The document provides an overview of mobile finance trends and innovations in 2014, highlighting developments from leading financial institutions. Key points include: - Many firms added faster login options like quick views and passcodes to balance security and accessibility. - iOS7 influenced app designs and the addition of features like AirDrop sharing at E*TRADE. - Leveraging smartphone capabilities grew, with most banks offering mobile check deposit and some using cameras for account opening or receipts. Voice assistance was added at several firms. - Research offerings expanded with new stock screeners and heat maps. More transactions became mobile like retirement account changes and multi-leg options trades. - Tablet app coverage grew for both iPad and

1. MOBILE FINANCE
2014 TRENDS AND INNOVATIONS
DANIEL J. WIEGAND
SENIOR ANALYST, MOBILE RESEARCH & CONSULTING
FEBRUARY 2014
COPYRIGHT 2014 CORPORATE INSIGHT, INC.

2. ABOUT CORPORATE INSIGHT
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For over 20 years, the firm has tracked technological developments in the
financial services industry, identifying best practices in online banking and investing, online insurance,
mobile finance, active trading platforms, social media and other emerging areas. There are no
assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing
our clients with unparalleled, unbiased intelligence on the competition.
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DANIEL J. WIEGAND
MEDIA INQUIRIES
Senior Analyst, Mobile Research & Consulting
Please Contact Intermarket Communications:
(646) 432-5483
(212) 888-6115
dwiegand@corporateinsight.com
corporateinsight@intermarket.com
2

3. TABLE OF CONTENTS

Introduction

2014 Mobile Finance Trends and Innovations
o New Security Options Emphasize Accessibility
o iOS7 Influences Design and Functionality
o Leveraging Smartphone Capabilities: Camera, Voice & Alerts
o Research Offerings Continue to Expand
o Firms of All Types Add Transaction Capabilities
o New Tablet Apps: iPad & Android
o Early Adopters Introduce Responsive Sites

Mobile Finance: 2013, 2014 and Beyond
o Three Takeaways for Financial Services Firms
o What’s Next?

Corporate Insight Thought Leadership

About the Author
3

4. INTRODUCTION
4

5. KEEPING UP WITH MOBILE FINANCE
Mobile usage continues to grow, with an ever-greater portion of total Internet
traffic coming via a smartphone or tablet – rising above 15% in 2013.1 Mobile
gives companies a chance to deepen relations with customers as well as reach
targeted demographics such as Millennials or the underbanked. With this in mind,
Corporate Insight has been tracking mobile finance since 2011, following
developments among leading financial services firms and exploring key topics
such as tablet design, money movement, security and more.
In July 2013, we published our mid-year review of
interesting and noteworthy mobile finance trends
that occurred in the first half of the year. Now, at the
start of 2014, we take a look at how those trends have
advanced and highlight some new developments that
have emerged since. As previously, we draw on our
ongoing tracking of the industry as well as relevant
developments outside of the financial services space.
We conclude with key takeaways and our thoughts on
what could be coming next for mobile finance.
1. 2013 Internet Trends, Kleiner Perkins Caufield & Byers
5

6. 2014 MOBILE FINANCE TRENDS AND INNOVATIONS
6

7. NEW SECURITY OPTIONS EMPHASIZE ACCESSIBILITY

Discover now offers two faster access
options
o Quick View offers immediate access to
basic balance details (July)
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Passcode replaces username/password
with a 4-digit code (August)

BarclayCard Peek (September)
o Access to basic balances pre-login

Capital One SureSwipe (November)
o Credit card customers can trace a
pattern instead of typing username/
password


Navy Federal Credit Union 4-digit
Passcode (January 2014)
USAA has long offered a Quick Logon
option using the client’s online PIN
Discover Quick View & Capital One SureSwipe
7

8. NEW SECURITY OPTIONS EMPHASIZE ACCESSIBILITY

Other security customization options
added in late 2013
o TD Ameritrade privacy mode hides
balances while browsing apps
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o USAA now allows clients to show/hide
specific accounts on mobile apps

The ability to switch between apps and
mobile site is growing
o USAA’s apps offer a link to launch the
mobile site, no login required
o Other firms have added targeted access
to specific mobile site pages such as
rewards (e.g., Chase) or profile updates
(e.g., Vanguard)
USAA Menu & Chase Ultimate Rewards
8

