase competition among financial institutions (FIs), including Scotiabank. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities Scotiabank might focus on to gain and retain customers.

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including Banque Nationale. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities Banque Nationale might focus on to gain and retain customers.

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.”.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

Additionally, in Insider Intelligence’s 2020 US Mobile Banking Competitive Edge Report, Wells Fargo finished seventh overall out of 25 sampled banks. While it’s not a laggard among all players reviewed, it came in behind all of its biggest competitors—Citigroup was third, BofA was fourth, and JPMorgan was sixth.

While commission-free trading isn’t unique, bundling it with crypto and savings features will increase the time the UK-based neobank’s US customers spend with it.

According to Insider Intelligence’s September 2020 US Mobile Banking Competitive Edge survey, fees are far and away the most important factor customers would consider before choosing a new bank. Other banks have lessened their reliance on overdraft fees, but PNC has taken one of the most active approaches to separating itself from controversial practice.

BofA’s top ranking may have been propelled by its strengths in two in-demand mobile feature categories examined in Insider Intelligence’s 2020 US Mobile Banking Competitive Edge survey of digital banking users:. Security and Control: This class of features gives customers greater oversight of their information.

Insider Intelligence’s 2020 US Mobile Banking Competitive Edge Study reveals mobile banking tools that Chase currently lacks, which it could introduce to more fully meet customer needs with its app:. The ability to cancel subscriptions from within the Chase app. This feature is both in high demand and exceedingly rare.

One way that BBVA USA—and later this year, PNC—may be able to blunt attrition is by building on its already-formidable mobile app offering: The incumbent ranks fifth out of 25 banks in Insider Intelligence’s US Mobile Banking Competitive Edge Report for 2020.