Tablet Banking: An Evaluation of Tablet Apps at the Top US Banks

by Jacob Jegher,  Stephen Greer, September 13, 2013
Industry Trends
North America

Abstract

In the span of only a couple of years, tablet banking has gone from being a relatively untapped and ambiguously categorized digital channel to a solid component of any bank’s suite of digital offerings. Banks must make sure their strategic direction for digital channels is properly aligned to capture the behavioral evolution and client demand.

Tablets have carved a niche in the digital banking universe. In the report Tablet Banking: An Evaluation of Tablet Apps at the Top US Banks, Celent looks at trends facing tablet banking. The top 13 financial institutions in the US by asset size, of which only seven have apps, are evaluated head to head. Awards are given for excellence in Breadth of Functionality/User Experience and Depth of Servic

Tablet sales are growing at a tremendous rate, and financial institutions can no longer sit on the sidelines and watch as the landscape develops around them. However, tablet banking is expected to be a relatively slow mover, especially as banks continue to grapple with the rapid adoption of smartphones.

“Consumers are growing more accustomed to interacting with their financial institution through devices other than PCs,” says Jacob Jegher, Research Director with Celent’s Banking Group and coauthor of the report. “Tablet banking represents a tremendous opportunity. However, banks aren’t exactly scrambling to release tablet-specific apps.”

“Tablets are unique devices with distinct capabilities and form factors,” adds Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report. “Tablet touch screens are highly interactive, lending themselves well to rich user interfaces that feature customizable widgets, visual representations such as graphs and charts, and videos.”

This report first looks at the industry as a whole, then outlines some of the trends affecting tablet development. From there, XCelent Awards are given, followed by in-depth profiles of each banks’ app. Appendices offer additional screen shots, features, and functionality tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Tylor Tourville
ttourville@celent.com
Tel.: +1 617 424 3284

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

1

Tablet Banking in 2013: The Age of Exploration

2

Methodology

6

XCelent Awards for Breadth of Functionality / User Experience and Depth of Service

9

In-Depth App Review

11

 

Bank of America

11

 

Chase

13

 

Citibank

15

 

PNC Virtual Wallet

17

 

PNC

19

 

Regions

20

 

US Bank

22

 

Wells Fargo

24

Conclusion

26

Appendix 1A: Features and Functionality Tables

28

 

Transactional Functionality

28

 

Service Functionality

31

Appendix 1B: Additional Screen Shots

33

 

Bank of America

33

 

Chase

37

 

Citibank

40

 

PNC

44

 

Regions

51

 

US Bank

54

 

Wells Fargo

57

Leveraging Celent’s Expertise

59

 

Support for Financial Institutions

59

 

Support for Vendors

59

Related Celent Research

60

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