Javelin Benchmarks 30 of the Largest Financial Institutions’ Online Banking Capabilities
Navy Federal Credit Union, Bank of America, Bank of the West, BBVA Compass, BMO Harris, Chase, Citibank, PNC, SunTrust, and USAA are Leaders
San Francisco, CA, November 15, 2016: Javelin Strategy & Research announces the winners of the Javelin Online Banking Leader awards for those financial institutions (FIs) that have distinguished themselves from the pack by providing an outstanding online banking experience.
Currently, many financial institutions have focused their digital investments on transactional competence and digital engagement. But online banking is due for an overhaul with a focus on money management and needs to be reframed to encourage and support consumers with every login to spend, save, borrow, and invest more wisely.
“Online banking remains absolutely essential for a financial institution’s success, but it is fighting for attention as bankers race to satisfy mobile-first expectations,” said Mark Schwanhausser, Director of Omnichannel Financial Services, Javelin Strategy & Research. “This is a moment in time that calls for banks and credit unions to rethink how online banking can guide customers to make smarter decisions, deliver timely and relevant advice, and build trust necessary for a profitable, long-term relationship.”
Javelin’s Online Banking Leader awards recognize the most exceptional functionality and customer experience among the top 30 retail financial institutions by deposit size. The 2016 Online Banking Scorecard: Redesigning Online Banking as a Financial Journey ranks financial institutions based on an evaluation of more than 200 features in three categories: Financial Management, Money Movement, and Customer-First Banking.
Navy Federal Credit Union earned the 2016 Javelin Best Overall Online Banking Leader award for this inaugural edition, earning 67% of the total points possible. The world’s largest credit union won this award with a combination of features that not only can empower its 6 million members to handle financial chores confidently, but also position the FI as a guide on a lifelong financial journey.
2016 Javelin Online Banking Leader are awarded in the following categories:
- Financial Management: BBVA Compass, Citibank, Navy Federal Credit Union, SunTrust and USAA are the winners in this category by providing features to create a holistic view of the customer’s financial status. These Leaders stand out from the pack by offering information to support good financial habits, including displaying alerts on the home page, prominently displaying bills that are due on the dashboard, and alerting consumers if they are at risk of overdraft.
- Money Movement: BBVA Compass, Chase, Navy Federal Credit Union, PNC, and SunTrust are the winners in this category. Compared to other FIs, these Leaders are offering customers the ability to transfer funds and pay bills with confidence and ease. The winners scored higher than other FIs by providing features that speed up the chores of paying bills, transfers, and person-to-person payments, and enabling customers to evaluate cash flow from paycheck to paycheck and beyond.
- Customer-First Banking: Bank of America, Bank of the West, BMO Harris, Navy Federal Credit Union, and USAA are winners in the Customer-First category, scoring high on innovation in banking and personalization. The Leaders are more likely to pioneer the use of features that can help customers develop healthy financial habits, including recommending the use of direct deposit as an automated saving tool that can build an emergency fund or pay periodic bills, and features that can shed light on debt and financial well-being.
Click HERE for more details on the 2016 Javelin Online Banking Leaders
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based consulting firm that advises its clients to make smarter business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.