Summary List Placement
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Citibank, USAA, BBVA USA, Bank of America, and NFCU lead the US market in offering the most in-demand mobile features in 2019, according to Business Insider Intelligence’s third annual US Mobile Banking Competitive Edge Study.
Mobile is a pivotal banking channel and a vital driver of how customers choose banks, according to our study, which found that 79% of respondents use the channel. Respondents were selected to closely align with the US general population on the criteria of age (18-73), gender, and income. Of respondents who use mobile banking, 38% selected the channel as one of the top three factors they’d consider when choosing a bank — making it the third-ranking answer, edging out online banking, rates, and proximity to ATMs.
To help banks attract and retain the large base of mobile-oriented customers, our 2019 US Mobile Banking Competitive Edge Study selected 37 sought-after mobile banking capabilities — 18 of which were added to the study this year — and ranked them according to how valuable 2,000 respondents said they are. Next, we determined which of the top 20 US banks and credit unions lead in offering the mobile banking features customers crave.
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Here are the leaders in supporting sought-after mobile banking tools:
1st: Citibank cemented its reputation as an innovation leader. The bank earned the top spot for a second consecutive year thanks to its broad suite of in-demand mobile banking features. This year, Citi redesigned its app to boost convenience, adding “smart shortcuts” that simplify access to regularly used features. Other new tools introduced include alert enablement when customers withdraw cash from an ATM or receive credit from a merchant, and new credit card activation directly from the account dashboard. Citi also led in the “customer service” category.
Rank in 2018: 1st
2nd: USAA excelled in security and account management. The military bank offers a robust mobile feature set that includes rare tools, such as the ability to view the status of a card transaction dispute, set spending limits, and get alerts via push notifications that customers can respond to. Further, as a bank with no branches, it focuses on better serving its users on mobile, offering the option to converse with either a human agent via chat or a conversational AI assistant in the app. Taking second place overall, USAA tied for first in the “security and control” and “account management” categories.
Rank in 2018: 3rd (+1 place)
3rd: BBVA USA jumped from ninth to third place. Amid its ongoing digital transformation, BBVA USA focused on building out greater money management capabilities: For instance, users can now transfer money from their credit card to their checking, savings, …read more
Source:: Businessinsider – Finance