But our goal is connecting analog and digital so that people can’t see where one ends and the other begins,” adds Naggar. “Today, digital means taking transactions out of the call center and branch and digitizing them. Its in-platform features-including the ability to view recurring charges and see a financial wellness score-helped Citi secure a spot as one of the best banks in the US.Īs for the future of growth, it’s all about ensuring “that every product we deliver at Citi is digital first,” says Michael Naggar, chief digital officer of Citibank’s US consumer bank. Insider Intelligence’s Mobile Banking Competitive Edge Study also shows that Citi took the top spot for digital money management tools, as rated by consumers. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants them access to its Citigold Package. Citigroup – $1.714 Trillionįor four years in a row, Citibank has been named the “Best Bank for High-Net-Worth Families” by Kiplinger’s Personal Finance. Like what you’re reading? Click here to learn more about Insider Intelligence’s leading Financial Services research. By integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement.Īmong the new financial service products to launch this year, Bank of America released a business-to-consumer (B2C) payout solution that gives users greater flexibility with payments a new credit card meant for business travelers and a new credit card tied to a cash rewards program. What’s more, digital payments network Zelle, allows users to digitally send real-time payments to friends and family. Since officially launching in 2017, Erica has surpassed 15 million users. Its voice-enabled assistant, Erica, allows customers to make peer-to-peer (P2P) payments as well as bill payments. “When we find some delightful customer experience, I’ll screenshot it on my phone and show it to my team as inspiration,” adds Beer.īank of America’s digital-only services have also re-defined what the company offers its customers. “We look across all industries-it may be totally unrelated to financial services,” says Allison Beer. In addition to keeping tabs on direct competitors, JP Morgan is also keeping tabs on how companies in other sectors are marketing to clients. A key focus of these funds is identifying use cases to implement AI techniques-such as leveraging voice assistants to enable investment banking clients to access analyst reports and stock exchange information. JPMorgan is playing the long-game by acquiring millennials through digital channels-in hopes of eventually converting them to higher-value customers.Īdditionally, JPMorgan is investing heavily in banking technology, and had the biggest tech budget of all banks in 2019 with $11.4 billion. These are the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can stand out in a competitive industry.īy targeting digitally-savvy consumers and introducing artificial intelligence (AI) to its offerings, JPMorgan Chase has been able to outperform its competitors. This demonstrates that digital payment options are no longer complementary, but crucial in today’s mobile-first world. The incumbents’ shift towards digital strategy gave them an edge among customers-from traditional to early adopters-regardless of their level of comfort with technology. In addition to having more than a trillion dollars in consolidated domestic assets, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo increased their tech spending to meet the growing demand for efficient mobile banking apps and compete with neobanks and other fintechs. For decades, banks have been merging, partnering, and expanding-so much so that the top four banks accounted for 50% of all US banking assets last year. The Federal Reserve has rolled out a list of top US banks by assets, and we’ve broken down exactly how these financial service giants manage to stay ahead of the competition.
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