The US Mobile App Landscape: An Annual Evaluation of Mobile Banking at the Top US Banks

by Stephen Greer,  Daniel Latimore, June 27, 2013
Product Trends/ Reviews
North America

Abstract

The mobile applications landscape has changed tremendously since Celent’s first report in May 2012. Big US banks have set the stage for broader market trends, while small banks look to these larger players to influence their development.

The banking industry in the US is undergoing a shift to customer centricity. Some of the most active banks in branch right-sizing have also been the most outspoken about digital channel development. While a few banks have resisted change, there’s a broad consensus that digital channels and mobile represent the path forward. Mobile banking vastly expands a bank’s ability to reach new and existing customers, and while there is significant movement by some, others face a long road ahead.

In the report The US Mobile App Landscape: An Annual Evaluation of Mobile Banking at the Top US Banks, Celent provides a refreshed look at banks’ mobile offerings in the US. The report focuses on bank apps that have shown the most development since our previous report.

“Mobile banking is moving beyond simple replication of online banking services,” says Dan Latimore, Senior Vice President with Celent’s Banking Group and coauthor of the report. “The channel is still relatively new, but leaders in the digital channel space are beginning to take offerings into the realm of value-added services that are context-sensitive, timely, and utilize Big Data. There’s a large disparity among digital offerings—industry leaders are light-years ahead of the laggards.”

This report is the third in Celent’s series on the state of mobile banking at top US financial institutions. The report examines mobile application offerings at the top 13 US banks, beginning by looking at the state of the mobile market in the US. Celent graphically explains trends in mobile, and tries to make a case for what the future of mobile will look like. The report then dives deeply into the breadth of functionality and usability at these banks. Finally, each bank’s mobile application is profiled in depth, with accompanying screen shots to illustrate relevant points. This report should serve as a guideline for conversations around how to strategically align mobile development with prevailing best practices.

This 44-page report contains 16 figures and 10 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

Mobile Banking in 2013: The Long Road Ahead

2

Methodology

6

Breadth of Functionality

9

Features and Functionality

11

The Banks

20

 

Bank of America

20

 

BB&T

22

 

Capital One

23

 

Chase

24

 

Citibank

25

 

Fifth Third

26

 

HSBC US

27

 

PNC

28

 

Regions Bank

29

 

SunTrust Bank

30

 

TD Bank

31

 

US Bank

32

 

Wells Fargo

34

Conclusion

35

Leveraging Celent’s Expertise

38

 

Support for Financial Institutions

38

 

Support for Vendors

38

Related Celent Research

39

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