March 06, 2012

Chase took top honors in an analysis of the mobile offerings of the top 15 U.S. banks released today.

Keynote Competitive Research, the industry analysis group of San Mateo, Calif.-based Keynote Systems, released its expanded 2012 "Mobile Banking Scorecard," first issued in 2011.

The latest scorecard measures and ranks the banks based on a list of more than 100 criteria in four main categories: functionality, ease of use, privacy and security, and quality and availability. The analysis was developed from consumer research and extensive interviews with practitioners, said Keynote.

Chase took the top honors in six categories, including first for overall score. Wells Fargo placed second overall, with Bank of America coming in third.

The research also indicated there are critical improvements that are still needed within the mobile banking industry, according to Keynote. Among other findings, 14 of the banks offer banking on iPhone apps, while only 13 offer mobile web banking. Only seven banks offer mobile banking through each of SMS, mobile web and apps for all of the iPhone, Android and BlackBerry operating systems.

"As we continue expanding the scorecard to reflect a greater population of mobile users it remains clear that mobile banking is still in its infancy," says Chris Musto, general manager of Keynote's competitive research group. "Several key elements desired by consumers -- from mobile check deposit to interactive alerts -- are still on the drawing board at most banks, along with efforts to realize the potential of smartphones to facilitate payments."

The banks evaluated for the scorecard, in alphabetical order, are: Bank of America, BB&T, Capital One, Chase, Citibank, Citizens, Fifth Third, ING Direct, KeyBank, PNC Bank, Regions, SunTrust, TD Bank, U.S. Bank and Wells Fargo.

ABOUT THE AUTHOR
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 ...