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Chase Tops Keynote Mobile Banking Scorecard

Banks are moving towards offering more robust, transactional mobile services and capabilities, the scorecard finds.

Chase achieved the top overall score in the 2013 Mobile Banking Scorecard from Keynote Competitive Research, the industry analysis group of San Mateo, Calif.-based Keynote Systems.

The scorecard compared the mobile banking offerings of the top 15 U.S. banks and ranked the banks across four mobile categories: text, mobile Web, iPhone app and Android app. The banks were ranked in four categories, functionality, ease of use, quality & availability and privacy & security. According to Susan Foulds, manager of the Keynote Mobile Banking Scorecard, Keynote used " a number of sources" when compiling data for the scorecard, including the banks themselves and user feedback.

[ To learn more about new opportunities in mobility in financial services, register for Interop here and check out the “New Opportunities for Mobility: A Financial CIO/CTO Roundtable” session on October 3 in NYC.]

In the end, the scorecard found that Chase performed best in two of the four categories, Ease of Use and Quality & Availability, while Bank of America took first in Functionality and Wells Fargo led in the Privacy & Security category.

Overall, says Foulds, this edition of the scorecard comes at a time when banks are moving towards offering more robust mobile services and capabilities. The continued maturation of mobile banking is marked by a heightened focus on the customer experience with new UI designs, more efficient navigation and the ability of banks to offer more money movement capabilities. Foulds notes that as larger banks move towards providing more of these transactional capabilities on the mobile channel, regional and smaller banks will have to follow suit "to keep up to retain and attract new customers."

Foulds adds that banks are also moving to add more self-service capabilities to mobile, such as being able to change a PIN or stop a check, for example.

Further, she adds, Keynote is seeing more instances of the large banks enabling customers to apply for credit cards or open a deposit account on mobile, and allowing them to do research on more complicated financial products, such as getting a quick mortgage quote.

[Related: The Secrets to Chase's Mobile Success]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/30/2013 | 9:21:45 PM
re: Chase Tops Keynote Mobile Banking Scorecard
I see that Wells Fargo placed #2. They do have very good mobile and tablet apps (at least as far as I can tell).
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
9/30/2013 | 8:37:28 PM
re: Chase Tops Keynote Mobile Banking Scorecard
Saw that my bank, Citi, didn't finish at the top in any of the categories. But Citi is consistently regarded as one of the top tablet banking experiences. Guess I need to buy a tablet soon. Also, I think more banks are interested in putting the full functionality of their websites on their tablet app rather than their mobile app right now. It's easier with the bigger screen size of a tablet to actually make use of all of that functionality.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/28/2013 | 1:09:36 AM
re: Chase Tops Keynote Mobile Banking Scorecard
A good mobile app, with remote check deposit, fund transfers and payments has become the baseline for any mobile bank app. Banks need to give their mobile apps the same functionality that can be found on the bank's website. It's a big move, but that is what users are expecting.
Ivy Schmerken
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Ivy Schmerken,
User Rank: Author
9/27/2013 | 10:50:27 PM
re: Chase Tops Keynote Mobile Banking Scorecard
Chase has been an early adopter of mobile deposits, but so have firms like Fidelity and other online brokers. Many of the brokers own banks. Banks don't have a lock on mobile technology.
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