NEW YORK—A new survey has found 44% of Millennials considered one of three megabanks—Bank of America, JPMorgan Chase, and Wells Fargo—their primary bank, and that mobile apps impact those decisions.
On average, four megabanks—BofA, Chase, Citi, and Wells Fargo—offer nearly 16 of the 18 value-added mobile banking features on their apps, said Cornerstone Advisors’ Ron Shevlin, author of the study.
Banks in the $50 billion to $1 trillion range average 10 features, and banks in the $10 billion to $50 billion range have, on average, just seven of the 18 features, noted Shevlin in a Forbes report.
“Smaller banks are more likely to rely on vendors for their mobile banking platforms. And that makes them dependent on their vendors' technology roadmaps and development schedules,” stated Shevlin.