SAN FRANCISCO—A new list of financial institutions that are “topping all competitors in mobile banking” has been released by Javelin Strategy & Research, and this year no credit unions are included.
Instead, the institutions that are meeting consumers’ “growing mobile banking needs, including performance in the key areas of accessibility, functionality, app user ratings, and alerts and notifications,” include Bank of America, BBVA Compass, BMO Harris, Chase, Citigroup, Citizens Bank, Citizens Bank, Discover Financial, Fifth Third, First Republic, Regions, U.S. Bank, USAA, and Wells Fargo.
“Spearheading new features is important for financial institutions to attract new customers,” said Javelin in its 2014 Mobile Banking Financial Institution report. “One critical feature is providing multiple ways to reach a customer service representative. USAA is the only financial institution of the top 30 financial institutions that offers contacting a CSR or virtual assistant within the app, one of the key distinctions earning USAA Javelin’s Best Overall Mobile Banking Leader award.”
Another key customer support feature Javelin said it discovered this year “click-to-call capability,” with 70% of top financial institutions providing this feature within the app or browser.
The research found that mobile photo bill pay is already supported by 10% of the top 30 financial institutions, and that mobile remote-deposit capture has grown to 90% support among the top 30 financial institutions. “With such a high percentage of major financial institutions offering the feature, nonparticipating banks and credit unions should move quickly to add support for mobile remote-deposit capture,” Javelin said.
“Mobile banking features can encourage customers to switch to a new banking relationship”, according to Mary Monohan, director of mobile at Javelin Strategy & Research. “Banks that hope to capture the loyalty of these mobile bankers need to wisely invest in mobile banking technology for the future, such as instant balance viewing (before entering credentials), mobile photo bill pay, mobile P2P transfers and support for mobile banking enrollment through a mobile device.”
Named as winners overall by Javelin were:
- Best Overall: USAA
- Functionality: Bank of America, BBVA Compass, Chase, Citigroup, USAA, US Bank
- Accessibility: Bank of America, BMO Harris, Discover Financial, KeyBank, USAA
- Most Comprehensive Alerts: Bank of America, BBVA Compass, Chase, Discover Financial, Fifth Third, Regions, USAA, Wells Fargo
- App Ratings: Chase, Citizens Bank, Discover Financial, First Republic, USAA
Of the 30 financial institutions in the analysis by Javelin, only Navy Federal Credit Union was included.
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