Wells Fargo Places First in Keynote Mobile Banking Scorecard
By Josh Galde | May 20, 2014
Keynote is pleased to congratulate Wells Fargo, the winner of our most recent Mobile Banking Scorecard, Keynote’s twice-yearly benchmark survey of the mobile apps and websites of the leading U.S. consumer banks. Wells Fargo took first place in three of four performance categories (Functionality, Ease of Use, and Quality & Availability) and was also first in three of four mobile modes (Mobile Web, iPhone and Android).
Wells Fargo achieved its second ever win for Overall Score based on its aggregate score across all four categories, with marked improvement since the last Scorecard in the Ease of Use and Quality & Availability Categories. It also moved up one place from second to first in the Functionality category. In the Mobile Modes section it led with innovative enhancements to its mobile web and apps for the iOS and Android platforms.
Mobile banking continues to be the hottest segment of the online banking platform. According to a recent Pew study, while the total number of online banking customers has lingered near the 50 percent mark since 2010, mobile banking use has doubled, going from just 18 percent of the population in 2011 to 35 percent in 2013. Since 2011, Keynote has been measuring and benchmarking the performance of the 15 largest U.S. retail banks in its biannual Mobile Banking Scorecard -- putting us in an unrivaled position to observe and report on the success factors driving continued growth among the category leaders.
Among the other top rated sites surveyed in the Scorecard, Chase remained steady with the same overall score (75) that earned it a tie for first place in the last Scorecard, allowing U.S. Bank (75) to move into a tie for second amidst a competitive field. In the individual categories, Chase had the second highest scores for Ease of Use and Quality & Availability, while U.S. Bank had the highest score for Privacy & Security and was third in Ease of Use.
To obtain a copy of the complete Scorecard and see where your company placed, please see Competitive Intelligence.
Other Key Observations
In benchmarking the capabilities of the nation’s largest banks for this latest edition of the Mobile Banking Scorecard it was clear that the banks’ offerings and capabilities have continued to expand and mature across the board. The availability of product information (such as home loans and credit cards) broadened, with some banks enabling users to apply for deposit and credit card accounts. Since the last Scorecard, banks have swiftly moved to leverage new capabilities by expanding the number of merchant offers they are serving to their mobile customers, while also making it easier for them to act on those offers by providing better contextual help on key screens.
Other key observations included:
- Improvements to UI and navigation flow continued;
- Banks are providing their mobile customers with more self-service options;
- P2P money movement components also progressed, with three banks now supporting the ability to receive P2P payments (Chase, Citibank, and Wells Fargo) and three enabling P2P enrollment (Bank of *America, USAA, and U.S. Bank);
- Banks continue to focus on improving the customer experience with more efficient navigation to complete tasks accompanied by clearer and more vibrant designs;
- Wells Fargo and BB&T overhauled their launch pages for mobile web and phone apps.
- Citibank also revamped the UI for its phone apps with easier to view screens and new
- navigation menus.
- Self-service tasks experienced the most growth, with more banks supporting card replacement, change password, check images, enrollment and alerts management.
Purpose, Scope and Methodology
The Mobile Banking Scorecard is a fact-based, customer experience best-practices benchmark that identifies strengths and opportunities consumer mobile banking.
- Banks: 14 largest U.S. retail banks and USAA
- Model customer: Consumer with checking and possibly other accounts with the bank
- Scope: Text, Mobile Web and iPhone and Android apps
- Criteria: 140 objective criteria as applicable to each mobile mode
- Released: February 28, 2014 (next edition August 2014)
- Scoring: Matrix of Categories and by Modes
*How well the bank collectively meet weighted criteria in four categories:
- Ease of Use
- Privacy & Security
- Quality & Availability
*How well the mobile modes collectively meet weighted criteria:
- Mobile Web
- iPhone App
- Android App
Each bank’s mobile offering is measured against the criteria resulting in scores for each Category, Mode and the Overall Score and Rank relative to the other banks evaluated in the Scorecard.
Next in line for Scorecard assessment by the Keynote’s Analytics team will be the next edition of the Banker Scorecard set for release in June, 2014.
Learn more about Keynote's Scorecards for Financial Services.