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 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.

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.

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.

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.

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.

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.

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.

However, its mobile banking capabilities don’t clock in nearly so high compared with its competition, per Insider Intelligence’s 2020 US Mobile Banking Competitive Edge Study: TD comes in at No. 19 of the top 25 US banks.

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.”.

Those features aren’t currently widespread, even among the 25 biggest US banks: Only 36% and 40% of those institutions support chatting with humans and AI assistants via mobile app, respectively, per Insider Intelligence’s 2020 US Mobile Banking Competitive Edge (MBCE) Study.

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.

Having a solid design strategy in place that exhibits a deep understanding of the customer can mitigate customer satisfaction risk and improve banks’ competitive standing. Three Key Questions This Report Will Answer:. What the benefits of having a strong UX? Which design processes and methodologies can UX teams apply? Which winning UX design strategies do leading banks employ? WHAT’S IN THIS REPORT?

The Competitive Intelligence Unit. The World Bank. Vocalink.