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Only Half of Top 100 U.S. Banks Offer Mobile Banking, Study Finds

Only 32% of the largest U.S. banks offer mobile banking apps, a First Annapolis study finds; others offer SMS and web-based mobile banking.

First Annapolis has released a study of mobile banking and payments capability and activity among the top 100 U.S. financial institutions (ranked by deposits). The study finds that over half of the top 100 financial institutions offer mobile banking services as of September 2010. This activity is not concentrated among the top 25 or even top 50; many smaller banks actively use vendor capabilities to offer mobile solutions.

Of the top 100 U.S. banks, nearly 40% offer access to banking via mobile web, while 32% offer SMS banking and/or alerts and 32% offer apps. Apple's iOS remains the main platform for launching application-based banking, but financial institutions have realized the importance of other operating system leaders. Sixteen percent and fourteen percent now offer a RIM Blackberry or Google Android application, respectively.

An evaluation of features available by channel finds that mobile web and app channels often provide virtually the same capabilities. Balance inquiries and transaction history are standard, but new features help banks differentiate themselves from competition. Seventeen percent offer GPS-enabled branch/ATM locators, and thirty-five percent allow mobile bill pay (most require pre-entered payees, but not all). Additionally, several banks are expanding their offerings to include mobile deposit capture, P2P, offers and loyalty programs, and rewards management and redemption.

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