NEW
YORK, Aug. 1, 2024 /PRNewswire/ -- New
benchmarking research from Corporate Insight (CI) finds that banks
are focusing their mobile innovation efforts in three key areas:
artificial intelligence (AI), mobile payments and personal
financial management (PFM). CI's 2024 Bank Experience Benchmark
research evaluates 20 leading banks across hundreds of digital
attributes to provide a detailed analysis of the overall industry,
as well as how firms compare in terms of functionality and
usability. This year's research finds that, in the mobile banking
space, firms are seeking to attract and retain customers with new
features like AI-powered customer service, additional mobile
payment options and personal financial management capabilities.
"While brand name and branch/ATM locations are the primary
drivers for bank selection, mobile bank app users rated digital
banking features as more important than recommendations, interest
rates or sign-on bonuses," says Stephanie
Sorage, Analyst at Corporate Insight. "The best-in-class
digital features highlighted in this report show that increased
convenience, whether it be in payment, PFM, or faster customer
service, is a key focus for the industry."
Several trends highlighted in the mobile edition of the 2024
Bank Experience Benchmark focus on the theme of convenience. For
better customer service, several firms have added AI-powered
options: Wells Fargo introduced a mobile app virtual assistant,
while U.S. Bank added a card tracker and upcoming bill
prioritization to its virtual assistant. Firms are also competing
in the payment space, with several firms rolling out new features
from Paze and Google Wallet. PFM has seen the most aggressive
expansion, with Chase, Bank of America, U.S. Bank and Wells Fargo
all recently enhancing their in-app spending analysis tools.
"The discontinuation of Mint and its popular budgeting tools in
late 2023 created a gap that banks rushed to fill," says
Olivia Jack, Bank Research Manager
at CI. "Firms are transforming their in-app spending analysis tools
into full budgeting tools, powered by account aggregation
technology and delivering personalized insights. These holistic
financial tools are a new area where banks can compete for customer
engagement."
The report includes rankings of mobile experiences, overall and
across six categories, on a 100-point scale. Truist (78 out of 100)
takes first place. Its app earns high marks in two key
categories—Account Information and Account Servicing—with core
features such as extensive transaction details and seamless debit
card controls alongside supplemental features like financial
planning tools. Chase (77) and U.S. Bank (76) round out the top
three, taking first place in the Money Movement and Account
Information categories, respectively. Both firms offer robust
transfer and payment management plus account servicing features,
granting users greater flexibility over their money and
accounts.
The Mobile Benchmark examines the following categories:
- Account Information
- Account Servicing
- Design & Navigation
- Money Movement
- Profile & Settings
- Support
Firms covered:
- Ally
- American Express
- Bank of America
- BMO
- Capital One
- Charles Schwab
- Chase
- Chime
- Citi
- Citizens Bank
- Discover
- Fifth Third
- Huntington
- PNC
- SoFi
- TD Bank
- Truist
- U.S. Bank
- USAA
- Wells Fargo
About Corporate Insight
Corporate Insight (CI) delivers competitive intelligence, user
experience research and consulting services to the nation's leading
financial services, insurance and healthcare institutions. As the
recognized industry leader in customer experience research for over
30 years, our best-in-class research platform and unique approach
of analyzing the actual customer experience helps corporations
advance their competitive position in the marketplace.
For inquiries or to interview with an analyst, contact:
Patrick Flood
646-876-7535
pflood@corporateinsight.com
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SOURCE Corporate Insight