ATLANTA–FI Navigator and Celent have released "Mobile Banking Quantified: Comprehensive Benchmarks for US Vendors and Institutions," which the companies said provides unprecedented quantitative analysis of mobile banking trends for nearly 7,000 U.S. financial institutions and 48 retail mobile banking technology providers as of September 30, 2016.
"Leveraging FI Navigator’s mobile banking data and analytics module and Celent’s leading industry research methodologies, the latest report encompasses the entire U.S. mobile banking market, providing significant insights and developments among vendors’ and financial institutions’ offerings and performance, including market share, customer adoption, utilization and satisfaction, mobile feature provision and more," the two organization said
Highlights from “Mobile Banking Quantified” include:
- Of all U.S. banks and credit unions, 57.1 percent (6,899) offer a mobile banking app; (excluding financial institutions with fewer than $100 million in assets increases the proportion to 85.7 percent);
- Total customer enrollment in mobile banking to total deposit accounts is 27.6 percent;
- For financial institutions with more than $500 million in assets, those offering mobile deposit experienced 115 percent higher enrollment compared to those that did not offer the feature;
- From September 2015-2016, 1,552 banks and credit unions added quick balance to their respective mobile banking apps, making it the most widely adopted feature in that time;
“US Mobile banking adoption is lower than one might expect based on the headlines: only 57% of all institutions have an app. This is driven primarily by poor adoption among smaller institutions with less than $100 million in assets,” said Daniel Latimore, SVP of Celent’s Banking practice. “The vendor market can be divided into two large groups: multi-product solutions providers and pure plays. In either case, the key to mobile success is adoption by end consumers; vendors are typically paid based on some variant of installed users.”
"Arguably, nearly every financial institution’s strategic plan has prioritized their digital transformation of retail banking” said Steve Cotton, CEO and founder of FI Navigator. “They clearly recognize its importance, but have lacked the data to assess their own performance. Now those institutions and their vendor partners have the ability to compare their performance and offering to peers.”