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.
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