US Mobile Banking Emerging Features Benchmark 2021

How 23 Top Financial Institutions’ Mobile Apps Meet Customer Demand

Report by Tyler Brown, and Eleni Digalaki  | Dec 7, 2021
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Survey Crosstabs
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Table of Contents
Executive Summary
Key Findings
Introduction
Leading US Financial Institutions in 2021
Consumers’ Most Valued Features in 2021
No. 1: Security and Control
No. 2: Alerts
No. 3: Account Management
No. 4: Transfers
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery
About This Report
This fifth annual benchmark stacks up 23 US financial institutions against one another, evaluating their mobile app capabilities based on consumer demand for 42 emerging features.
Topics
Banking
United States
Table of Contents
Executive Summary
Key Findings
Introduction
Leading US Financial Institutions in 2021
Consumers’ Most Valued Features in 2021
No. 1: Security and Control
No. 2: Alerts
No. 3: Account Management
No. 4: Transfers
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery

Executive Summary

A strong mobile experience is critical for today’s financial institutions (FIs), given consumers’ heavy reliance on that channel: 87% of adult US mobile banking users we surveyed in September said that mobile is the primary way they access their checking accounts. This fifth annual study stacks up 23 FIs against one another, evaluating their mobile app capabilities based on consumers’ demand for 42 emerging features.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What are the most important emerging mobile banking features that US FIs can offer?
  2. Which features do US consumers value most, both overall and within key customer segments?
  3. How do the 23 top FIs in the US compare in their support for features that mobile banking users value most?

WHAT’S IN THIS REPORT? This benchmark highlights the most in-demand emerging mobile banking features an FI can offer to attract users. It evaluates 23 FIs across six feature categories and weights their scores according to the results from a survey of US mobile banking users. The findings pinpoint product development priorities for mobile banking apps.

Top 3 In-Demand Mobile Banking Features, by Feature Segment (% of respondents who rate feature
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KEY STAT: Seeing if one’s Social Security number has been breached was by far the most in-demand feature in our study, and the only tool to receive an “extremely valuable” rating from the majority of respondents.

Our Annual Mobile Banking Benchmarks

Insider Intelligence publishes annual mobile feature benchmarks for the UK and Canada, as well as a companion study for the US:

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Findings
  3. Introduction
  4. Leading US Financial Institutions in 2021
  5. Consumers’ Most Valued Features in 2021
  6. No. 1: Security and Control
  1. No. 2: Alerts
  2. No. 3: Account Management
  3. No. 4: Transfers
  4. No. 5: Digital Money Management
  5. No. 6: Customer Service
  6. Methodology
  1. Survey Demographics
  2. Appendix
  3. Read Next
  4. Sources
  5. Media Gallery

Charts in This Report

Top 3 In-Demand Mobile Banking Features, by Feature Segment (% of respondents who rate feature "extremely valuable")Mobile App Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)
Mobile App Rank of the Top 10 US Financial Institutions, by CategoryTop 5 Most In-Demand US Mobile Banking Features, by Category (% of respondents who rate feature "extremely valuable")
Security and Control Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Security and Control Features of the Top 10 US Financial Institutions (feature offered by category)
Alerts Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Alerts Features of the Top 10 US Financial Institutions (feature offered by category)
Account Management Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Account Management Features of the Top 10 US Financial Institutions (feature offered by category)
Transfers Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Transfers Features of the Top 10 US Financial Institutions (feature offered by category)
Digital Money Management Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Digital Money Management Features of the Top 10 US Financial Institutions (feature offered by category)
Customer Service Mobile Feature Rank and Score of the Top 10 US Financial Institutions (rank out of 23, score out of 100*)Customer Service Features of the Top 10 US Financial Institutions (feature offered by category)
Demographic Summary of Respondents, US Mobile Banking Emerging Features Benchmark 2021, Sep 2021 (% of total)Overall Results: US Financial Institutions with the Most Desirable Mobile Banking Features (rank out of 23)

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authors

Tyler Brown, and Eleni Digalaki

Contributors

Caitlin Cahalan
Researcher, Financial Services
Matthew Gaughan
Analyst Banking
Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research
Greg Magana
Tiffani Montez
Principal Analyst, Banking
Daniel Van Dyke
VP, Content