9. iOS7 INFLUENCES DESIGN AND FUNCTIONALITY

Apple released the iPhone 5S & iOS7 in September
2013, featuring a redesigned user interface and new
built-in functionality
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o The new iPhone’s Home button features fingerprint
recognition for screen lock and iTunes Store purchases;
not accessible to third-party apps
o Other enhancements to notification center, control
center, camera and Siri
o Still no NFC chip in new iPhones – a setback for mobile
wallet prospects

E*TRADE enables watch list sharing via AirDrop

Firms also adopt Apple/iOS7-standard design aesthetics
and slide-out menu structures
E*TRADE AirDrop
o Examples include Ameriprise, Discover, KeyBank, PNC
Bank, Scottrade, ShareBuilder, U.S. Bank, Vanguard

Most other firms made compatibility updates
9

10. LEVERAGING SMARTPHONE CAPABILITIES: CAMERA

Mobile check deposit continues to become
an industry standard
o KeyBank (June)
o TD Bank (August)
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o TD Ameritrade (October)

Mobile check deposit is currently available
from 81% of the banks Corporate Insight
tracks and 47% of the investment firms

Firms have found other ways to use the builtin camera:
o USAA expedites account opening with blank
check images for initial deposit or driver’s
license for personal data
o American Express and Chase’s small business
apps offer receipt capture
TD Ameritrade Deposit Check
o Add a vehicle on Esurance by scanning VIN
10

11. LEVERAGING SMARTPHONE CAPABILITIES: CAMERA

Beyond deposits, U.S. Bank adds new
mobile photo capabilities from partner
Mitek Systems
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Mobile Photo Bill Pay – image of a bill to
load payee details
o Mobile Photo Balance Transfers – image
of offer to accept
o While U.S. Bank is the only firm CI tracks
with these features, smaller community
banks have also made those additions2
U.S. Bank Mobile Photo Balance Transfer
2. How Mobile Photo Bill Pay is Helping Community Banks Appeal to Mobile-Only Consumers, Bank Systems & Technology
11

12. LEVERAGING SMARTPHONE CAPABILITIES: VOICE
E*TRADE has offered Nuance-powered voice
recognition since April 2012

USAA started a pilot “virtual mobile assistant”
program in March, expanded to all clients in April

2014 MOBILE FINANCE TRENDS AND INNOVATIONS

Shortly after, GEICO added Voice Assistance from
“Lily”

Esurance is the latest firm with this capability,
unveiled in January 2014
Esurance Voice Navigation
12

13. LEVERAGING SMARTPHONE CAPABILITIES: ALERTS

Push notifications continue to grow as a
delivery options for market and account
alerts
o Fidelity (April)
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Scottrade (November)
o Along with additions from Bank of
America & Discover in late 2012, nine
firms CI tracks support push notifications

Other firms added mobile email and SMS
alert management – not as advanced,
but still helpful
o ShareBuilder iPad app (October)
o U.S. Bank (November)
Fidelity & Scottrade Push Notifications
13

14. RESEARCH OFFERINGS CONTINUE TO EXPAND

Investment firms steadily add to their research capabilities

New standout tools added in 2013 include:
o E*TRADE stock screener
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Charles Schwab & ShareBuilder heat map watch list displays; Fidelity already
offers a similar option
o TD Ameritrade focuses on enhancing news and video offerings
Charles Schwab & ShareBuilder Heat Maps
14

15. FIRMS OF ALL TYPES ADD TRANSACTIONS

P2P payments grow among banks
o PNC Bank, Ally Bank & Citizens Bank partner
with Popmoney
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Wells Fargo enhances mobile P2P with the
ability to add recipients on a mobile device

Merrill Edge and Charles Schwab add multi-leg
options trading
o optionsXpress also now supports three- and
four-legged options trades

In 2013, retirement plan providers began
adding transaction capabilities such as
rebalances, contribution rate changes, etc.
o Vanguard, ING, Principal & T. Rowe Price are
the first firms with retirement plan transactions
o VALIC’s new iPad app also offers transactions
PNC Bank Popmoney &
Vanguard Manage My Money
15

16. NEW TABLET APPS: IPAD

New firms continue to add iPad apps
in 2013-2014
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Bank & Card: Popular Community
Bank, HSBC, Navy Federal Credit
Union, Capital One, SunTrust &
Citizens Bank
o Brokerage: Scottrade
o Asset Management: John Hancock,
JP Morgan & VALIC
o Currently, 86% of bank & card firms
and 68% of brokerages CI tracks offer
iPad apps
16
Scottrade Overview & Capital One Credit Card Summary

