What App, Doc?: An Updated Biannual Evaluation of Mobile Banking at the Top US Banks

by Stephen Greer,  Bart Narter, January 18, 2013
Product Trends/ Reviews
North America

Abstract

In March 2012, Celent evaluated the mobile banking channel at each of the top banks in the US. A number of trends across mobile apps were beginning to emerge. More apps were providing the ability to manage alerts from a mobile device. Remote deposit capture became more and more prevalent. Person-to-person payments, while in their nascence, were burgeoning.

In the report What App, Doc?: An Updated Biannual Evaluation of Mobile Banking at the Top US Banks, Celent provides a refreshed look at the mobile offerings from top US banks. The emphasis is on bank apps that have shown the most development since the aforementioned report was published. Development could mean a redesigned user interface, added functionality, enhanced functionality, or expansion into multiple platforms.

Although not quite table stakes, mobile remote deposit capture (RDC) soon will be. The percentage of banks with no plans to implement mobile RDC has dropped from 72% in 2009 to 20% in 2012. Celent does not expect this trend to diminish.

“Banks can no longer sit by and let mobility evolve without taking part. What took online banking a decade to achieve is taking mobile only a fraction of the time,” says Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report. “Banks are increasingly trying to meet the demands of consumers who are open to a wide variety of contact points.”

This report examines trends in the industry, followed by an in-depth look at the features and functionality of each mobile offering through a number of comparison tables. The report then scores these offerings to show where the apps have come relative to each other in the last six months. Each bank is profiled individually, and the report finishes by combining the best of each mobile offering into what Celent calls the best-of-breed mobile app.

This 70-page report contains 51 figures and 16 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)
Erica Ferguson
eferguson@celent.com
Tel.: +1 617 262 8225

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 Industry Survey

2

Methodology

7

Breadth of Functionality

9

Features and Functionality

10

The Banks

27

Bank of America

28

BB&T

32

Capital One

34

Chase

38

Citibank

39

Fifth Third

40

HSBC US

41

PNC

45

Regions Bank

47

SunTrust Bank

52

TD Bank

54

US Bank

55

Wells Fargo

60

The Best-of-Breed Mobile App

63

Conclusion

66

Leveraging Celent’s Expertise

69

 

Support for Financial Institutions

69

 

Support for Vendors

69

Related Celent Research

70

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