After the coronavirus pandemic forced issuers to adapt rewards, enhance forbearance, and build out digital tools to cope with a volume hit in 2020, they’re looking to reimagine their offerings in the future to add new customers and regain primary card status.

Consumers’ growing willingness to get their financial services from non-FI providers is spurring consumer brands to embed financial elements in their products and services. But this new form of finance will mean dramatic changes for incumbent and startup FIs.

Buy now, pay later solutions are quickly gaining adoption as consumers look for new financing options and merchants aim to drive sales. But the industry is still unsettled as a number of firms are battling to lead the space, while card networks and issuers are looking to get involved too.

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 year, 81.6% of internet users in the US will access their bank accounts digitally at least once per month, according to our latest estimates. That’s significantly higher than the 72% we previously projected, due in large part to the pandemic. We expect this behavior to continue, and by 2023, we forecast there will be 207.3 million US digital banking users.