Cutting-edge mobile features are key for customer acquisition and retention at banks. In Business Insider Intelligence’s second Mobile Banking Competitive Edge Study, 61% of mobile banking users said that they’d research a bank’s mobile capabilities before opening an account. To help firms attract customers by developing in-demand features, our study spotlights the most desirable features and the top 20 US banks and credit unions that lead in offering them. Our approach has two parts:
Consumers ranked their "need-to-have" features. In an exclusive Business Insider Intelligence consumer survey, over 1,090 respondents were asked to rank the value of 33 mobile banking features. They deemed certain features, like travel alerts, as critical, and others, like banking through smart speakers, as unimportant.
We used a weighted bank scorecard to determine which banks lead in offering these features. We highlighted the leaders among the top 20 US financial institutions by first identifying which banks currently offer the 33 features. Using our consumer survey data, we then weighted our ranking according to the level of demand for each feature.
Five banks lead in offering the most in-demand mobile features: Citibank, Wells Fargo, USAA, NFCU, and Bank of America. Citi snagged first overall. The bank led the account access section, tied for first in account management, and ranked highly in all the other categories of the study. Wells Fargo — last year’s leader — took second place, leading in security and control and transfers. USAA came in third, NFCU was fourth, and Bank of America rounded out the top five.
Against a backdrop of record data breaches, security and control features are the most demanded in the study. Following a year in which Facebook, Google, and Twitter were breached, consumers put a premium on mobile banking features to stay secure. Four of the five most in-demand features in the study belonged in the category, including the most desirable feature overall: the ability to temporarily turn off a payment card, which 47% of respondents called "extremely valuable."
Wells Fargo led in security features for the second year running. The bank took the lead by supporting all six features in the category: the ability to turn a card on or off, travel alerts, the ability to dispute a transaction, letting customers view the status of disputes, [...]