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

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27 June 2013
Stephen Greer and Daniel Latimore

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 TheUS 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.

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