Money Movement Hubs: Boosting the Value of FIs’ Most Commoditized Features

By providing so many options to move money in mobile banking, banks and credit unions face the strategic need to develop dynamic money movement hubs that can counter the growing risk that customers will suffer paralysis by analysis as they manage payments, forecast cash flow, and weigh options that include transfers, bill pay, Zelle, wires, mobile deposit, and emerging forms of real-time payments. Javelin’s four-part analysis of features, functionality, and flows at six top U.S. banks traces their progress as they create one-stop payment hubs and polish simpler aspects of money movement. On the other hand, the banks generally are missing opportunities to help customers choose the best-suited payment option and roll out six next-generation features that could boost adoption and satisfaction. 

Javelin examined the five highest-scoring banks in the Money Movement category of the 2024 Mobile Banking Scorecard: Chase, Truist, U.S. Bank, Wells Fargo, and Citizens, plus Bank of America because its virtual assistant is blazing a trail as a money movement aide. 

Key questions discussed in this report:

• What are leading FIs doing to simplify and upgrade money movement experiences in mobile banking?
• How can FIs help customers identify the money movement option that best suits their needs?
• How can FIs make money movement experiences simpler and more intuitive?
• What next-generation upgrades in money movement could boost adoption and satisfaction?

Companies Mentioned: 

Bank of America, Chase, Citizens, FIS, Fiserv, Jack Henry, Monzo, NatWest, PayPal, Starling Bank, Truist, U.S. Bank, USAA, Venmo, Wells Fargo