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Mobile banking – getting there, but not there yet

Just found an interesting survey of American banks mobile offerings.

The survey polled 14 top American banks for their mobile services: 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.

Chase are placed in poll position, with Wells Fargo in second place, and Bank of America a close third.

Here’s what research firm Keynote found:

Overall Mobile User Experience
Chase Bank
Wells Fargo
Bank Of America

Chase Bank
Wells Fargo and Bank of America

Ease of use
Chase Bank
Wells Fargo

Privacy & Security
Wells Fargo
Chase & Bank of America
U.S. Bank

Quality & Availability
Well Fargo
ING Direct

Although the survey shows good progress in mobile functionality and capability, it also demonstrates that even with mobile banking being a maturing market – Bank of America were the first major US bank to launch mobile offerings five years ago – there’s still a long way to go.

For example, only half of the fourteen banks surveyed support all major mobile platforms – apps, mobile web browsers and text messaging – and most of the focus is on the iPhone at the expense of other mobile user access devices.

Equally, mobile security is still high on the agenda of risk, with banks assuring customers of their protections but, as noted by the Consumers Union in the USA, the mobile carrier may not.  As consumers believe that mobile is four times more secure than plastic, according to a recent Javelin research survey, that’s kind of worrying.

In related research, Javelin also found that banks were letting down consumers in identity theft protection due to their never-ending focus on using Social Security Numbers for the identity system.

This research found that banks are failing in all areas of fraud protection, with all of the major banks allowing the use of Social Security Numbers for phone, mail or online authentication, even though only 40% have appropriate browser security applications.

All in all, mobile is getting there but still isn’t quite there yet.





About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  1. This is great information. In the United States of America, there are still over 10,000 banks and credit unions. There are a handful of core providers who support most of these FI’s. If they act quickly, they can still provide an online banking platform (Web, app, mobile, tablet, SMS, MMS) that rivals the top 20 banks. Many are close but are missing the mark. It is up the banks too push their vendors to deliver and the vendors to deliver better products than the major banks.
    Two cents provided by David Gerbino, an American Community Banker

  2. It would be interesting to see a similar analysis of UK bank offerings.A much smaller pool but worth doing I would have thought.

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