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Chase and U.S. Bank Best in Forrester Mobile Banking Study

The top 5 U.S. banks are increasing their transaction capabilities in mobile, but need to offer more self-service options, according to Forrester.

Chase and U.S. Bank tied for the highest score in Forrester’s mobile banking benchmark evaluation, which measures mobile banking capabilities against a customer scenario. The scenario in this study, released earlier this week, included performing several tasks such as sending a P2P payment, adding a new bill pay payee and finding a local branch or ATM via each bank’s mobile app.

Chase and U.S. Bank scored a 69 out of 100 in the evaluation, which also included the other top 5 U.S. banks, Citi, Bank of America and Wells Fargo.

Forrester noted that Chase and U.S. each achieved their high scores with different features. Chase’s mobile app was commended for its broad transactional capabilities and the ability to reference branches and ATM’s with geo-location. U.S. Bank’s app was recognized for its advanced capabilities like mobile photo bill pay, pay an individual via the contact list in the customer’s phone and access marketing and research on additional products.

Wells Fargo came in close behind U.S. Bank and Chase in the study, with a score of 68, ahead of Bank of America (66) and Citi (64).

The study noted that the banks involved have increased the transactions that their customers can perform in mobile, with all five banks offering some form of bill pay and all five also offering mobile check deposit. Three out of the five (Chase, Citi and U.S. Bank) also offer immediate P2P payments, according to the study. However, the study noted that none of the five are offering payments via NFC, which some of the larger Canadian banks have begun to offer.

[For More on Mobile, Check Out: Mobile Payments Heat Up In Canada]

Forrester also found a need to increase capabilities that allow customers to perform service tasks, such reporting a fraud incident, in mobile apps. For instance, U.S. Bank was the only institution that allowed customers to order a new debit card through its app.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
6/4/2014 | 9:14:30 PM
re: Chase and U.S. Bank Best in Forrester Mobile Banking Study
Someone is going to have to come along and make the mortgage application process much less cumbersome to make it work on a device with little screen real estate. Somebody will eventually figure it out though.
Byurcan
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Byurcan,
User Rank: Author
5/30/2014 | 1:47:10 PM
re: Chase and U.S. Bank Best in Forrester Mobile Banking Study
As the study notes, bill pay and RDC are just the beginning of the transactional capabilities banks will ed to offer on mobile. Soon we'll all be taking out mortgages for our virtual house on the mobile device.
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