This inaugural benchmark, weighted based on responses to a primary consumer survey, ranks the four largest US neobanks by user count according to their mobile banking capabilities. The report presents detailed benchmarking data on the availability of 47 mobile features, selected by analysts based on the features’ propensity to help neobanks differentiate themselves from competitors.
WHAT’S IN THIS REPORT? The first annual Insider Intelligence US Neobank Competitive Edge Report spotlights digital-only challengers' key mobile features, a crucial element of their explosive rise. Examining best practices among neobanks can sharpen the digital strategies for other neobanks and incumbents alike. The report utilizes exclusive primary data to identify the innovative mobile banking features that could attract and engage users and highlights how the top four US neobanks distinguish their user experiences.
KEY STAT: Chime, the largest US neobank, came out on top in the study, offering the most in-demand mobile features among top neobanks. The bank's victory comes amid a period of rapid growth; Chime's user base is projected to grow from 7.4 million account holders in 2019 to 19.8 million in 2024.??
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