What App, Doc?

A Biannual Evaluation of Mobile Banking at the Top US Banks
by Stephen Greer,  Bart Narter, August 15, 2012
North America

Abstract

Smartphones are proliferating. As branches close and margins shrink, banks are thinking even more about building out their digital channels.

Note: Due to the length of this report and its extensive images of apps in use, it is available for download in four consecutive parts.

The mobile market is still relatively young. Financial institutions in the lower tiers are rushing to expand their offerings to match the top tier banks. As distribution channels multiply and increasingly become self-service, financial institutions have begun to realize the need for a seamless, integrated customer experience across all channels.

In the report What App, Doc? A Biannual Evaluation of Mobile Banking at the Top US Banks, Celent looks at the top 13 US retail banks by asset size and evaluates and scores each of their mobile offerings based on a number of criteria. Platforms include iOS, Android, Mobile Web using the Safari browser, and SMS.

“Users are much more comfortable checking balances and making transfers through their mobile device,” says Bart Narter, Senior Vice President with Celent’s Banking Group and coauthor of the report. “More advanced features, such as mobile RDC and P2P payments, are still in the process of becoming mainstream.”

“Banks that allocate significant resources toward developing highly functional mobile applications for the smartphone market will be better positioned to meet the ever-evolving needs of their customer base,” adds Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report.

This report examines trends in the industry. It then outlines the usability of each application, as well as its score within Celent’s ABCD analysis.  Features and functionality tables are then listed, followed by an in-depth look at each mobile application, featuring screenshots and analysis.

This 128-page report contains 108 figures and 16 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Methodology

4

ABCD Vendor View: Breadth of Functionality and Depth of Service

9

Usability Summary

11

Features and Functionality

13

The Banks

22

Bank of America

23

BB&T

32

Capital One

41

Chase

50

Citibank

58

Fifth Third

67

HSBC US

75

PNC

79

Regions Bank

88

SunTrust Bank

95

TD Bank

104

US Bank

111

Wells Fargo

118

Conclusion

123

Leveraging Celent’s Expertise

125

 

Support for Financial Institutions

125

 

Support for Vendors

125

Related Celent Research

126

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