NEW YORK–Findings from a new study of mobile banking apps finds credit unions dominating the rankings.
In the third annual Mobile Banking App Study, MagnifyMoney compiled the ratings of iOS and Android banking apps from over 100 of the biggest banks and credit unions, including the 50 largest banks and 50 largest credit unions along with a selection of top online direct banks.
The company said its data was collected from iTunes and Google Play the week of Nov. 30, 2016 and was used to create a composite 1 to 5 rating, factoring a weighted average of the ratings from both the iOS and Android platforms. MagnifyMoney said it ranked each app based on its rating score. In addition, this year’s results include comparisons to 2015 to see which banks and credit union apps have most improved and deteriorated.
According to MagnifyMoney, the findings include:
- Credit unions dominated rankings: Credit unions nearly swept the top 10 rankings for all apps this year, taking nine of the top 10 spots.
- Best Overall App: Eastman Credit Union with a score of 4.8, down from 4.7 in 2015.
- Best App Among the 10 Largest Banks: Chase with a score of 4.5, up from 4.2 in 2015.
- Worst App Among the 10 Largest Banks: BB&T with a score of 2.8, down from 3.8 in 2015.
- Best App Among the 10 Largest Credit Unions: PenFed with a score of 4.3, down from 4.4 in 2015.
- Worst App Among the 10 Largest Credit Unions: First Tech Federal Credit Union with a score of 1.9, down from 3.3 in 2015.
- Best Online Direct Bank App: First Internet Bank with a score of 4.5, unchanged from 2015.
- Worst Online Direct Bank App: Everbank, with a score of 2.7, down from 3.0 in 2015.
- Overall Most Improved App: BECU, whose score rose 58% year over year, from 2.5 to 3.9.
- Most Improved Traditional Bank: Citibank, with a 19% ratings increase year over year, from 3.2 to 3.8.
- Overall Most Deteriorated App: VyStar Credit Union, whose score dropped 57%, from 4.7 to 2.0 year over year.
The company’s analysis found credit unions nearly swept the top 10 rankings for all apps this year, taking nine of the top 10 spots. That’s an even better showing than last year, when credit unions nabbed eight out of the top 10 spots.
It said that in this year’s ranking CUs tied for second place with a score of 4.7 — ESL Credit Union, Redstone Federal Credit Union, SEFCU, and Wright-Patt Credit Union.
But it also noted, “Credit unions aren’t all bulletproof. Four out of the top 10 most deteriorated apps in 2016 were from credit unions. VyStar Credit Union was the least improved of all, stinging from a 57% ratings decline year over year, from 4.7 to 2.0.”