2022 Mobile Banking Scorecard

Javelin’s 16th annual Mobile Banking Scorecard takes a deep dive into the mobile banking apps of 20 of the top U.S. financial institutions to identify the leaders in mobile banking. The report measures the ongoing march by top institutions toward mobile maturity as shaped by Javelin’s Mobile Maturity Path¹ model and tracked through more than 218 criteria across six key categories: Ease of Use, Security Empowerment, Financial Fitness, Money Movement, Customer Service, and Account Opening. 

The scorecard identifies three leaders in each category. Bank of America reigns as “Best in Class” overall for the sixth consecutive year, finishing as a leader in every category except Money Movement. U.S. Bank again finished close behind BofA, also checking in as a leader in all but one category, missing the podium only in Security Empowerment. Truist debuted in third place, displacing Chase and finishing ahead of perennial challengers USAA and Navy Federal, by earning leadership marks in three categories. A total of seven banks were recognized as leaders in one or more categories—down from nine in 2021. 

After a slow period of updates emerging from the pandemic in 2021, banks accelerated their mobile development this year, racing to address obvious gaps and deepen engagement, and, yet, cutting some quality control corners in the process, given the frequent errors and outages Javelin analysts encountered across more than a few apps during our testing. 

Key questions discussed in this report:

• What gaps identified during the pandemic are banks still working to close?
• What categories have seen the greatest change in the past 12 months?
• What have banks done to address the growing complexity of mobile banking apps?
• How are banks encouraging engagement beyond simple, transactional behaviors?
   

Companies Mentioned:

Ally, Bank of America, Betterment, BMO Harris, Capital One, Chase, Citi, Huntington, M&T, Navy Federal, PNC, Regions, Robinhood, Schwab, SunTrust, TD Bank, Truist, U.S. Bank, USAA, Wealthfront, Wells Fargo, Zelle