Mobile Banking and Payments among the Top 100 U.S. Banks
Complementing our recent study tracking consumer adoption of mobile payments, First Annapolis has researched some the cutting edge mobile banking and payment features offered by banks as of August 2016 (see Figure 1). The primary finding is that mobile banking has become ubiquitous within the top 100 banks (as ranked by total assets1).
Figure 1: Feature Supported by Top 100 Financial Institutions Ranked by Total Assets
- 94 of the top 100 banks have a mobile banking offering. As competition heats up and mobile demand from customers increases, First Annapolis anticipates this number to converge to 100%.
- Bill pay and remote deposit capture have the broadest support, at 95% and 91%, respectively.
- Newer features that may offer a competitive edge include the ability to open new accounts and card controls, offered in 5% and 9% of apps, respectively.
- Security-related features are gaining traction, with enabling touch ID and security alerts supported by 35% and 13% of banks, respectively.
- P2P payments are offered by 100% of the top 4 banks, although, that number falls to 25% outside the top 25.
- Only one out of four of the top banks makes offers and deals available, while 15 out of the top 100 have this offering.
- Wallets are supported by nearly 80% of the top 100 banks, with Apple Pay as the leading wallet, supported by 71% of the banks. Samsung Pay is at 33% support, followed by Android Pay coming in at 28%.
Mobile has become essential to keeping consumers engaged with their financial institution. Customers are increasingly relying on their banks to offer high-quality and reliable banking and payments services via an app. In addition, competitive necessity will drive banks to continually improve these services. Banks offering features such as opening new accounts or advanced card controls will have an advantage in attracting new customers and retaining active app users. Finally, many consumers express concern over mobile security; financial institutions of all sizes would be well served by offering related features like alerts and controls.
Leading banks have defined their mobile strategies across a spectrum of approaches; key elements include approach functionality and user experience. Regardless of approach taken (internal development, reliance on a third party), creating a great customer experience by offering features that enhance convenience and security is paramount to a successful mobile banking offering. Looking ahead, banks should consider further incorporating payments-related features into banking apps whether it is deeper integration with existing third party payment offerings or their own wallet service.
1 Top 4 banks assets > $1B; Banks 5-25 assets $90MM to $1B; Bottom 75 Banks assets <$90MM to $.7MM.
For the full mobile study, please visit our website at
For more information, please contact Jeff Crawford, Senior Manager, firstname.lastname@example.org; or Caleb Marley, Analyst, email@example.com. Both specialize in Payments Strategy and Innovation.
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