August 2015: Industry Overview – Part One Account Management

Though all 18 firms provide some version of the features and tools we considered, each bank offers its own variation. Banks offering any especially notable and interesting tools or features are included. The main functional areas we explore include:

  • Private site navigation and design
  • Recent activity and statement center
  • Bill pay and transfer capabilities
  • Self-service features

There was only one firm to revamp its private site in the past 12 months, while another added a new private site platform in addition to its classic banking option.

Currently, only three firms offer responsive design on their private sites, eight firms use flyout menus in their main navigation and one firm is alone in using a slideout menu. Two firms offer a customizable, dashboard-style homepage.

Four firms continue to be the only ones to offer online wire transfers, with four firms offering next-day external bank transfers. Two firms require a $10 fee for these, while one firm requires that account balances exceed the amount of the requested transfer by $500. Another firm is alone in providing next-day external bank transfers without any fees or balance requirements.

Three firms allow users to scan and upload checks for online deposit. While this feature is increasingly popular within mobile banking, the three firms lead the way in offering it on the desktop platform as well.

Overall, six firms offer at least 24 months of transaction history, while nine offer at least 24 months of online statements. Only four firms provide at least 24 months of both online statements and transaction history.

In terms of helpful private site features, eight firms offer live chat help on their private sites. Seven firms allow users to search the private site, and highlight search terms in the results. Self Service features often include a number of tools and management links; however, only two firms allow users to disable their debit card temporarily online. Five firms give their users the ability to change their ATM PIN on the private site. Five firms allow clients to aggregate outside accounts and track their spending, while another three provide budgeting tools without account aggregation capabilities.