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