US Mobile Banking Emerging Features Benchmark 2023

Revealing Which Features Consumers Prize Most—and the Banks That Deliver

Report by Maria Elm, and Tiffani Montez  | UPDATED: Dec 22, 2023
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Table of Contents
Executive Summary
The Battle for Gen Z Customers Will Be Fought on Mobile
Consumers’ Most Valued Features and Categories in 2023
Leading US Banks in 2023
No. 1: Security and Control
No. 2: Alerts
No. 3: Transfers
No. 4: Account Management
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Our seventh annual study reveals which of the 15 biggest US banks lead in mobile app innovation—a significant factor in attracting mobile-forward Gen Z—based on an exclusive survey of which features 1,895 mobile banking users value most.
Topics
Banking
United States
Table of Contents
Executive Summary
The Battle for Gen Z Customers Will Be Fought on Mobile
Consumers’ Most Valued Features and Categories in 2023
Leading US Banks in 2023
No. 1: Security and Control
No. 2: Alerts
No. 3: Transfers
No. 4: Account Management
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Insider Intelligence Interviews
Sources
Media Gallery

Innovative mobile banking features will be key for customer acquisition as Gen Zers become US banks’ main audience. But right now, banks’ ability to meet consumer expectations is slipping. Our study shows how banks can stay ahead in the battle to win customers.

Key Question: Which mobile banking features will best enable US banks to win customers?

Top 5 Most In-Demand US Mobile Banking Features, Sep 2023 (% of respondents who called each feature
E-Mail ChartDownload

KEY STAT: US consumers want banks’ help in keeping their personal information secure as data hacks proliferate. Alerts for Social Security number (SSN) breaches was the study’s most in-demand feature.

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6expert perspectives

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    Table of Contents

    1. Executive Summary
    2. The Battle for Gen Z Customers Will Be Fought on Mobile
    3. Consumers’ Most Valued Features and Categories in 2023
    4. Leading US Banks in 2023
    5. No. 1: Security and Control
    1. No. 2: Alerts
    2. No. 3: Transfers
    3. No. 4: Account Management
    4. No. 5: Digital Money Management
    5. No. 6: Customer Service
    1. Methodology
    2. Survey Demographics
    3. Insider Intelligence Interviews
    4. Sources
    5. Media Gallery

    Charts in This Report

    Top 5 Most In-Demand US Mobile Banking Features, Sep 2023 (% of respondents who called each feature "extremely valuable")US Mobile Banking Feature Category Values, Sep 2023 (% of respondents)
    Demographic Summary of Respondents, US Mobile Banking Emerging Features Benchmark, Sep 2023 (% of total)

    Interviewed for This Report

    Dorel Blitz
    Personetics
    VP Strategy and Business Development
    Interviewed July 31, 2023
    Jeff Chen
    Alkami
    Vice President, Product Management
    Interviewed August 4, 2023
    Jaime Dominguez
    Q2
    Principal Product Marketer
    Interviewed August 9, 2023
    Jonathan Hartsell
    FIS
    Head of Product, Digital Banking
    Interviewed August 17, 2023
    Jessica Vogol
    Narmi
    Senior Vice President, Marketing
    Interviewed August 3, 2023
    Erin Wynn
    NCR
    Executive Director, Product, NCR Voyix Digital Banking
    Interviewed August 11, 2023

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    First Published on Nov 27, 2023

    authors

    Maria Elm, and Tiffani Montez

    Contributors

    Jennifer Pearson
    VP, Research
    Na Li
    Director, Primary Research
    Suzy Davidkhanian
    Principal Analyst, Retail & Ecommerce