US Bank has taken the top spot in the first 11:FS Pulse ranking of US mobile banking apps with a Feature Score of 94 out of 100. But the results reveal a broader story about the US banking market: branch-based banks continue to dominate on feature breadth, while digital-first providers are raising the bar for user experiences.

11:FS Pulse has launched its first ranking of US mobile banking apps, analysing thousands of in-app journeys across branch-based banks, digital banks, credit unions and fintechs.

Unlike other comparisons that simply count features, our team used a Jobs to be Done methodology to assess how effectively each app helps customers complete the financial tasks that really matter to them.  

US Bank leads the way with a Feature Score of 94 out of 100, followed closely by SoFi on 92. Bank of America ranks third with 90, while Chase scores 89 and Navy Federal completes the top five with 86.

SoFi’s performance is particularly notable. As the highest-ranked digital-first provider, it combines a near-market-leading feature score with a UX score of 3.9 out of 5, showing that feature breadth and a strong mobile experience do not have to be mutually exclusive.

For access to the full list and analysis, book a demo at 11fs.com/pulse

Established banks still lead on breadth

One of the most eye-opening findings from the ranking is the strength of established, branch-based institutions when it comes to feature coverage.

Eight of the top 10 providers are branch-based banks, reflecting the range of financial needs these institutions are able to support within their apps.

That range matters. Customers increasingly expect mobile banking to do more than provide a balance and transaction history. They want to effectively manage bills, access credit, protect their finances, build savings and understand their overall financial position without having to switch between accounts.

For established banks, years of building across a wide product set have translated into broad in-app capability.

But feature breadth is only one part of the picture.

Digital-first providers continue to compete strongly on experience, with some of the market’s highest UX scores sitting outside the top 10 in feature scores. That creates an increasingly important competitive dynamic: traditional institutions have breadth, while many digital propositions continue to set expectations for how intuitive, polished and focused banking experiences should feel.

Joe Colchester, Head of Product for 11:FS Pulse, said:

“It’s fascinating to see such a wide range of providers competing across different parts of customers’ financial lives. Established banks tend to lead on breadth, digital players often lead on UX, while the strongest propositions either combine both or are very deliberate about the jobs they serve best.”

What are US banking apps actually helping customers do?

Rather than simply counting features, the Pulse methodology maps them against 10 customer Jobs to be Done:

  • Build, access and manage credit
  • Ensure future financial stability
  • Get support and advice
  • Get the best value from spending
  • Keep my finances safe
  • Keep on top of my day-to-day finances
  • Manage recurring bills and living costs
  • Save for a specific goal
  • Simplify daily financial tasks
  • Understand and track my spending and finances

This approach makes it possible to look beyond individual features and understand how well each app supports customers across their wider financial lives.

And that analysis exposes a significant gap.

Banking apps are better at showing the past than planning the future

US banking apps are generally strongest when helping customers manage everyday finances. They are less effective when it comes to helping people anticipate what happens next.

Across the providers analysed, features supporting future financial stability, investing and wealth averaged a score of just 40/100. By comparison, features designed to help customers understand and track their spending average 60/100.

This gap was also shown by how budgeting tools remain relatively uncommon across the market, while cash-flow forecasting is rarer still. That creates a sizeable product opportunity.

Most banking apps are effective at showing customers what has already happened: what they spent, what came into their account and what their current balance is. The next frontier is helping customers make sense of what is about to happen.

That means giving people a clearer view of upcoming bills and commitments, identifying potential shortfalls before they happen and helping customers make better decisions about how much they can safely spend, save or invest.

For providers looking for the next meaningful layer of differentiation, financial planning is seemingly one of the biggest underdeveloped areas in US mobile banking.

Competition extends well beyond the biggest names

The top of the ranking contains many of the US banking market’s largest institutions, but scale alone does not determine performance.

Truist, for example, ranks sixth overall with a Feature Score of 85, placing it ahead of two industry giants in Wells Fargo and Citibank. Those two brands also came in behind Navy Federal - the only Credit Union in the top 10 - which secured fifth spot with a score of 86.

The results underline just how competitive the US mobile banking market has become. Strong propositions are emerging from different types of institutions, and there is no single model for success.

Some providers compete through breadth. Others differentiate through experience. The strongest products increasingly need to understand exactly which customer jobs they want to own - and deliver them exceptionally well.

How the Pulse rankings work

The Pulse Feature Score measures the breadth and importance of features available directly within each mobile app.

Features are weighted according to their value to customers, ranging from basic conveniences through to capabilities considered essential to completing important financial tasks. Each feature is then mapped against the customer job it supports.

The ranking focuses specifically on functionality available in-app, without requiring a customer to visit a branch or use desktop banking.

Alongside the Feature Score, 11:FS Pulse also evaluates each app’s user experience. The Pulse UX Score, measured out of five, combines usability, weighted at 66.67%, and visual design, weighted at 33.33%.

The methodology has been developed through hundreds of hours of consumer research alongside our experts' experience designing, building and launching digital financial products.

Together, the scores provide a view of not just how much a banking app can do, but how effectively those capabilities are delivered to customers.

Take a look for yourself

The US rankings are just the headline. 11:FS Pulse gives you access to over 25,000 handpicked user journeys from 900+ brands worldwide - a live, visual library of what’s working in digital banking today. Stay ahead of competitors, spot emerging trends, and cut your product research time by up to 90% - just ask Monzo. 

Book your demo with our experts at 11fs.com/pulse and see what you’ve been missing.