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New data shows that mobile features have become a key factor that customers weigh when choosing a bank.
In Business Insider Intelligence’s second annual Mobile Banking Competitive Edge study, 64% of mobile banking users said that they would research a bank’s mobile banking capabilities before opening an account with them. And 61% said that they would switch banks if their bank offered a poor mobile banking experience.
For channel strategists, the challenge in attracting mobile-minded customers is knowing when to bet budgets and political capital on developing emerging features. It’s complicated by most flashy features — such as voice assistants, smartwatch banking, and bank-offered mobile wallets — being deemed a “must” by analysts, media, and rival banking executives.
The Mobile Banking Competitive Edge Report uses data to inform channel investment decisions by highlighting which mobile banking features are most valuable to customers. Our study has data on consumer demand for 33 in-demand mobile capabilities across six key categories.
Using that consumer data, the study benchmarks the largest 20 banks and credit unions in the US by whether they offer the cutting-edge mobile features that customers say they care about most. What sets our benchmark apart is that it weights every feature according to customer demand data — not subjective analyst opinion.
Channel strategists within financial institutions use our report to see which innovative features they should prioritize in development pipelines and to find out how they compare with rival banks and credit unions in offering those features.
Business Insider Intelligence fielded the Mobile Banking Competitive Edge Study to members of its proprietary panel in August 2018, reaching over 1,200 US consumers — primarily handpicked digital professionals and early-adopters, making our sample a sensitive indicator of emerging features.
Here are a few key takeaways from the report:
Citi snagged first overall. The bank led the account access section, tied for first in account management, and ranked highly in all the other categories of the study. Wells Fargo took second place, leading in security and control and transfers. USAA came in third, NFCU was fourth, …read more
Source:: Business Insider