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According to comScore, there were 133.7 million Americans with smartphones in February 2013, up from 104 million one year ago. As smartphones become necessities for Americans, banks have increased their focus on mobile financial, especially mobile banking applications.
It’s actually never ever been easier for bank consumers to manage their cash on-the-go. However, not every bank has the ability to deliver a feature-packed mobile financial experience as others might. With time, increasingly more consumers will consider mobile financial features in their decisions to choose a new bank.
Today, it’s affordable to presume that every mobile financial app, regardless of the size of the bank, will provide one of the most fundamental of functionalities, including the ability to see account balances, check recent transaction history, transfer funds (between accounts at the exact same bank) and locate close-by branches and ATMs.
We looked at a few of the more appealing mobile banking attributes, that surpass just the fundamentals, from the 10 biggest U.S. banks:
|Bank||Mobile Platforms||Bill Pay||Person to Individual (P2P) Payments||Mobile Check Deposit||Mobile Deposit Limits||Other|
|Bank of America||iPhone, iPad, Android, BlackBerry, Kindle Fire, Windows Phone||Yes||Yes||Yes (not on BlackBerry)||$5,000/month||BankAmeriDeals (personalized deals program)|
|Chase||iPhone, iPad, Android, Kindle Fire, Windows Phone||Yes||Yes||Yes||$2,000 / day, $5,000 / 30-day period||—|
|Wells Fargo||iPhone, iPad, Android, BlackBerry, Palm||Yes||Yes||Yes (not on BlackBerry)||$1,000/day, $3,000/month||—|
|Citibank||iPhone, iPad, Android||Yes||Yes||Yes (not on iPad)||$1,000/day, $3,000/month||—|
|U.S. Bank||iPhone, iPad, Android, BlackBerry||Yes||Yes||Yes (not on BlackBerry, $0.50 cost per deposit)||$2,500 / day, $5,000 / 5 business days||Mobile Photo Bill Pay|
|Capital One||iPhone, Android||Yes||No||No||—||Purchase Eraser (incentives redemption for charge card)|
|PNC Bank||iPhone, iPad, Android, BlackBerry||Yes||No||Yes (not on BlackBerry, iPad)||$2,500/day, $5,000/month||Separate app offered for increased truth (branch/ATM locator)|
|TD Bank||iPhone, Android, BlackBerry||Yes||No||No||—||—|
|BB&T||iPhone, iPad, Android, BlackBerry||Yes||No||Yes (not on iPad, BlackBerry)||$1,000 / day, $3,000 / 30-day period||—|
|SunTrust Bank||iPhone, Android, BlackBerry||Yes||No||Yes (not on BlackBerry)||$1,000/day, $3,000/month||—|
– Person-to-person (P2P) payments has actually not experienced the same kind of need as mobile check deposit, which may be why it is not really discovered in half of the most significant banks. Nonetheless, the huge banks are advertising this feature more which can increase awareness of the convenience of P2P payments.
– Not all mobile banking apps offer bill pay abilities. However, at the top 10 banks, it’s actually become a criterion.
– While the leading 10 U.S. banks might’ve the most resources readily available to develop and provide ingenious mobile financial innovations, a few of them struggle to introduce highly-demanded mobile attributes. Capital One and TD Bank are 2 of the greatest names that still haven’t launched a mobile check deposit feature. (Both are presently in the development stages.) Based upon numerous MyBankTracker testimonials, customers have actually been understood to switch over banks simply for this function.
– Although many banks offer a native app for BlackBerry gadgets, mobile deposit isn’t offered with the struggling mobile platform. According to comScore, the BlackBerry platform’s market share fell from 13.4 percent to 5.4 percent from February 2012 to February 2013. (Chase just recently stopped supporting its mobile financial app for the BlackBerry platform.)
– Mobile check deposit’s free of cost at 9 of the 10 largest banks. U.S. Bank is the only one to enforce a cost for the function. Some bank clients might find that the service worth a cost due to the fact that it conserves them a trip to the ATM. Others may not.
– Mobile deposit limitations matter to consumers. If they frequently receive checks that total up to even more than the mobile deposit restrictions, that feature is rendered ineffective to them. (Mitek Systems, the company that established mobile check deposit for these banks, is trying to produce a network that’ll lower the security risks involved with remote deposits.)