US Neobank Emerging Features Benchmark 2021

How the Top 4 Neobanks’ Mobile Apps Meet Customer Demand

Report by Tyler Brown, and Eleni Digalaki  | Nov 30, 2021
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Table of Contents
Executive Summary
Key Findings
Introduction
Leading US Neobanks in 2021
Consumers' Most Valued Features in 2021
No. 1: Security and Control
No. 2: Account Management
No. 3: Alerts
No. 4: Transfers
No. 5: Digital Money Management
No. 6: Neobank Specialties
No. 7: Customer Service
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery
About This Report
This benchmark evaluates four US neobanks across seven categories and weights their scores according to the results from a survey of US mobile banking users. It highlights the most in-demand mobile banking features that an incumbent, fintech, or neobank can offer to attract, retain, or monetize users.
Topics
Banking
United States
Table of Contents
Executive Summary
Key Findings
Introduction
Leading US Neobanks in 2021
Consumers' Most Valued Features in 2021
No. 1: Security and Control
No. 2: Account Management
No. 3: Alerts
No. 4: Transfers
No. 5: Digital Money Management
No. 6: Neobank Specialties
No. 7: Customer Service
Methodology
Survey Demographics
Appendix
Read Next
Sources
Media Gallery

Executive Summary

Neobanks’ breakneck customer growth poses an unavoidable threat for incumbents: The four largest US neobanks by user count will together boast approximately 34.0 million customers by 2025. This second annual study stacks up Aspiration, Chime, Current, and Varo, evaluating their mobile app capabilities based on consumer demand for 45 emerging features.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

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

WHAT’S IN THIS REPORT? This benchmark highlights the most in-demand mobile banking features that an incumbent, fintech, or neobank can offer to attract, retain, or monetize users. It evaluates neobanks across seven 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.

Top 5 Most In-Demand US Neobank Features, Sep 2021 (% of respondents who rate feature
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KEY STAT: Three of the five most valuable features among the US mobile banking users we surveyed in September 2021 fall under the Security and Control category, underscoring the critical need for banks to offer safety-related tools.

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 Neobanks in 2021
  5. Consumers' Most Valued Features in 2021
  6. No. 1: Security and Control
  1. No. 2: Account Management
  2. No. 3: Alerts
  3. No. 4: Transfers
  4. No. 5: Digital Money Management
  5. No. 6: Neobank Specialties
  6. No. 7: Customer Service
  1. Methodology
  2. Survey Demographics
  3. Appendix
  4. Read Next
  5. Sources
  6. Media Gallery

Charts in This Report

Top 5 Most In-Demand US Neobank Features, Sep 2021 (% of respondents who rate feature "extremely valuable")US Neobank Account Holders, by Company, 2021-2025 (millions)
Mobile App Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)Mobile App Rank of the Top 4 US Neobanks, by Category (rank out of 4*)
Top 3 In-Demand Neobank Features, by Category, Sep 2021 (% of respondents who rate feature "extremely valuable")Security and Control Mobile Feature Performance of the Top 4 US Neobanks (benchmark score*)
Security and Control Features of the Top 4 US NeobanksAccount Management Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Account Management Features of the Top 4 US NeobanksAlerts Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Alerts Features of the Top 4 US NeobanksTransfers Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Transfers Features of the Top 4 US NeobanksDigital Money Management Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Digital Money Management Features of the Top 4 US NeobanksNeobank Specialty Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Neobank Specialty Features of the Top 4 US NeobanksCustomer Service Mobile Feature Rank and Score of the Top 4 US Neobanks (rank out of 4, score out of 100*)
Customer Service Features of the Top 4 US NeobanksDemographic Summary of Respondents, US Neobank Emerging Features Benchmark 2021, Sep 2021 (% of total)

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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
Daniel Van Dyke
VP, Content