Banks expand mobile personalization and align mobile apps and web channels

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“Spending, budgeting and assessing cash flow are on the minds of many consumers, and banks are rolling out easier-to-use and more relevant mobile tools to meet those needs,” said Susan Foulds, Director general manager of the Keynova group.

Keynova Group, the leading source of competitive intelligence for digital financial services companies, today announced the results of the third quarter 2022 edition of its semi-annual Mobile Banker Scorecard. For the third time in a row, US Bank won top honors for its mobile banking capabilities and customer experience, ranking first in an evaluation of the country’s top 17 mobile banking offerings. The dashboard revealed that the momentum of mobile banking continues, with many banks rolling out personalized insights and customized app dashboards for authenticated banking users.

“Spending, budgeting and assessing cash flow are on the minds of many consumers, and banks are rolling out easier-to-use and more relevant mobile tools to meet those needs,” said Susan Foulds, Director general manager of the Keynova group. “While some banks have placed their primary focus on mobile apps, others are now working to support both mobile channels, including full-service optimized mobile online banking that aligns with online banking capabilities. authenticated line.

Main conclusions:

  • Dashboard customization empowers users and maximizes efficiency

Designing mobile banking dashboards to display key account information and facilitate efficient navigation to frequent activities is essential to the mobile banking customer experience. BMO Harris, Fifth Third, Truist, and US Bank stand out by supporting several best practices on their dashboards, such as quick links to transfers, payments, and statements and displaying credit scores or loan progress. savings goals. There is also a trend to offer mobile banking app users the ability to customize their dashboards to easily select navigation to their most frequent actions and specific account information via links or tiles. Overall, 41% of Scorecard banks now include options to customize the app dashboard, up from 30% just 12 months ago, and 65% of banks’ mobile apps allow users to assign nicknames to their accounts.

  • Personalized insights based on customer account activity humanizes the digital experience

Account and activity information based on customer account balances, transactions, and cash flow patterns not only helps customers manage their financial health, but also builds customer trust and loyalty by communicating that the bank understands a customer’s financial situation and needs. Nearly a third (29%) of banks send proactive notifications for low cash balances or overdraft risk and nearly half of mobile apps allow customers to drill down into cash flow analysis. Truist prominently displays account activity and a link to personalized information below the account summary on its mobile app dashboard screen. The BMO Harris and US Bank apps both display savings goal summaries on their app dashboards, showing savings to date, total savings goal, and a counter showing progress towards the goal . BMO Harris also includes a percentage saved towards a goal, while US Bank presents an indicator of the probability of reaching the goal.

  • Banks strengthen alignment of digital channels

Despite the many advances in mobile banking, there are still gaps in digital functionality and services available between mobile and online banking. Virtually all bank desktop sites allow online users to manage overdraft preferences, while 24% of bank mobile apps do not support overdraft preference controls. Nearly 50% of online banking sites allow users to dispute a credit card transaction, while only 24% of Mobile Banker Scorecard banks offer this option. And while all banks allow users to change their mailing address online, nearly 30% of bank mobile apps do not support this feature.

To compound this digital chasm, several banks had previously emphasized mobile-optimized web-browser access to authenticated banking services in favor of improving their mobile apps. Today, nearly a quarter of banks are once again focusing on building mobile web capabilities. Citi, Huntington, TD Bank and USAA are among the banks recreating their mobile web experiences using responsive design to align with their authenticated banking sites. Combined with dynamic mobile banking applications, enhanced digital banking via mobile browsers enables mobile-only users to access key services without having to log into desktop online banking.

About Q3 Mobile Banker Scorecard

Keynova Group’s semi-annual, evidence-based Mobile Banker Scorecard, offered for more than two decades, assesses digital user capabilities, elements of customer experience and best practices to identify trends and evolving insights that drive mobile strategy in the banking sector. The assessment includes mobile apps and websites from Bank of America, BMO Harris, Capital One, Chase, Citibank, Citizens Bank, Fifth Third Bank, Huntington Bank, KeyBank, M&T Bank, PNC, Regions Bank, TD Bank, Truist , USAA, Bank of the United States and Wells Fargo. For more information, visit: https://www.keynovagroup.com/scorecards/#banking

About the Keynova Group

Keynova Group is the leading competitive intelligence company providing trusted information and benchmarking on digital financial services for consumers and small businesses, including banking, credit cards, home loans and insurance. Since 1999, Keynova Group Dashboards have been the go-to source for leading financial services companies for reliable competitive insights and actionable insights. The company’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a top-notch experience. to customers and prospects.

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