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December 02, 2011 12:10 PM Eastern Time
Chase Awarded Javelin Strategy & Research’s “Best in Class” for Mobile Banking in 2011
--Chase Beats 24 Banks for Top Mobile Banking Spot--
SAN FRANCISCO--()--Chase announced today that Javelin Strategy & Research recently awarded them “Best in Class” for mobile banking 2011, beating 24 of the largest retail banking financial institutions measured by deposits. According to Javelin’s recently-released third Mobile Banking Scorecard, Chase won by providing a broad range of features and specialty apps to complement its mobile offering, including person‐to‐person transfers through Chase QuickPay SM, account rewards, and mobile remote deposit capture via Chase QuickDeposit SM.
“As more of our customers recognize Chase Mobile Banking as a way to help manage their financial lives virtually anywhere, anytime, we will continue to develop exciting new capabilities that put banking at our customers’ fingertips, enabling a quick and convenient way to view, track and move their money.”
“We are extremely honored to receive this award from Javelin naming us a frontrunner in mobile banking,” said Jack Stephenson, managing director of Mobile, Ecommerce and Payments. “As more of our customers recognize Chase Mobile Banking as a way to help manage their financial lives virtually anywhere, anytime, we will continue to develop exciting new capabilities that put banking at our customers’ fingertips, enabling a quick and convenient way to view, track and move their money.”
Continuing to respond to customers’ needs for speed, access and security, Chase has developed a number of new mobile banking initiatives in 2011:
- By the end of December, the Chase Mobile Banking native application will be on all major platforms, including iPhone®, iPod® Touch, iPad®, Android™, and the Amazon Kindle Fire tablet, where Chase will be the only major financial institution offering a mobile banking app on the Amazon Appstore. The app is expected to be available for BlackBerry® smartphones by the end of 2011.
- Award-winning Chase QuickDepositSM, where customers snap a picture (front and back) of a check and deposit it via a mobile device, now allows deposits of up to $2,000 daily and $5,000 monthly. Since the beginning of 2011, customers have deposited over $1.5 billion remotely; since 2010, customers have deposited a total of $2.03 billion via Chase QuickDeposit.
- Chase Person-to-Person QuickPaySM now allows customers to send money to or receive money from nearly anyone using their mobile number in addition to their email address. Since the beginning of 2011, more than 2 million customers have sent more than $1.4 billion through Chase QuickPaySM. The feature is expected to debut on the iPad before the holidays.
- Banking with Chase Online and Chase Mobile® is safe, secured using encryption technology and guaranteed. Chase’s robust encryption technology helps safeguard all mobile transactions and helps protect customer information as it travels the Internet or to and from a mobile device. Established user IDs and passwords are necessary to access account information and images do not reside on the mobile device, which helps protect personal information in case of theft. Consumers are 100% reimbursed for unauthorized transfers to or from their personal Chase checking and savings account initiated through the Online and Mobile Bill Payment and Transfer Service. (Guarantee subject to limitations.)*
Today’s Javelin’s Best in Class Award joins other Chase Mobile Banking accolades received over the last year, including:
- Best Use of Smartphone Camera – 2011 Webby
- 2010 Top Ten App – Mobile Marketer
- Best Tech Ideas of the Year– 2010 Pogie
- #2 Top iPhone App 2010 – Tech Crunch
The Javelin Scorecard also recognized Chase for being at the vanguard of the “triple play”offering: enabling customers to SMS text-bank, easily download its mobile banking app, and allowing customers to access the Chase mobile web site via their phone.
“Financial institutions like Chase are providing the most forward‐thinking mobile banking services in the industry, pushing the envelope in money movement and advanced functionality,” said Mary Monahan, executive vice president and research director for Mobile at Javelin. “Chase’s number-one spot is well-deserved, and we look forward to seeing more innovative mobile banking products from them in the years to come.”
The study examines the 23 mobile banking offerings of the 25 largest retail banking financial institutions. More than 60 different criteria were collected, weighted, and tabulated for comparison, covering the key areas of mobile banking: mobile access, general features, SMS text features, marketing, and security. Based on a quantitative assessment of the criteria, the best‐in-class mobile banking services were identified and awarded a gold, silver, or bronze status.
In addition to winning first place for overall mobile banking features and functionality, Chase won the SMS Text Banking and Alerting category for offering a greater array of SMS text banking features than the other banks. Chase is one of the few banks in the study that offers two-way text banking to its customers, a feature that allows customers to receive a text of their balances and more after simply texting Chase a number. Chase also scored high marks (4 out of 5) in another category – Best Integrated Mobile Banking App.
The study also uncovered the following trends:
- Three‐fourths of consumers are satisfied with the mobile banking offerings from their primary bank. Customers who rate themselves “very satisfied” are seen with downloadable apps vs. SMS text or browser‐based banking
- 4 in 10 smartphone owners, and nearly half of all iPhone owners desire mobile remote deposit capture
- More than 1 in 10 use mobile banking more than 15 times a month
- Half of smartphone owners use mobile banking
- The best mobile banking solutions, such as Chase Mobile Banking, are moving beyond money monitoring and into money movement, giving customers exciting new capabilities that enable them to migrate from ‘viewing’ to ‘doing’
Chase charges no fees to use mobile banking, but standard text message and data rates may apply from a customer’s wireless provider.
The mobile banking effort complements the extensive ways customers can bank with Chase: through online banking, telephone banking, nearly 5,300 branches and more than 16,200 ATMs.
Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.
