For banks, a robust mobile offering is a key component of attracting and retaining customers. Channel strategists should prioritize features customers view as critical when choosing a bank. In BI Intelligence’s Mobile Banking Competitive Edge Study, we identified these features and which of the top 15 US banks and credit unions lead in offering them. Our approach has two parts:
Consumers ranked their "need-to-have" features. In an exclusive BI Intelligence consumer survey, over 1,100 respondents were asked to rank the importance of 32 mobile-banking-related features when choosing a bank. They deemed certain features, like instant transfers, as critical, and others, like bank chatbots, as unimportant.
We used a weighted bank scorecard to determine which banks lead in offering these features. We selected the leaders among the top 15 US financial institutions by first identifying which banks currently offer the 32 features. Using our consumer survey data, we then weighted our ranking according to the level of demand for each feature.
BI Intelligence’s 2017 mobile banking pacesetters are the banks that rank in the top five on our scorecard. These banks offer customers features that set their offerings apart from those of competitors. Wells Fargo ranks first overall. The bank offers in-demand mobile transfer capabilities, along with competitive features related to security and mobile wallets. USAA follows closely behind, with superior account access and conversational capabilities. Bank of America and Citi are tied for third, and Capital One rounds out the top five.
BI Intelligence also identified leaders across six categories of features included in the study: transfers, security tools, account access, mobile wallets, social, and conversational banking. US Bank and Wells Fargo have the top scores in transfers, Bank of America and Wells Fargo are tied for first in security, and USAA leads in account access. Five banks share first place in wallets — Capital One, Chase, Citi, KeyBank, and Wells Fargo. Capital One leads the social section, and USAA leads the pack in conversational banking.
Mobile transfers are the most in-demand mobile features. Transfers are the most important category of features to consumers when choosing a bank, according to our study. The most in-demand feature in this study, instant transfers, is in this category. Transfers also include bill pay, international transfers, and peer-to-peer (P2P) payments.
Post-Equifax, consumer hunger for security tools is significant. Security and control, the second most popular category in the study, is made up of [...]