Report rates financial institutions’ mobile banking services

Being able to access checking or savings accounts while on the go is a necessity for some as people become busier and more mobile.

And some banking institutions have followed that pattern, according to a recent report from Javelin Strategy and Research.

The firm said that of the 30 largest financial institutions, 19 provide mobile banking options to their customers.

In its report, Javelin rated the mobile services provided by these 19 banks, and in so doing considered factors such as general features, marketing, security and access. USAA, which provides for members of the armed forces, came out on top, followed by Bank of America, Morgan Chase, Citibank and Wells Fargo.

"These bulge-bracket FIs generally rank at the top of our scorecard because they have the resources to allocate to their mobile banking channel yet a mid-market institution leads the pack," said Javelin president and founder James Van Dyke.

While mobile banking is becoming more viable, consumers are also using their smartphones for other financial purposes. For example, some can download coupons onto their devices to save money while shopping at a retailer.

Posted in: Banking, Checking Accounts, Savings Accounts

Banking News: This article was published on 8-27-2010 at 10:02 am.

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