Mobile Banking Matures and Keynote Announces Who Does It Best – Overall Adoption Reaches 33%, Mobile Payments Expected to Reach $90 Billion by 2017
- Chase repeats as winner again for top Overall Score among the largest 14 U.S. banks and USAA on Keynote’s Fall 2013 Mobile Banking Scorecard
- Large banks continue to roll out more advanced transactional services and capabilities
- Bank marketing and actionable product content making the move onto mobile platform allowing mobile customers to open accounts independent of the more traditional desktop or in-branch channels
SAN MATEO, CALIF. — SEPTEMBER 24, 2013--Keynote®, the global leader in Internet and mobile cloud testing and monitoring, today announced the results of the Fall 2013 edition of the Keynote Mobile Banking Scorecard, first launched in 2011 and the standard in benchmarking consumer mobile banking offerings.
In the latest Scorecard, Chase achieved its fourth consecutive win for Overall Score. Also repeating were Wells Fargo in second place and Bank of America in third, with U.S. Bank moving into the top tier, tying with Bank of America. Leaders for individual mobile modes included BB&T, repeating as the leading provider of SMS (text) banking capabilities and Bank of America repeating for the leading Android banking app. Looking across the four modes -- Text, Mobile Web, iPhone App and Android App -- 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.
Keynote’s latest Scorecard comparing the mobile banking offerings of the top 15 U.S. banks comes at a time when the nation’s leading banks are together moving towards offering more robust mobile services and capabilities, illustrated by a tightening of the scores among the top tier banks. This 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, such as person-to-person (P2P) payments, inter-institutional ACH transfers and advanced bill payment and eBill functionality. (e.g. using mobile number/e-mail to transfer funds). Underscoring the importance and growing adoption of these advanced transactional service offerings, Forrester recently predicted that total mobile payments will reach $90 billion by 2017, up from $13 billion in 2012. Overall, mobile banking adoption rates continue to spike, rising from 20% in 2011 to 33% today, according to a recent survey by the electronic payment organization, SWACHA. These facts all highlight the importance and relevance of Keynote’s latest Scorecard evaluating the mobile banking features and functionality of leading U.S. banks.
"The Scorecard assessment of mobile offerings by the top 14 retail banks and USAA indicates the largest institutions are continuing to expand transactional services for mobile banking and improve ease of use elements, representing a maturation of the mobile banking marketplace,” said Susan Foulds, manager of the Keynote Mobile Banking Scorecard. “Product content and the ability to open accounts are emerging as well, particularly through the mobile Web mode.”
Foulds continued: "As these advanced mobile capabilities continue to become the norm among the top tier of banks, customers are coming to expect them as part of their bank’s standard digital offerings. As the largest banks continue to take the lead in this area, it will become more critical for smaller and regional financial institutions to keep up to retain and attract new customers.”
Keynote Competitive Research, the industry analysis group of Keynote, conducted the Fall 2013 Mobile Banking Scorecard study, measuring and ranking 15 of the largest retail banks, based on a set of 120 objective, weighted criteria tracked as applicable in each of four modes: Text, Mobile Web, iPhone App and Android App and grouped into four categories: Functionality, Ease of Use, Privacy & Security and Quality & Availability. Banks evaluated for the Fall 2013 Keynote Mobile Banking Scorecard include (in alphabetical order) Bank of America, BB&T, Capital One, Chase, Citibank, Citizens, Fifth Third Bank, KeyBank, PNC, Regions Bank, SunTrust, TD Bank, USAA, U.S. Bank and Wells Fargo.
For further details about the Keynote Systems Mobile Banking Scorecard or to inquire about a Scorecard subscription, please visit: http://tinyurl.com/KeynoteMobileBanking
Keynote® is the global leader in Internet and mobile cloud testing & monitoring. The company maintains the world’s largest on-demand performance monitoring and testing infrastructure for Web and mobile sites comprised of over 7,000 measurement computers and mobile devices in over 275 locations around the world that enable companies to continuously improve the online and mobile experience. Keynote currently collects over 700 million mobile and Web performance measurements daily and in 2012 was recognized by Forbes as “One of the Best 100 Companies in America” with under one billion in revenue. Known as ‘The Mobile and Internet Performance Authority™,’ Keynote offers three market-leading product platforms:
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