KEY POINTS

  • 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 [...]