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THE BANKING & FINTECH APP MARKET IN THE UNITED STATESBENCHMARKS & ANALYSES – JULY 2016
In partnership with
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INTRODUCTIONRankings and trends in the US banking & FinTech app market
According to a Federal Reserve Board report (with GfK’s KnowledgePanel®)*, 53% of US smartphone owners with a bank account used mobile banking in 2015. The most common use of mobile banking is to check account balances or recent transactions (94% of mobile banking users).
Among mobile banking users, transferring money between an individual’s own accounts (61%) and receiving an alert (e.g., a text message, push notification, or e-mail) from their bank (57%) are the second- and third-most common uses of mobile banking.
Online banking is still America’s most popular banking method, but mobile banking continues to grow, according to a recent survey by the American Bankers Association**. Mobile banking is now preferred by 12% of consumers, up from 3% just five years ago.
AT Internet, a global leader in digital analytics, has partnered with Decode Apps, a specialist in app benchmarking and monitoring, in order to create a series of reports providing unique insights and key stats about market trends per business vertical.
For this report, we’ve benchmarked 355 applications published by major banks and FinTech groups in the United States for the two predominant operating systems (iOS, Android) in July 2016.
* http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf ** http://www.aba.com/Press/Pages/081115MobileBankingSurvey.aspx
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TOP 10 BANKING & FINTECH APPS (ANDROID)Ranking by number of ratings (USA - July 2016)
To better understand each performance indicator, please refer to the Methodology section on page 11.
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TOP 10 BANKING & FINTECH APPS (IOS)Ranking by number of ratings (USA - July 2016)
To better understand each performance indicator, please refer to the Methodology section on page 11.
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TOP 10 IN TERMS OF NUMBER OF RATINGSThe Chase Mobile app dominates on Android
Sitting at #1 of the top 10 apps for Android, the Chase Mobile app is the most-rated mobile banking app in the United States on this OS. On iOS, Mint’s personal finance app, Money Manager, is in first place, right in front of the Chase Mobile app, in terms of number of ratings in July 2016.
Banking apps are multiplying and becoming more specialized: bank account management apps – the large majority – are found alongside apps for personal wealth management, online payments, credit monitoring, bill payments, and more…
Among account management apps, we see some of the US’ major banking groups, notably JPMorgan Chase, Bank of America, Capital One, and Wells Fargo...
Summary of the top 10 banking and FinTech apps on Android:The best Decode Apps score: Chase Mobile, Capital One Mobile, PayPal and Credit Karma all received the same score: 16.9/20Greatest growth in number of ratings: Chase Mobile’s account management app, with 8.5% growth in July 2016
Greatest change in app NPS: the Credit Karma credit monitoring app, with a 71.7% increase, followed closely by Chase Mobile (increase of 69.8%)
Summary of the top 10 banking and FinTech apps on iOS:The best Decode Apps score: the Capital One Mobile banking app, with a score of 16.9/20Greatest growth in number of ratings: Chase Mobile (iPad) with 6.6% growth in July 2016Greatest change in app NPS: Credit Karma with an increase of 80.2%
FOCUS on app insights >> Chase Mobile, bank account management app, is #1 in terms of number of ratings on Android in July 2016, and #1 in terms of growth in number of ratings on both OS.
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APP INSIGHTS: FOCUS ON CHASE MOBILEChase Mobile
With more than 700,000 ratings in July 2016 on Android, the Chase Mobile app is by far the most popular bank account management app in the US.
Main features available: account monitoring, banking transactions, contact the bank, alerts and credit card management.
OBSERVED INNOVATIONS
Pay bills and credit cards
Send and request money with Chase Person-to-Person QuickPaySM
Deposit checks with Chase QuickDepositSM: camera permissions are needed
Secure Message Center
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TOP 10 BANKING & FINTECH APPS (ANDROID)Ranking by change in number of ratings, in % (USA - July 2016)
To better understand each performance indicator, please refer to the Methodology section on page 11.
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TOP 10 BANKING & FINTECH APPS (IOS)Ranking by change in number of ratings, in % (USA - July 2016)
To better understand each performance indicator, please refer to the Methodology section on page 11.
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TOP 10 IN TERMS OF CHANGE IN NUMBER OF RATINGSStrong upward movement for Venmo, mobile payment/P2P app, in July 2016
On both Android and iOS, the applications with the strongest growth in terms of number of ratings in July 2016 are personal finance management apps: QuickBooks Self-Employed on Android and Schwab Mobile on iOS.