17. NEW TABLET APPS: ANDROID

Some renewed interest in Android tablet optimization as well, with the first
new Android tablet apps since American Express (2011) & Bank of America
(2012)
o E*TRADE – April
o TD Ameritrade – November
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Wells Fargo – January 2014
TD Ameritrade Account Overview
Wells Fargo Advisors
Brokerage Account Summary 17

18. EARLY ADOPTERS INTRODUCE RESPONSIVE SITES

As of July 2013, no firms CI tracked used responsive web design

Since then, American Express, Capital One, Capital One 360, Progressive and
State Farm have unveiled responsive sites
2014 MOBILE FINANCE TRENDS AND INNOVATIONS
o Santander Bank, added to CI’s Bank Monitor coverage in December, also offers a
responsive site
Capital One 360 Homepage – Desktop, Tablet & Smartphone
18

19. MOBILE FINANCE: 2014 AND BEYOND
19

20. THREE TAKEAWAYS FOR FINANCIAL SERVICES FIRMS
1. Firms continue to improve their account information, research and
transaction features, although capabilities are still limited relative to
websites
2. While mobile apps become more powerful, firms are also prioritizing
accessibility so that clients have the option to make key data easier to
reach
2014 AND BEYOND
3. Between responsive websites and greater integration between apps and
mobile sites, the lines between different platforms and channels will
continue to blur
20

21. WHAT’S NEXT?

Firms will increasingly tailor the mobile experience to the specific client
o As mobile platforms become more powerful, firms will personalize the experience
and give clients customizable options to bring the information and tools most
important to them to the forefront

Future mobile finance developments will increasingly draw on ideas and
inspiration from outside of the financial services industry
o Firms are not just competing with each other, but with the best mobile apps on
the market as well to provide a positive mobile user experience
2014 AND BEYOND

Although cross-platform development remains a challenge, alternatives are
still in their infancy
o The first implementations of Responsive Web Design and HTML5 are not yet ready
to replace apps for most customer interactions
21

22. WHAT’S NEXT?

Wearable technology has the potential to create an always-on, hands-free,
intimate mobile experience that enriches interactions with the real world
rather than distracting from it
o Currently, Google Glass is only available to select users, but wearable computing
devices are expected to grow substantially in the future
o In August, Fidelity released a demo of its Glassware app offering news, quotes,
account updates; Glass-specific features include voice “pass phrase” login and
logo scanning to find quotes
2014 AND BEYOND
o Discover and Wells Fargo have also made initial efforts to develop for Glass
Fidelity Google Glass Demo
22

23. CORPORATE INSIGHT THOUGHT LEADERSHIP
Tablet-Friendly Web Design: Best Practices for Financial Services
The study examines the tablet-friendly website features provided by four leading firms across financial
services and provides recommendations for financial services firms building tablet-optimized websites.
Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior Set
Using CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights
specific areas where seniors may struggle with financial services apps and offers design and support
solutions that will give this valuable audience the comfort and confidence to engage in mobile finance.
Optimizing the Online & Mobile Experience for Retirement Plan Participants
This slide deck features industry best practices and includes five recommendations for DC plan
providers looking to improve their Web and mobile offerings.
2013 Mobile Finance Trends and Innovations
This slide deck includes commentary on mobile developments, key takeaways for financial services
firms and thoughts on what’s next for mobile finance.
The Millennial Opportunity Whitepaper
This whitepaper examines the marketing tactics, strategies and online resources leading financial
institutions are using to connect with Millennials. This is also available as a slide deck.
23

24. ABOUT THE AUTHOR
DANIEL J. WIEGAND
SENIOR ANALYST
MOBILE RESEARCH AND CONSULTING
Dan Wiegand leads Corporate Insight’s mobile finance research
efforts and is the Senior Analyst for CI’s Mobile Monitor service. He
has conducted extensive research on mobile finance with a focus on
the mobile apps, platforms and capabilities leading financial services
firms offer to prospects and clients.
Dan’s past work in the space includes the Money on the Move:
Mobile Finance Review 2011 and 2012 Mobile Leaders reports that
offer a comprehensive look at the mobile landscape. Dan has also
authored a number of thought leadership pieces and studies focusing
on tablet Web design, iPad apps, mobile transaction capabilities,
mobile security and more.
Dan graduated from Harvard University in 2006 and has been a
member of the Corporate Insight team for the last seven years. He
also works as a senior consultant and project manager on CI’s
Consulting Services team.
CONTACT DAN
(646) 432-5483
dwiegand@corporateinsight.com
Connect with Dan