Wells Fargo leads in mobile banking scorecard by Keynote Systems

Keynote Competitive Research, an industry analysis group of Keynote Systems, announced mobile banking scorecard, creating a benchmarking standard for the financial and mobile banking industry.


The inaugural Scorecard measures and ranks the seven largest retail banks in the United States based on nearly 100 criteria in four main categories, developed from user testing and research.

Wells Fargo ranked #1 overall on the inaugural scorecard. A more expanded Scorecard including additional banks will be released in January 2012. Banks measured in the inaugural scorecard include (in alphabetical order) Bank of America, Capital One, Chase, Citibank, PNC Bank, US Bank and Wells Fargo.

The measurements of the Keynote Mobile Banking Scorecard include categories such as functionality, ease of use, privacy and security, quality and availability across text, mobile web and applications.

“We found banks and their customers are not converging on one method of mobile banking; text, mobile web and apps for the three leading smartphone operating systems are either available or on the to-do list at the largest banks,” said Chris Musto, general manager, Keynote Competitive Research at Keynote.

“Customers have yet to see much of the mobile payment capabilities that are widely discussed in the industry. Customer experience is still centered on classic online banking services ported to the mobile environment. At this point, banks vary greatly in what they’ve brought online and how discoverable and usable they’ve made mobile banking features. The Scorecard shows that as banks pursue novel mobile functionality, many need to re-double their focus on refining the usability of their existing features,” Musto added.

The Scorecard found text banking perhaps the least developed offering relative to its potential. Two banks do not yet offer text banking, while the five that do each highlight the gaps in the others’ offerings.

For instance, only Wells Fargo offers a text-based branch locator. And only Chase offers real-time balance alerts with the ability to reply with an action, while only Bank of America allows customers to use text banking to search for deposit transactions. And none of the banks allow customers to initiate a funds transfer via text.

By Telecomlead.com Team

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