On Monday, MMW was privy to details from Forrester’s latest U.S. mobile banking functionality benchmark, which reveals that Chase and U.S. Bank tie for the top spot for their offerings.
The research giant notes, however, that the two financial institutions are “followed closely” by Wells Fargo, Bank of America, and Citi.
Using its Mobile Banking Functionality Benchmark methodology, Forrester scored each of the five largest US retail banks with an average of 67 out of 100, which in turn reveals the differences seen in the banks’ offerings across 35 criteria and seven categories, including: range of touchpoints, enrollment and login, account and money management, transactional features, service features, cross-channel, and marketing and sales.
In one of the top spots, Chase leads with strong transactional and cross-channel features, while U.S. Bank rises to the top with next-generation features, such mobile bill pay and ability to pay another person using the contact list in a mobile phone.
“Before banks can serve customers through mobile touchpoints, they have to ensure that customer can interact with them via mobile,” writes Senior Analyst Peter Wannemacher. “Today, banks have to develop mobile banking services for many different smartphone and tablet platforms, not to mention mobile browsers. That’s driving many firms to explore approaches like responsive design. Of the five firms we benchmarked, Wells Fargo supports the widest range of mobile touchpoints, followed closely by Bank of America and Chase.”