Javelin’s 17th annual Mobile Banking Scorecard looks at what’s new, what’s interesting, and “what the hell?” with the mobile banking apps of 20 of the largest U.S. financial institutions. We rank these institutions based on more than 250 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, an overall Best in Class winner, and two runners-up, which are cited as Overall Leaders. This year’s contest for Best in Class resulted in a photo finish that saw Bank of America edge U.S. Bank by a margin of less than two percentage points. This is Bank of America’s seventh consecutive year in the top spot, though it continues to lag in sixth place in Money Movement, the only category in which it was not recognized as a leader. 

Second-place finisher U.S. Bank checked in as a leader in all but two categories, dropping to fourth in Financial Fitness and Account Opening, but it surged ahead of Bank of America for the first time to claim first place in Ease of Use—the highest-weighted category in the scorecard. 

Truist held fast to its third-place finish again this year, although its gap behind U.S. Bank grew to more than 14 percentage points. Truist was a leader in just one category (Financial Fitness), dropping from third place in Security Empowerment and Money Movement to fifth place and seventh place. Eight banks in all were recognized as leaders in one or more categories this year, up from seven leaders in 2022. 

Key questions discussed in this report:

• Where have banks’ mobile strategies shifted in the past year?
• What categories have seen the greatest functional change in the past 12 months?
• What have banks done to encourage greater engagement among their customers?
   

Companies Mentioned:

Ally Bank, Bank of America, BMO, Capital One, Chase, Citi, Citizens, Empower, Fidelity, Fifth Third, Huntington, Key, M&T, Mint, Navy Federal, PNC, Regions, Rocket Money, Santander, TD Bank, Truist, U.S. Bank, USAA, Wells Fargo, Zelle