Aside from account information, money movement is one of the most crucial components of a mobile finance app. Capabilities like ACH funds transfers, bill pay and remote check deposits have been prevalent across the financial services industry for the past few years, while peer-to-peer payments (P2P) have also recently become standard elements of the mobile banking experience. This Mobile Monitor Report assesses the money movement capabilities offered by the 27 firms in our coverage group and reviews the functional and design aspects of each interface.
Most firms link their available transactional capabilities directly within their main app menus, offering clients quick and easy access to these key features. Of the 26 competitors offering money movement capabilities (all firms except TIAA), 23 include them in their apps’ main slideout or tab menus. The best of these firms also offer contextual links to these features from relevant sections of the app, like account information screens. Twenty-four firms, 92% of those covered in this report, offer funds transfers and a total of 19 banks and brokerages (73%) offer bill pay. Thirteen firms (50%) allow clients to add new payees within the app, up from only six when we covered this topic in 2014. Innovative firms like U.S. Bank automate this process by allowing clients to add a payee by taking a picture of their bill. Ten out of the 15 banks we track offer P2P payments within their apps, each through a partnership with a third-party provider, like Zelle or Popmoney. While most P2P capabilities are similar in functionality, some firms stand out by allowing clients to request money from recipients. Twenty-three firms (88%) now offer remote check deposits, 16 (62%) of which include automatic image capture on at least one of their apps, up from nine when we last covered this in 2014.