Money Movement changes and Account Opening enhancements dominate banks’ mobile app development in 2018

San Francisco, Calif., Oct. 10, 2018: Javelin Strategy & Research today announced its sixth annual Mobile Banking Awards. The rankings are based on Javelin’s 2018 Mobile Banking Scorecard report, which evaluates smartphone apps from the 28 largest U.S. FIs. More than 200 criteria were scored across six categories: Ease of Use, Security Empowerment, Financial Fitness, Money Movement, Customer Service, and Account Opening. Javelin weights individual features based on their strategic importance, tactical necessity, consumer demand, and industry trends. Each category is assigned an overall weight based on its contribution to consumers’ satisfaction with mobile banking.

Bank of America was named Best in Class Mobile Banking App for the second year in a row. Navy Federal Credit Union and USAA finished close behind and joined Bank of America as overall mobile banking leaders. Six other banks were cited as leaders in one or more categories: Ally Bank, BB&T, BBVA Compass, SunTrust, U.S. Bank, and Wells Fargo.

2018 Mobile Banking Award Category Leaders (alphabetically):
Money Movement: Bank of America, Navy Federal, Wells Fargo 
Ease of Use: BBVA Compass, Navy Federal, USAA
Security Empowerment: Ally, Bank of America, Navy Federal
Financial Fitness: Bank of America, BB&T, USAA
Customer Service: Bank of America, BBVA Compass, Navy Federal
Account Opening: Bank of America, SunTrust, U.S. Bank

“As mobile has become the primary banking channel for a growing percentage of Americans, banks have dramatically increased the depth of functionality available through their apps,” said Emmett Higdon, Director of Digital Banking at Javelin Strategy & Research. “A majority of development that we have seen in 2018 has been focused on expanding money movement options, including Zelle, and adding mobile account opening support for a greater number of products.”

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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed 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. (Twitter: @JavelinStrategy)

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