Forrester study indicates Chase has leading strategy for mobile banking

Mobile Banking

Mobile Banking

A recent report has gone over the various bank services offered for smartphones and has assigned them with ranks.

Forrester Research has just released its 2012 US Mobile Banking Functionality Rankings report, which has indicated that approximately 17 percent of American adults are currently using their smartphones and tablets in order to interact with their financial institutions, which are increasingly providing more advanced functionality to meet the demands and expectations of those clients.

The findings of the study showed that Chase received the highest score among American banks in terms of its offerings to smartphone using customers. The score was based on the maximum possible 100 points of the Mobile Banking Functionality Benchmark. The average score across the board was 64 points, but Chase soared above them with a score of 74 points.

The Benchmark was created to assist top bank executives in improving their smartphone strategies.

According to the author of the report, Peter Wannemacher, a digital banking analyst for the research firm, “The strong showing results from a wide array of mobile money movement options – transfer functionality, mobile bill pay, and the ability to add a payee, among others – as well as mobile remote deposit capture and other features.”

In terms of accessibility, Chase achieved a score of 90, and held a sizable 26 points score above the transactional functionality category average. According to the report, the other banks all saw scores that were notably lower:

Citibank had 65 points, Bank of American had 61 points, and Wells Fargo had only 53 points.

Mobile banking is a rapidly growing part of the industry as that channel gains a larger consumer population. This is leading banks to pay a great deal more attention to their strategies for those devices.

This has become especially important with the note made by the report indicating that one in ten smartphone using consumers that uses online bank services has not visited the PC-based website for their financial institution within the last three months.

Forrester Research has predicted that mobile banking will continue its growth and that by 2015, there will be more than 50 million Americans using these services on their smartphones and tablets.

 

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