30% of Top Banks Meet Consumer Demands for Mobile Banking
Over half of the U.S. population is banking with their smartphones or tablets, which is 29 million more adults than last year, according to a recent Javelin survey. The survey found that banks are starting to meet consumer demand for mobile banking capabilities.
In 2014, only 7% of the Top 30 U.S. financial institutions supported mobile banking. Last year, that number jumped to 30%.
Another reason that banks are racing to go mobile is that customers are willing to open accounts using only their mobile devices. Support for this service has doubled over the past year (to 33% of the top 30 banks).
“We are finally seeing mobile banking moving out of online banking’s shadow, said Emmett Higdon, Director of Mobile, Javelin. “With strong support for tools to discover, open, and monitor financial accounts through mobile devices without first interacting with online banking is a key strategy in attracting, and retaining, profitable mobile-first customers.”
However, more than two-thirds of banks still require consumers to use a traditional online service before enabling mobile banking, which shows there is still a gap between consumer demand and bank supply.
As it studied banks in the United States, Javelin also awarded leaders in the industry. This year’s winners are:
- Best Overall Mobile Banking Leader: For the fourth time, USAA has claimed this position. Javelin pointed to its artificial intelligence virtual assistants, biometric login options and mobile control of payment cards as the services that kept USAA at the top.
- Mobile Banking Leaders in Accessibility: Ally Bank, Bank of America, Discover Financial, USAA and Wells Fargo all took honors by providing apps for Android and iOS platforms, as well as an Apple Watch app.
- Mobile Banking Leaders in Functionality: BBVA Compass, BB&T, Bank of America, USAA and Wells Fargo earned honors due to their biometric login support, mobile banking enrollment and the ability to turn cards on or off via a mobile device.
- Mobile Banking Leaders in App Ratings: Capital One, Chase, Citizens Bank, First Republic, Navy Federal Credit Union and USAA were recognized for their high Google Play and Apple App store ratings.
- Mobile Banking Leaders in Most Comprehensive Alerts: Javelin decided that BBVA Compass, Bank of America, Chase, Citi, Citizens, Discover Financial, Fifth Third Bank and Union Bank are doing to best job of notifying customers of potential fraud.