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Chase’s mobile banking stands out for its ease of use: report

September 26, 2013

The Chase iPhone app

Chase is once again the top overall scorer in a new report benchmarking consumer mobile banking offers, according to Keynote.

Keynote’s Fall 2013 Mobile Banking Scorecard found that Chase performed best when it comes to the ease of use of its mobile offerings as well as their quality and availability. The is the fourth consecutive time Chase took the top overall score.

“Emerging mobile capabilities include the ability to view bank product information to select accounts, such as checking and credit cards, and in some cases fill out a short form to apply for an account,” said Susan Foulds, manager of the Mobile Banking Scorecard at Keynote, San Mateo, CA. “Mobile access to prepaid card accounts to view balances and reload cards, is also being offered by a few banks.

“The Scorecard also captured that banks are starting to offer more self-service options via mobile devices, such as change debit card PIN, replace a debit card, stop a check payment and add a recipient for person-to-person (P2P) payments, without having to rely on access to desktop banking,” she said.

“Mobile banking or text enrollment on the mobile device without having to register by phone or at the desktop site is also taking hold.”

Mobile money movement
The scorecard ranks the mobile offerings among the 15 largest United States banks.

In terms of the overall score, Wells Fargo came in second place followed by Bank of America and U.S. Bank, which tied for third place.

When it comes to individual mobile tactics, BB&T was once again the leading provider of SMS banking capabilities while Bank of America’s Android banking app leads other Android banking apps again.

Chase leads in ease of use for its mobile offerings.

Across all modes, Bank of America is the leader in terms of functionality while Wells Fargo comes in first in privacy and security.

The report also found that banks continue to roll out more advanced transactional services and capabilities in mobile, including new user interface designs and more efficient navigation.

Banks are also offering more money movement capabilities, such as person-to-person payments, inter-institutional ACH transfers, advanced bill payment and the ability to use a mobile number or email to transfer funds.

Additionally, bank marketing is beginning to move onto the mobile platform, enabling users to open accounts from their devices, particularly via the mobile Web.

Leading the way
The largest banks continue to take the lead in introducing new mobile banking features.

For example, Chase mobile offerings include check deposit, person-to-person payments, bill pay, account transfers, wire transfers, SMS banking and alerts. The bank makes its mobile offerings available to customers across the iPad, iPhone, iPod touch, Android, Windows Phone, Kindle Fire and via the mobile Web.

As the largest banks continue to take the lead, users are coming to expect new mobile banking features, making it important for smaller and regional financial institutions to keep up.

Mobile banking adoption rates continue to grow overall, rising from 20 percent in 2011 to 33 percent today, according to a recent survey by electronic payment association SWACHA.

“Many of the banks are turning their attention to the customer experience with enhanced UIs, including improved menus and streamlined navigation to minimize user clicks or swipes,” Ms. Foulds said. “Other banks are catching up in functionality and improving the UI.

“Check deposit, money movement and payments continue to be popular,” she said. “Customers are also interested in real-time text alerts about account activity and payment transactions, especially around account balances to avoid fees.

“Easy access to account balances in general is desirable, without having to take the time to sign into mobile Web or smartphone apps with banking credentials, and/or the option to real-time or push alerts.”

Final Take
Chantal Tode is associate editor on Mobile Commerce Daily, New York

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