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Banking and Cards Research

Digging into the Customer Experience: Banking and Credit Cards

Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.

Mobile Banking Overview PDF Print E-mail

This report focuses on the Mobile Banking options provided by banks for use by their account holders. In particular, our report investigated the following aspects of each firm’s mobile solutions:

  • Provided Mobile Channels, including Apps, Mobile Web and SMS Messaging
  • Capabilities and available information within each channel
  • Details about various mobile options provided on each bank’s public site

Overall, Bank Monitor firms are now offering consumers a wide-range of mobile capabilities, with every firm but one providing at least some mobile banking options to clients. Mobile web is the most common option currently offered to users, with 80% of firms that offer mobile connectivity utilizing Mobile Web, and 75% offering Mobile Apps. The most common mobile OS that firms have apps for is the iPhone OS, though Android-based apps are becoming more prevalent. SMS Banking, in which clients send a text message to their bank and receive back information about their accounts, is currently lagging behind the other two mobile channels, and is only offered by six firms. Every firm that offers SMS Banking also offers either Mobile Web or a Mobile App.

In terms of their capabilities, the mobile banking options offered by Mobile Web and Mobile Apps are very similar. Each firm that offers either of these two options enable their clients to view balance totals and transfer funds, with all but one bank also allowing users to see recent transactions and find nearby branch locations. Where firms differ is in the availability of mobile Bill Pay – offered by 83% of apps and 58% of mobile sites – and in what advanced capabilities are offered. Currently, this latter class of mobile banking tools is very underdeveloped, with few advanced features, just as remote deposit capture, integrated into any firm’s mobile banking solutions.

Additional key Findings include:

  • All firms that offer mobile banking include details about it within their main public site
  • Just under 50% of firms offer a demo for one or more of their mobile options
  • Only one firm includes an option to view banking rewards information within its mobile banking app