[this blog post was co-authored by Peter Wannemacher]
Forrester has just published its 2015 US Mobile Banking Functionality Benchmark. The report reveals important insights about the mobile offerings from the five largest retail banks in the US: Bank of America, Chase, Citi, U.S. Bank, and Wells Fargo. Forrester clients can find the full benchmark report here:
All of these bank brands are relatively strong, providing customers with the services and functionality they’ve come to expect from mobile apps and sites. But perhaps the most significant takeaway from our research is that no single bank is leading: When it comes to mobile, the big US banks are achieving parity, not breakthrough.
- Overall, the US banks are meeting customer’s needs… The US banks achieved overall scores of 65 or higher out of 100, scoring particularly well for enabling a wide range of touchpoints and transactional features. All five banks have extensive functionality across bill pay transfers and P2P payments, like mobile remote deposit capture and adding a payee from within the app.
- …but should focus on improving marketing and sales. The five banks offer little information about additional services or products or sales functionality. The US banks should look to their Canadian peers for inspiration, where the average marketing and sales score increased 23 points from 2014, with CIBC leading the way.
Which bank(s) do you think offers the best mobile banking experience? Let us know in the comments section below.