A summary of the Top 10 banking and FinTech apps for Android:Greatest change in number of ratings: QuickBooks Self-Employed with 14.2% growth in July 2016Best DA score: Venmo and Capital One Wallet, mobile payment/P2P apps, with scores of 17.5/20
Greatest change in app NPS: Venmo with an increase of 73.3%
A summary of the Top 10 banking and FinTech apps for iOS:Greatest change in number of ratings: Schwab Mobile with 50.5% growth in July 2016Best DA score: Venmo with an excellent score of 18.1/20Greatest change in app NPS: Venmo with an increase of 65.5%
FOCUS on app insights >> Venmo, best-rated app (in terms of Decode Apps Score), which also saw the greatest change in app NPS on both Android and iOS.
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APP INSIGHTS: FOCUS ON VENMOVenmo, a PayPal service
With the greatest change in app NPS in July for both Android and IOS, and an excellent DA score (18.1 on iOS), the Venmo app has burst onto the mobile payment/P2P scene.
Created in 2009, and purchased by PayPal in 2013, Venmo allows for payments to be made between individuals, without additional fees and restrictions, in a social network format. The app has become so popular in the US that its name has even become a verb: “Just Venmo me”
OBSERVED INNOVATIONS
True differentiation: works like a social network (ex: add emo-jis when thanking and paying a friend for lunch, and sharing the message with a group)
Launching a payment service for e-commerce apps
Make and share payments
Request money from multiple people at once
See payments your friends share
Have fun with friends on Venmo
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METHODOLOGYTracking methods and explanation of main analysis indicators
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SOURCE OF BENCHMARK DATADecode Apps monitors the banking app market worldwide
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stores56
countries
7,063banking
apps
Custom benchmarking and monitoring solution for app markets in each
business vertical
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BENCHMARK AND ANALYSIS METHODOLOGYWe track all apps in the US banking sector
355banking apps
in the US
KPI
categorization &
analysis
Top 10 apps Analyses
Our consultants identify apps and key players in the US sector
Automatic retrieval and aggregation of all market data
Selection of one innovative app per top 10
Analysis of app and selection of key features
Writing of App Insights analysis notes
Number of ratings
Change in number of ratings over 1 month (expressed as a %)
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KEY INDICATORS ON TREND REPORTSPresentation of main data and analysis metrics
App Name
Rating#1
Country
Evol ratings (value)
Evol ratings (%)
Apps NPS
Nb of ratings
OS Group Type
App ranking, based on the
selected criteria
App name and publisher name data is retrieved from app stores
Cross-store unification with our meta-app-name procedure
Cross-OS aggregation of apps into “Groups“ of companies, and granular functional segmenta-tion by “Type“, done by our consultants
Evolution of ratings (value) = number of ratings obtained over 1 month
Evolution of ratings (%) = growth rate of number of ratings obtained over 1 month, 3 months, or 6 months
App NPS = Net Promoter Score applied to apps
Average rating and total number of ratings obtained by the app worldwide, or by country
#1 country of distribution
DA SCORE
A proprietary scoring algorithm combining nu-merous KPIs, including:
Number of ratings, average ratings, growth trends in terms of value and % around the world
Ranking of apps in stores
App NPS (App Net Promoter Score)
Plus update rate, user sentiment score…
Rankda score
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OUR APP ANALYTICS SERVICESDiscover our “all-in-one“ offer
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ALL-IN-ONE OFFER
ALL IN ONE Manage performance of all your apps in a single dashboard
Store data In-app analytics Benchmarking App Store Optimization (ASO) Top app trends by country and OS Track competitors’ apps worldwide
USER QUALITYIdentify risk points and areas for improvement Continuous monitoring of perceived quality
(ratings and reviews) & competitive positioning User sentiment analysis (available in beta) Mobile multi-KPIs
BENCHMARKINGAdopt best practices from the market – and from your competitors Benchmarking per industry 3M+ applications continuously audited,
across more than 60 countries
MOBILE EXPERTSReceive analysis and continuous assistance from mobile experts 15+ years of experience in mobile
(multi-industry)
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About AT Internet
One of the world’s major players in digital intelligence since 1996, AT Internet helps companies measure their audience and optimise their digital performance across all channels. AT Internet’s expertise extends from collecting raw data to processing it in real time and delivering it for analysis and the sharing of insights. AT Internet’s analytics solution is used on more than 20,000 sites and applica-tions around the world, across all industries. With more than 200 employees, the company is present in 32 countries via its customers, subsidiaries and partners.
About Decode Consulting
With data coverage on more than 3 million apps worldwide, Decode provides custom and essential market insights to empower your mobile strategy. Founded in 2010 by two start-up experts turned consultants, with more than 15 years of pure player experience, Decode is an innovative B2B software editor and consulting firm specialized in mobile channels. When working on custom benchmarks and studies for our clients, we realized that the fantastic success of the mobile applications market was making its permanent watch compulsory, but that it was extremely complex and time consuming to do that manually! Decode apps now makes it simple, being the first app intelligence platform to search cross-store/worldwide, benchmark and monitor the global Apps market the exact way YOU want! www.decodeapps.com
