THE STATE OF THE INDUSTRY
Consumers drive technological advancement in the banking industry and in the past 18 months they have driven the top US banks to offer complete mobile programs with a variety of services to meet the needs of this on-the-go audience.
The evolution of banking tools began with the ability to receive a text message to your feature phone with your balance information. Since, we’ve seen tremendous expansion as mobile solutions have evolved to encompass features like visual check capture, debit card deactivation, person to person payments and have even begun expansion to include offers in the past month. As the teller lines get shorter at the brick and mortar locations, this broad feature list has become an element of attraction and retention of consumers for banking institutions.
Additionally, as the leaders pave the way, regional banks and credit unions observe and mimic solutions that prove successful.
INFORMATION TO OUR CUSTOMERS AHEAD
The Mobile Banking Competitive Review by Key Lime Interactive summarizes these new, successful and well received features across the industry so that both the leaders and the small institutions can make at-a-glance decisions about areas that they should work to improve to satisfy their existing and prospective customers. KLI’s research experts highlight opportunities that they discover in their evaluation and ultimately assist in moving the entire industry forward.
In a detailed report KLI profiles the competitive mobile landscape of six of the top US retail banks: Bank of America, Chase (JP Morgan Chase), Citibank (Citigroup), Wells Fargo & Company, USAA and PNC and ultimately reveals which bank offers their consumers the best mobile solutions.
This includes a general discussion about what these banks are doing to provide for their retail banking customers via mobile optimized sites and apps (iOS and Android). Data is captured from real customers of each bank and includes screenshots of features from behind the login screens of each provider.
Additionally, KLI shares the methods employed to rank the banks based on consumers' self-reported preferences and insights; provides a best-in-class feature list, as well as a comparative list of the available features of the six; and identify trends and opportunities that bridge the gap between consumer expectations and the current banking solutions. This consumer based solution differs from other syndicated reports as KLI uses these consumers’ preferences to weigh the importance of features.
An expert capabilities assessment, comparative feature ranking, and user ratings were combined to determine an overall score and ranking.
User feedback was incorporated by gathering responses from users (n=500), to understand which features and tasks were must-haves when it comes to interacting with the mobile property of a retail bank. From those results KLI prioritized user’s needs and preferences, and then placed the features into four tiers relative to importance and these tiers played a part into the weighted score we awarded each feature when tabulating a final score for each mobile property. Additional information about the logic included in our scoring algorithm is detailed the full report.
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