The news: Last year, our “US Mobile Banking Emerging Features Benchmark” concluded that U.S. Bank is best at meeting the demand for innovative mobile banking features. And Javelin’s 2024 Mobile Banking Scorecard recently confirmed U.S. Bank’s mobile banking app still beats competitors’.

Zoom in: In Javelin’s study, U.S. Bank’s mobile app scored around 70%, well above the average score of 41%. That’s because it has:

• A user-friendly design: Customers praise the app for its intuitive interface, making routine tasks like checking balances and transactions easy.
• Robust security: Two-factor authentication and proactive security alerts enhance user trust by providing strong protection and clear guidance on managing risks.
• Enhanced transaction details: The app offers clear transaction records with merchant names and location mapping with built-in fraud detection.
• Innovative and personalized features: Customizable alerts, dynamic onboarding for new services, and personalized financial insights cater to modern user needs and preferences, boosting overall satisfaction.

How our benchmark compares: U.S. Bank’s mobile app led our study for the second year in a row with 61 points—28 points higher than the study’s overall average. That’s because: 

• It won in the highly valued Alerts category, as well as in Account Management. 
• U.S. Bank placed a respectable fourth in the study’s most important category, Security and Control.

Key takeaways: The overlap between the two studies provides competitors with a clear pathway toward improving their mobile apps. When their development capabilities and budgets allow, they must prioritize upgrading the following mobile app features:

• Proactive security measures like two-factor authentication and security alerts, though even U.S. Bank would benefit from expanding its security alerts.
• A variety of customizable spending and account-related alerts such as balance warnings, warnings for spending over a certain threshold, or other warnings of potential fraud.
• And keeping it simple. Users don’t have the bandwidth to try to figure out a mobile banking app—particularly if a competitor’s advertising user-friendly options.