Having a mobile banking app that works reliably is more important than ever as the number of consumers using mobile apps to deposit checks has grown over five times since 2011 according to a recent Pew study.
MagnifyMoney compiled the ratings of iOS and Android banking apps from over 100 of the biggest banks and credit unions, including the 50 largest banks and 50 largest credit unions along with a selection of top online direct banks.
The data, collected from iTunes and Google Play the week of November 20, was used to create a composite 1 to 5 rating factoring a weighted average of the ratings from both the iOS and Android platforms.
The best and worst mobile banking apps include:
- Best Big Bank App: Capital One (4.1)
- Best Credit Union App: Eastman Credit Union, ESL Credit Union, Redstone Federal, SEFCU, VyStar (tie: 4.7)
- Best Regional Bank App: East West Bank (4.5)
- Best Online Direct Bank App: Simple (4.6)
- Worst Big Bank App: Citibank (3.1)
- Worst App Overall: UMB Bank (2.5)
You can read more about the findings below these graphics...
10 Best and Worst across all banks and credit unions reviewed
Best and Worst among the 10 biggest banks and credit unions
Credit unions top the ratings
8 of the 10 highest ranked apps were from credit unions. Five credit unions shared the very top average score of 4.7, including Eastman Credit Union, ESL, Redstone Credit Union, SEFCU, and VyStar Credit Union.
Simple was the only online direct bank in the top 10, while East West Bank was the only traditional bank in the top 10 with a 4.5 rating.
Of the 10 highest ranked apps, 9 of them used an interface from an external app developer, Digital Insight, including all 8 credit unions and East West Bank. This is in contrast to internal development favored by larger banks. The un-flashy Digital Insight interface (pictured below) was cited for simplicity and reliability by users.
Bank apps have room for improvement
Across all institutions surveyed the average rating was 3.8 out of 5.0, with traditional banks averaging 3.7, online direct banks best at 4.0, and credit unions at 3.9.
Among the 10 lowest rated apps only two were from credit unions, while 7 were from traditional banks. Only one traditional bank’s app ranked among the top 10 highest rated.
Capital One has the best app among big banks, while Citibank lags.
Among the 10 largest banks in the country, the average rating ranged from a high of 4.1 for Capital One to a low of just 3.1 for Citibank. Capital One’s app was cited for its ‘Sureswipe’ feature and reliability.
Citibank’s app was cited for crashing during check deposits and a low limit for mobile deposits of just $1,000 per day. In comparison online direct bank Ally recently raised its mobile deposit limit to $50,000 per day.
The average for all traditional banks surveyed was 3.7.
SunTrust bank had the lowest rated iOS app among the 10 largest banks at 2.1, while PNC bank had the lowest rated Android app at 3.4.
Simple leads online direct banks.
Among the online direct banks reviewed, Simple had the highest rating at 4.6, while Ally had the lowest at 3.1. Ally’s app received complaints for mobile deposit issues following a recent update as well lacking more advanced login options.
UMB Bank takes the bottom.
The lowest rated app overall was from UMB Bank, with a 2.5 combined rating. The app has not been updated since 2011, lacks a mobile check deposit feature and is no longer compatible with the latest devices.
Android users are more satisfied
Across banks, credit unions, and online direct institutions, Android users were significantly more satisfied, with an average 4.0 rating versus 3.1 for iOS users. iOS users tend to have more complaints about apps not leveraging the latest hardware capabilities.
App ratings were recorded the week of November 20, 2014 in iTunes and the Google Play store and include ratings for all app versions. Overall ratings are a weighted average of iOS and Android ratings based on the number of reviews for each platform. Institutions with no mobile apps were excluded from ranking summaries.
The 50 largest banks are defined as those with the largest deposits per FDIC data June 2014 were examined. Banks with fewer than 200 app ratings were excluded, as were those that primarily target investment accounts.
Among credit unions, the 50 largest by assets according Bauer Financial, March 2013, were examined. For online direct banks, 10 of the largest Online Direct Banks were chosen by number of app ratings.
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* All banks listed are a Member FDIC.