USAA offers the most sought-after mobile banking tools among the biggest US financial institutions in 2020, based on Insider Intelligence’s fourth annual US Mobile Banking Competitive Edge Study.
US mobile banking penetration is increasing amid the coronavirus pandemic, as is consumers’ reliance on the channel. Insider Intelligence forecasts that for the very first time, over half (55.1%) of the US population will use mobile banking annually. And for most, it is greater than a stop-gap step for conventional in-branch or call centre jobs: 79.5% of mobile banking users that reacted to Insider Intelligence’s 2020 US Mobile Banking Competitive poll say that cellular is their principal banking station.
In this report, Insider Intelligence describes the innovative mobile banking features that could attract and engage customers, in addition to highlights the way best financial institutions are deploying the attributes. Our poll of two,324 US adults comes with a ranking of how precious 42 innovative mobile features are to them across six classes: Security and Control, Alerts, Account Management, Transfers, Digital Money Management, and Customer Service.
USAA takes the summit — after placing second last year — thanks to its broad support of mobile banking features across classes. It does not cause any individual group, but boasts attributes including the abilities to set spending limits on debit or charge cards, see the status of card trade disputes, and set alarms for if refunds from retailers are processed.
Joining USAA in the top five are U.S. Bank, Citi, Bank of America (BofA), and BBVA. All but U.S. Bank are holdovers from last year’s top five: Following several consecutive years of significant investment in its app, the lender taken up from 11th in 2019 to place second this year.
BofA leads the Security and Control category using a perfect score. It rocketed to the top from 10th place in 2019 by providing two-factor authentication — which we added to our research this season — and implementing both remaining Security and Control attributes that it previously lacked, namely the in-app abilities to dispute a transaction and view the status of the dispute.
BofA narrowly leads the Alerts class by offering all but one attribute. BofA shot up from eighth place this past year, partially because of adding the seldom supported ability to find push notifications which the client can respond to. This year’s trio of runners-up — Wells Fargo, NFCU, and Fifth Third — also missed a single feature, though those features (for instance, an alert for when a refund in the retailer procedures to account) were in greater demand than that which BofA lacked.
Navy Federal Credit Union (NFCU) is the lone winner of this Account Management category. It supports all seven attributes, including the rarely offered but highly compulsory temporary digital card capability. NFCU also led this category in 2019, though it shared the name with three additional banks.
Chase leads the Transfers class for the second year, since the only lender to offer you all seven features. Those especially incorporate this year’s new features: the skills to establish future-dated P2P payments, skip a recurring transfer, request to prevent a payment, and send wire transfers.
Citi outstrips competitors from the Digital Money Management category. The bank earns the top spot by supplying five of the category’s seven in-app features, such as the abilities to view recurring fees and see a financial health score.
U.S. Bank jumped from fourth to first place this year as it rounded out its customer service attributes. It offers all seven tools, such as the two most sought-after, yet badly supported: the capacity to converse with an individual agent in-app and authenticate through the app when calling customer services. USAA and Wells Fargo followed closely behind, offering all but the category’s least in-demand capacity: a SMS helper.