In the course of our ongoing market research at Javelin Strategy & Research, we find certain firms rise to the top. And to honor the hard work of these firms and their commitment to better serving the financial services industry, we recognize them for their exceptional quality of product or client experience, ability to meet customer demand, or overall excellence.
Javelin’s robust and in-depth scorecards evaluate financial institutions and vendors in the financial services ecosystem. These scorecards not only uncover who’s the top of their class, but also provide timely and trusted data about what’s changing in the industry and how firms can adjust to meet changing expectations.
What do each of the Digital Banking scorecards uncover about the financial services industry? Take a look below.
Javelin’s Mobile and Online Banking Scorecards are powerful tools for financial institutions of all sizes to benchmark and assess their digital acumen and performance against peers and competitors. Our 2021 data show that banking innovation is slowing in both mobile and online banking channels. We uncovered a worrisome gap in bank-led innovation that well-funded fintechs are rushing to fill.
These scorecards evaluate solutions offered by the nation’s largest financial institutions and examine trends in digital banking, encompassing more than 400 features across six categories: Ease of Use, Security Empowerment, Financial Fitness, Money Movement, Customer Service, and Account Opening.
2020 marked the first year Javelin expanded its scorecards program internationally to evaluate digital banking capabilities at the top seven Canadian financial institutions by assets. Canadian Digital Banking Scorecards supplement financial institutions’ digital strategy, competitive intelligence, and product planning with a rigorous evaluation of the digital experiences. The scorecard report details and ranks user experience trends and best practices in the Canadian market, covering nearly 400 features across six categories.
“There has never been a more critical time to meet digital customer expectations and demands. There are sweeping opportunities for all financial institutions to strategically invest in digital and competitively position their services for success,” said Jacob Jegher, president at Javelin.
Our 2021 Canadian Digital Banking Scorecard is slated to be published in Q4.
2021 marked the inaugural year for Javelin’s Small-Business Digital Account Opening Scorecard. This report assesses vendors that address the complex, multifaceted challenge of opening small business checking accounts, from the perspective of both applicants and bankers.
Javelin evaluated vendors on three essential categories for success in digital account opening:
In addition to identifying and evaluating the top features of digital account opening technologies, we lay out a detailed set of best practices for building an efficient and engaging account-opening process for business banking.
“Only half of the top 24 US banks offer digital account opening for small businesses, but it should be table stakes,” said Ian Benton, senior analyst, Digital Banking at Javelin. “Banks that force business owners to call a banker or visit a branch not only will fall behind competitors but also popular fintechs that are poaching customers from banks.”
Recognizing the firms that rise to the top is our way to honor them for their commitment to better serving financial services and keeps us on top of major industry trends. Contact us to learn more about these scorecards or our other Javelin practice areas.