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Bank customers have come to expect increasingly novel features from mobile bank apps, turning apps themselves into competitively differentiating products for banks. Apps have evolved from simple, digital snapshots of checking account information into sophisticated tools with an array of account management capabilities.
To see which banks are pushing the envelope in terms of new and innovative mobile features, we looked at apps from nearly two dozen banks in the U.S., ranking each based on the comprehensiveness of their respective app.
The bank apps in our ranking have converged on basic features like account balance, recent activity and mobile check deposit, so our assessment focuses on more advanced features that are not yet pervasive across all banks. The matrix includes 22 banks, including the big four, select regional institutions and major online banks, ranked by availability of 16 mobile bank app features.
Wells Fargo & Co. boasts the most comprehensive mobile app, offering 88% of the features for which we surveyed. Bank of America Corp. followed in second place with 75%, while Capital One Financial Corp., United Services Automobile Association and BB&T Corp. tied for third with 56%.
Bank of America and Wells Fargo each offer credit tracking services to users and have launched cardless ATMs, enabling customers to make transactions using near field communication-enabled smartphones. Person-to-person (P2P) payments, which enable users to transfer money from their account to another individual, represented the most...