The five biggest retail banks — recognized by the brand names U.S. Bank, Chase, Bank of America, Citi and Wells Fargo — control over 50 percent of total assets in the U.S. and are driving the mobile banking agenda. In a race to meet the mobile transaction needs of their customers, these banks have all conquered the most basic services that soon almost all banks will have—mobile banking, mobile bill pay, mobile deposit, ATM and branch locators and P2P payments. Now in phase two of mobile banking, these banks are in an arms race to further engage with customers’ mobile lifestyles, particularly by helping people save money when they shop.
I’ve done hundreds of mystery shops over the years, at branches all over the country. While I find that the branch employees I meet are generally friendly and professional, I’m frustrated in the small number of truly great mystery shop results that I get to report. Banks spend big marketing dollars to get new customers in the door, but what happens when they get there sometimes becomes an afterthought.