Mobile Finance Monitor: Money Movement
Clients expect to make payments and transfers on their mobile app with full scheduling and management capabilities, without having to log on to the website to make any adjustments. In this report, we assess and grade competing money movement offerings against best practices and industry standards. Funds transfer, bill pay, P2P transactions and credit card payments are core app functions, second in importance only to account information. Internal and external transfers are now baseline expectations, while bill pay tools allow clients to seamlessly pay businesses and service providers. P2P payments, meanwhile, are especially key on mobile as fintechs like Cash App and Venmo encroach on traditional services. Credit card payments represent high-stakes interactions: making a monthly payment is one of the most common reasons to open the app, where smooth experiences build loyalty and friction can damage credit scores.
Most firms cover the basics, though implementation varies widely. Few offer consistent breadth and depth across all payment types; more commonly, firms excel in one area while lagging in others—robust bill pay paired with Zelle limited to one-time immediate payments, for example. Investing firms reach near-parity with banking firms in transfers and bill pay, though P2P is less common
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