Announcing Javelin’s 2013 Mobile Banking Financial Institution Award Winners
Bank of America tops Best in Class as Mobile Banking Provider, while BBVA Compass, Chase, Citizens Bank, USAA, Wells Fargo, and others Earn Top Awards too
San Francisco, CA, November 21, 2013: The results of Javelin Strategy & Research’s annual Mobile Banking Financial Institution study show that Bank of America, Citizens Bank, USAA, BBVA Compass, Wells Fargo, Chase and others banks are topping all competitors in mobile banking. Javelin’s sixth annual Mobile Banking Financial Institution study evaluates the abilities of financial institutions (FIs) to meet consumers’ growing mobile banking needs as they evolve from mobile account monitoring to mobile money movement and beyond.
At long last 100% of the top 25 retail financial institutions offered mobile banking offerings, up from 63% in 2010. Growth in mobile banking adoption was strong in 2013, as financial institutions bolstered their offerings as consumers continued to adopt new mobile devices.
“These financial institutions are moving ahead of the competition by offering advanced features like enrolling in mobile banking using a mobile phone, mobile bill payment, actionable alerts and consistent experience across all banking channels,” according to Mary Monahan, Research Director of Mobile at Javelin Strategy & Research.
Bank of America Earns Best in Class Mobile Banking Provider. Javelin awarded Best-in-Class to Bank of America, which rose from second place in 2012 to take top honors, due in great part to offering an expansive suite of cutting-edge functions across a range of devices, platforms, and channels.
BBVA Compass Earns 2013 Best in Mobile Functionality Award. BBVA Compass earned this award for its wide range of features in money movement and advanced capability categories. BBVA Compass also offers the ability to enroll in mobile banking using only a mobile device, compared to only 4% of all surveyed financial institutions offering this feature.
Most Complete Alerting Platform Award is a Tie between Bank of America and Chase. These two banks distinguished themselves from other FIs by offering actionable two-way alerts, near real-time alerts, push notifications, and other services to provide customers relevant and timely information.
Wells Fargo Earns 2013 Javelin’s Best in Text Banking Award. Wells Fargo provided a superior suite of SMS services, including balance and recent transaction viewing on multiple payment methods, transfers via SMS, and enrollment in text banking using a mobile device.
Javelin Strategy & Research’s 2013 Mobile Banking Financial Institution Scorecard: Winners and Losers of Today and the Strategies and Trends for Tomorrow analyzes and compares the top 25 U.S. retail financial institutions by gross annual deposit size, to inform industry experts and players how FIs measure up in mobile banking. Six critical areas explored were: mobile banking functionality, mobile banking accessibility, mobile banking tablet ratings, mobile banking smartphone ratings, text banking, and alert platforms.
The report profiles the following 26 financial institutions’ mobile banking offerings: Ally Bank, BMO Harris, JPMorgan Chase, Wells Fargo, Bank of America, BBVA Compass, BB&T, Citibank, USAA, PNC Bank, Bank of the West, Capital One, Citizens, Comerica, Fifth Third Bank, HSBC, Huntington Bank, KeyBank, M&T, Navy Federal Credit Union, Regions Bank, Santander Bank, SunTrust Bank, TD Bank, U.S. Bank, and Union Bank.
Selected Winners:
- Best in Class as Mobile Banking Provider: Bank of America
- Best in Mobile Banking Functionality: BBVA Compass
- Best in Mobile Banking Accessibility: Bank of America
- Best in Complete Alerting Platform—Chase and Bank of America (two-way tie)
- Top 5 Mobile Functionality Award winners: BBVA Compass, USAA, Citibank, Wells Fargo, and U.S. Bank.
- Top 5 Mobile Banking Accessibility Award winners: Bank of America, USAA, Chase, PNC, Huntington Bank, U.S. Bank, and Wells Fargo
- Best in Complete Alerting Platform—Chase and Bank of America (tie)
View Complete list of Mobile Banking Financial Institution Award Winners
About Javelin Strategy & Research
Javelin Strategy & Research, a division of Greenwich Associates, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
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