蘑菇AV

Our seventh annual study reveals which of the 15 biggest US banks lead in mobile app innovation鈥攁 significant factor in attracting mobile-forward Gen Z鈥攂ased on an exclusive survey of which features 1,895 mobile banking users value most.

Our eighth annual study reveals which of the 10 largest US banks lead in mobile app innovation, based on an exclusive survey of which features mobile banking users value most.

Consumers worldwide want more from their mobile banking apps. Here are three charts that examine what consumers are looking for and how meeting demand benefits banks.

Only 25% of mobile banking users oppose banks using their data, while most welcome tailored offers and advice, per our September 2024 US Mobile Banking Emerging Features survey. Banks that give customers control over their data can transform data consent management into a competitive advantage, while still collecting the information needed to personalize offerings for customers.

US Gen Z mobile banking users (ages 18 to 26) have above-average interest in innovative digital money management features, per our September 2023 US Mobile Banking Emerging Features survey. FIs that haven鈥檛 been able to fulfill certain customer needs because of low bandwidth or budgetary concerns may be able to do so by embedding fintech solutions in their apps.

The top priority among US mobile banking users is knowing that their information is safe, according to our latest benchmark study of this banking channel. More than half (56%) said being notified of a Social Security number breach was 鈥渆xtremely valuable鈥� to them, while 51% said the same of alerts for unusual account activity.

Just 39.6% of US Gen Z mobile banking users feel comfortable saving for the long term given their financial situation, per our September 2023 survey.

The number of Gen Z mobile banking users will reach 33.7 million in the US this year and continue to grow at a compound annual growth rate of 12.4% through 2026, per our forecast.

Goal-setting is especially important for younger consumers: US Gen Z mobile banking users have a greater interest in mobile banking tools related to this area than consumers overall, per our September 2023 survey. Projecting when a goal may be attained and seeing how day-to-day decisions affect its progress can strengthen goal-setting functions in PFM tools.

That means the more user-friendly and useful (for their specific needs) FIs make their mobile banking platform, the more baby boomers could migrate over. Improving apps for baby boomers鈥� accessibility will benefit other 耻蝉别谤蝉鈥� experiences as well. According to mobile app developer InspiringApps, here鈥檚 how FIs can make their mobile apps easier to use:.

In a separate Keynova study鈥攖he Mobile Banking Scorecard鈥擝ofA ranked second overall, following U.S. Bank, while Truist and U.S. Bank ranked first for having the best app. How this compares to 蘑菇AV鈥檚 benchmark: Though our US Mobile Banking Emerging Features Benchmark 2024 report focuses on emerging features, BofA, Truist, and U.S. Bank still ranked highest.