Chime was the most downloaded US mobile banking app in 2021, with 12.8 million downloads, up 16% from 2020. Other neobanks had a huge year as well: Current posted 67% growth in downloads, and Varo skyrocketed to 10th place with a 529% increase. That said, traditional banks took the rest of the top five positions.

Insider Intelligence spoke with Carolyn Feinstein, Varo Bank’schief marketing, growth, and design officer, to better understand how CMOs are redefining their roles as digital becomes the default banking channel for customers

This fifth annual benchmark stacks up 23 US financial institutions against one another, evaluating their mobile app capabilities based on consumer demand for 42 emerging features.

This benchmark evaluates four US neobanks across seven categories and weights their scores according to the results from a survey of US mobile banking users. It highlights the most in-demand mobile banking features that an incumbent, fintech, or neobank can offer to attract, retain, or monetize users.

Among executives at US banks, less than half believe their institution has tools in place to effectively serve millennials.