Chase Remains Top US Bank for Mobile Banking Quality of Service
In a report on mobile banking service quality in the USA, Chase achieved its fourth consecutive win for Overall Score. Also repeating were Wells Fargo in second place and Bank of America in third, with U.S. Bank moving into the top tier, tying with Bank of America.
The usability survey was carried out by Keynote.
Leaders for individual mobile modes included BB&T, repeating as the leading provider of SMS (text) banking capabilities and Bank of America repeating for the leading Android banking app.
Looking across the four modes -- Text, Mobile Web, iPhone App and Android App -- the Scorecard found that Chase performed best in two of the four categories, Ease of Use and Quality & Availability, while Bank of America took first in Functionality and Wells Fargo led in the Privacy & Security category.
Keynote's latest Scorecard comparing the mobile banking offerings of the top 15 U.S. banks comes at a time when the nation's leading banks are together moving towards offering more robust mobile services and capabilities, illustrated by a tightening of the scores among the top tier banks.
This continued maturation of mobile banking is marked by a heightened focus on the customer experience with new UI designs, more efficient navigation and the ability of banks to offer more money movement capabilities, such as person-to-person (P2P) payments, inter-institutional ACH transfers and advanced bill payment and eBill functionality. (e.g. using mobile number/e-mail to transfer funds).
Overall, mobile banking adoption rates continue to spike, rising from 20% in 2011 to 33% today, according to a recent survey by the electronic payment organization, SWACHA. These facts all highlight the importance and relevance of Keynote's latest Scorecard evaluating the mobile banking features and functionality of leading U.S. banks.
"The Scorecard assessment of mobile offerings by the top 14 retail banks and USAA indicates the largest institutions are continuing to expand transactional services for mobile banking and improve ease of use elements, representing a maturation of the mobile banking marketplace," said Susan Foulds, manager of the Keynote Mobile Banking Scorecard. "Product content and the ability to open accounts are emerging as well, particularly through the mobile Web mode."
Foulds continued: "As these advanced mobile capabilities continue to become the norm among the top tier of banks, customers are coming to expect them as part of their bank's standard digital offerings. As the largest banks continue to take the lead in this area, it will become more critical for smaller and regional financial institutions to keep up to retain and attract new customers."