The competition is heating up. Account holders are looking for a primary banking application — an app they keep on the home screen of their phone. This infographic shows how to stay in the ring. Learn more at MX.com

1. ROUND 1: Account Aggregation
Users have to sign into multiple sites to stitch
together a complex view of their finances.
Every bank and credit union wants to
offer the primary financial application —
the one their account holders put on
their home screen.
Here are three keys that online and mobile banking providers, along with
the financial institutions they serve, need to follow to knock out the competition.
3 Keys To Win the Title of
Primary Banking Application
BATTLE OF
THE APPS
WITHOUT ACCOUNT AGGREGATION:
Users sign into one place to see everything.
WITH ACCOUNT AGGREGATION:
AGGREGATION IS THE MOST VALUED FEATURE OF A MOBILE APP:
A WORD ABOUT AGGREGATORS...
If a connection breaks or becomes deficient, the
end user can’t see their current account data.
This way connections can be rerouted and
the end user can continually see their most
current account data.
SCORECARD: Round 1
Without multi-sourced account aggregation, your users will log into
your competitor’s app instead of yours to see all their finances.
You’ll be knocked off the home screen!
ROUND 2: Auto-Categorization
Users have to manually categorize
each transaction to figure out their
spending habits.
WITHOUT
AUTO-CATEGORIZATION
WITH
AUTO-CATEGORIZATION
Transactions are automatically
categorized so users can instantly see their
spending habits neatly organized.
ACCENTURE SAYS UNLESS DATA CATEGORIZATION IS AT LEAST 85% ACCURATE, IT
WILL BE TOO MUCH WORK FOR USERS AND THEY WILL STOP USING THE PRODUCT.
YK - 540
TK - 421 TK - 421
YK - 540
YK - 540
YK - 540
SCORECARD: Round 2
Above 85%
accuracy wins!
ROUND 3: User Interface
Most mobile banking apps look like
they came straight out of last decade.
OUTDATED, CLUNKY DESIGN
Users expect an experience that rivals
the one they get from Apple and Google,
and they’ll go where they can get it.
CONTEMPORARY, SLEEK DESIGN
VERSUS
>
>
>
USERS DEMAND BETTER MOBILE BANKING
% who say mobile banking was important in switching banks:
23%
41% 44%
2010 2011 2012
60%
2013
"THERE ARE THREE
RESPONSES TO A PIECE
OF DESIGN – YES, NO,
AND WOW! WOW IS
THE ONE TO AIM FOR."
-MILTON GLASER
SCORECARD: Round 3
Better UI wins!
K.O.
Don’t get knocked out of the ring.
Offer an app with multi-sourced aggregation,
accurate auto categorization, and contemporary design.
Offer an app with muscle.
MX.com
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MELLS
CARGO
VERSUS
Features Ranked as “Highly Valuable” in a Mobile App
52%
62%
75%View all your finances in one place
Remote deposit $
17%
32%
43%
Pay another person (P2P)
Enroll a new bill payee
by taking a bill photo
Make an appointment
Video chat with banker
in a nearby branch
Source: Celent
IN ADDITION, 81% OF ACCOUNT HOLDERS LOG INTO MOBILE BANKING
TO CHECK THEIR BALANCES—FAR MORE THAN ANY OTHER ACTIVITY.
$
Source: Bank of America: Trends in Consumer Mobility Report
Multi-sourced
aggregation wins!
Data
85%
DATA CATEGORIZATION ACCURACY
Source: Alix Partners via The Financial Brand
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
2/20/14 Costco Shopping Checking $276.39
6529 Costxo WHSE #9076
sf store#4537 Chipotl
-mav convenienc7334
juicen java xxxx-7826
ATT tranbill 398rxjs
87orbi carmax ints
flower ftd.com 39--x
2/20/15
2/20/15
2/20/15
2/22/15
2/22/15
2/24/15
2/24/15
$72.89
$6.59
$55.09
$7.33
$65.12
$276.39
$29.03
Date Original Transaction Feed Transaction Amount
ACCOUNTS
SAVINGS
CHECKING
CREDIT
$2,456
$1,433
$663
BUSINESS
$2,322
MY ACCOUNTS
MELLS
CARGO
Most aggregators rely on
only one data provider
The ideal aggregator relies
on multiple data sources
2/20/15 Costco Groceries Checking $72.89
2/20/15 Chipotle Fast Food Checking $6.59
2/20/15 Maverik Gas Checking $55.09
2/22/15 Juice’n Java Coffee Checking $7.33
2/22/15 AT&T Utilities Checking $65.12
2/24/15 Carmax Shopping Savings $276.39
2/24/15 Ftd.com Gift Checking $29.03
VERSUS
6529 Costxo WHSE #9076
sf store#4537 Chipotl
-chevr convenienc7334
juicen java xxxx-7826
ATT tranbill 398rxjs
87orbi carmax ints
flower ftd.com 39--x
2/20/15
2/20/15
2/20/15
2/22/15
2/22/15
2/24/15
2/24/15
$72.89
$6.59
$25.09
$7.33
$65.12
$276.39
$29.03
Date Original Transaction Feed Transaction Amount
2/20/15 Costco Groceries Checking $72.89
2/20/15 Chipotle Fast Food Checking $6.59
2/20/15 Chevron Gas Checking $25.09
2/22/15 Juice’n Java Coffee Checking $7.33
2/22/15 AT&T Utilities Checking $65.12
2/24/15 Carmax Shopping Savings $276.39
2/24/15 Ftd.com Gift Checking $29.03
ACME
ACME
Inncorrect Password. Try Again
Inncorrect Password. Try Again
ACME
Once online banking providers, mobile banking providers and financial institutions
implement account aggregation and auto categorization, it is important that they
display that information in simple yet immersive ways to create the most engaging
user experience. This is why Round 3 is so critical: User Interface.
If you’re already one of the best contenders out there – whether it comes to online
banking, mobile banking or being a cutting edge financial institution – putting on
anything other than MX gloves to K.O. the competition and win account holders
won’t pack enough punch.